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OpenMarket: July 2015

  • Financial Regulation and Payments Update: July 31, 2015

    July 31, 2015

    Last week saw the fifth anniversary of Dodd-Frank and there was a great deal of commentary from opponents of the act, not least from us here at the Competitive Enterprise Institute.

    To start off with, here’s the assessment of House Financial Services Committee Chairman Jeb Hensarling (R-Texas):

    Too-big-to-fail institutions have not disappeared. Big banks are bigger, small banks are fewer, and the financial system is less stable. Meanwhile, the economy remains in the doldrums.

    Before Dodd-Frank, 75% of banks offered free checking. Two years after it passed, only 39% did so—a trend various scholars have ...

  • A Primer on Expected EPA Climate Rules

    July 31, 2015

    In 2010, during the 111th Congress, Senate Majority Leader Harry Reid shelved a cap-and-trade bill because too many Democrats opposed the bill during caucus meetings. And during his 2012 reelection campaign, President Obama conspicuously dodged speaking about climate change. Despite the failure of climate policy within his own party in the Senate, and after neglecting the issue altogether in 2012, President Obama in the summer of 2013 ...

  • CEI Joins Coalition to Support Right-to-Work Protections in Missouri

    July 31, 2015
    No individual should be forced to financially support an organization with which they disagree or risk penalty. However, in Missouri and 24 other states, private-sector employers and unions may agree to a contract provision known as a union security clause, which compels workers to pay union dues or lose their job.
  • CEI Joins Coalition to Support Right-to-Work Protections in Missouri

    July 29, 2015

    No individual should be forced to financially support an organization with which they disagree or risk penalty. However, in Missouri and 24 other states, private-sector employers and unions may agree to a contract provision known as a union security clause, which compels workers to pay union dues or lose their job.

    Currently, Missouri is considering becoming a right-to-work state, which would allow workers to opt-out of paying dues to a union they may not support without risk of termination.

    While worker freedom is the most important aspect of right-to-work protections, other benefits arise from such laws. In a recent study conducted by the Competitive Enterprise Institute, “Interstate Analysis of Right to Work Laws,” found that real personal income, over the duration the study analyzed (1977-...

  • Missouri Tax Dollars Finance Union Political Activity

    July 29, 2015
    As Thomas Jefferson wrote, the constitution created a "wall of separation between church and state." An equally impenetrable wall of separation should be erected to create a wall of separation between public funds and private organizations.
  • The FTC Targets Apple Music: Part I

    July 29, 2015

    When launching a new product, the goal is to create excitement, as any company will tell you. But Apple’s newly launched music streaming service, Apple Music, may be generating more excitement than desired. According to a report in The Washington Post, the Federal Trade Commission has launched an investigation into Apple’s treatment of competing music streaming apps sold in its mobile App Store.

    The controversy stems from Apple’s requirement that any company selling digital goods through iOS, its mobile platform, use Apple’s In-App Purchase interface (IAP), which restricts sellers’ offerings in several important ways. Apple Music, however, is...

  • Ten Weak Reasons to Support Ex-Im

    July 27, 2015

    Rep. Carolyn Maloney supports reauthorizing the Export-Import Bank, whose charter lapsed on June 30. She recently took to the Huffington Post to give 10 reasons to support Ex-Im. Here’s reason 1:

    Exports play an important role in the U.S. economy, supporting nearly 12 million jobs in 2014.

    Ex-Im did about $27.5 billion worth of business last year, amounting to about 1.2 percent of America’s $2.35 trillion in total 2014 exports, and less than one-sixth of one percent of America’s $17.7 trillion 2014 GDP. From this, Rep. Maloney concludes that Ex-Im supports nearly a tenth of the entire U.S. workforce!...

  • Bastiat Society Rallies Business Leaders Together

    July 27, 2015

    My venerable colleague Fred Smith and I just returned from the Hoosier State, where we were honored to be guests of the Indianapolis chapter of the Bastiat Society. Our event featured a few dozen local business leaders: executives, attorneys, and entrepreneurs, as well as a few elected officials. We all gathered to discuss the role that businesspeople can play in defending the free market and reviving an appreciation for the virtues of capitalism.

    It may be surprising to some, but not every business owner is a Hayek-quoting ideologue who has a photo of Ayn Rand on his desk. The majority are focused overwhelmingly on their customers, employees, and the day-to-day work of running their company. We have found that most business people spend very little time on politics in general,...

  • CEI's Battered Business Bureau: The Week in Regulation

    July 27, 2015

    The Dodd-Frank financial regulation bill turned five years old this week (see CEI analysis herehere, and here). Other than that, it was business as usual, with 44 proposed regulations and more than 60 final regulations covering everything from bigeye tuna to heat pumps.

    On to the data:

    • Last week, 65 new final regulations were published in the Federal Register, after 78 the previous week.
    • That’s the equivalent of a new regulation every two hours and 35 minutes.
    • So far in 2015, 1,801 final regulations have been published in the Federal Register. At that pace, there will be a total of 3,171...
  • Where Does Sen. Grassley Stand on Online Gambling?

    July 24, 2015

    Recent polls show that Iowans aren’t too keen on legalizing online gambling in their state. They’re mistaken, in my view, but that’s their prerogative. And Iowans’ choices don’t affect me, given that I don’t live in the state. But a bill currently in the Senate Judiciary Committee could change that, by centralizing decisions on gambling in Washington.

    The Restoration of America’s Wire Act (RAWA S. 1168) would amend the 1961 Federal Wire Act, a bill passed long before the Internet existed that was intended to target the mafia’s sports betting racket, would impose a national prohibition on states legalizing almost all forms of online gambling—even for those states that have already done so. This Saturday, Sen. Chuck Grassley (R-IA), who has not yet taken a public stance on RAWA, will hold three town hall meetings in southeastern Iowa, giving him an opportunity to make his...

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