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OpenMarket: July 2014

  • New Study Estimates around $70 billion in Financial Regulatory Costs

    July 31, 2014 7:00 PM

    Complying with regulations is part of the cost of doing business. For bigger businesses that can absorb those costs (or rather, pass them on to the consumer), it means armies of compliance officers and hefty fees. But for smaller businesses, like community banks, the costs can be so great that it means ceasing operation.

    Typically, this scenario works to the larger institutions’ advantage, as they are better placed to handle regulatory compliance costs than are their smaller competitors. But large financial institutions are also subject to certain regulations to which smaller banks are not. The Wall Street Journal cites a new study that estimates the cost to these larger banks of complying with these regulations at roughly $70 billion.

    Some of these costs...

  • Federal Official Says Campus Speech Should Be Restricted to Protect Young People’s Brains

    July 31, 2014 6:54 PM

    U.S. Civil Rights Commission member Michael Yaki says that speech on college campuses should be restricted to protect young people’s developing brains. This is yet another depressing example of Progressives turning against free speech. Yaki is a former senior advisor and district director for House Minority Leader (and former Speaker) Rep. Nancy Pelosi (D-Calif.).  (During the Obama administration, the Education and Justice Departments have also sought to restrict students’...

  • Federal Official Says Campus Speech Should Be Restricted to Protect Young People’s Brains

    July 31, 2014 6:54 PM

    U.S. Civil Rights Commission member Michael Yaki says that speech on college campuses should be restricted to protect young people’s developing brains. This is yet another depressing example of Progressives turning against free speech. Yaki is a former senior advisor and district director for House Minority Leader (and former Speaker) Rep. Nancy Pelosi (D-Calif.).  (During the Obama administration, the Education and Justice Departments have also sought to restrict students’...

  • The Case for Repealing the Davis-Bacon Act

    July 31, 2014 3:20 PM

    Sen. Lamar Alexander (R-Tenn.) is making the case for repealing the Depression-era Davis-Bacon Act. The law, passed in 1931, bars contractors and subcontractors from paying their workers anything under the “local prevailing wage” when working on federally funded or assisted construction contracts of over $2,000.

  • Study Proves Economic Harm of Collective Bargaining

    July 30, 2014 4:12 PM

    A new CEI study by economist Lowell Galloway and public policy expert Jonathan Robe demonstrates the harmful economic effects of unionization on a state-by-state basis.

    Among the states most adversely affected by unionization, Michigan has suffered the most with a 23.1 percent loss in real per capita income because of unionization since 1964. Michigan is the latest state to abandon forced unionism by passing a right to work law, and Michigan workers are probably kicking themselves for not passing one sooner.

  • House Brings Transparency to Endangered Species Act, Still Needs to Protect Property Rights

    July 30, 2014 6:27 AM

    Today the House passed H.R. 4315, the 21st Century Endangered Species Transparency Act. Unfortunately, it likely has no chance of passing in the Senate and word is out from the White House that the president would veto the bill.

  • New Report Highlights Driverless Car Urban Impact; Takes Techno-Dystopian Stance

    July 29, 2014 10:26 AM

    Earlier this month, Professor David Begg of Transport Times published a new report on automated transport technology focusing on the potential impacts on London. This is one of the first attempts to apply this new technology to urban areas in a systematic way.

    The U.S. Institute of Electrical Engineers has estimated that up to 75 percent of all vehicles will be autonomous by 2040. Automated vehicles are the future but they are also quickly becoming the present. The chief concern among proponents is the potential for burdensome government regulation. It is absolutely critical lawmakers and regulators do not stand in the way of automated vehicles.

    In his report, Begg explains, like many others have ...

  • Red Tapeworm 2014: Here Are the Federal Agencies that Issue the Most Regulations

    July 29, 2014 7:52 AM

    This is Part 20 of a series taking a walk through some sections of Ten Thousand Commandments: An Annual Snapshot of the Federal Regulatory State (2014 Edition)

    Each year, a relative handful of Executive agencies accounts for a large number of the rules produced. The five executive departments and agencies listed nearly—the departments of the Treasury, Interior, Commerce,Transportation and Health and Human Services—were the biggest rulemakers in 2013.

    These top five, with 1,451 rules among them, account for 44 percent of the 3,305 rules in the Federal Unified Agenda pipeline.

    A little surprisingly, for the second time, the Environmental Protection Agency does not appear in the top...

  • Bitcoin’s Undiscovered Potential

    July 28, 2014 9:58 AM

    A recent piece in American Banker magazine explores how Bitcoin and other cryptocurrencies can help the underprivileged, particularly the millions of unbanked people who do not have bank accounts. This is an area where digital currency could do much good.

    In fact, the online microfinancing platform Kiva has already begun a peer-to-peer service, known as Kiva Zip, whose model resembles some of the features in Bitcoin. Microfinancing is a form of lending for lower-income people that provides smaller loans than commercial banks are typically able to offer. Kiva Zip’s peer-to-peer structure means that users interact directly with each other, without administrators or other...

  • Obama Claim Spurious; Labor Unions Furious; New Ranking Curious

    July 28, 2014 9:55 AM

    Coauthored with Alex Bolt.

    President Barack Obama spuriously claimed, "These so-called right-to-work [RTW] laws, they don't have anything to do with economics," when he futilely attempted to thwart Michigan’s enactment of a right-to-work law.

    A new study by the Competitive Enterprise Institute demolishes Obama’s spurious claim by showing how RTW laws, which free workers from a mandate to join a union in order to be employed, benefit states.  RTW laws produce better income, population, and job growth than in forced-unionism states.

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