“There seems to be no international architecture capable of coping with and preventing global [financial] crises from erupting,” a newly updated report (pdf) from the Congressional Research Service observes.
“The financial space above nations basically is anarchic with no supranational authority with firm oversight, regulatory, and enforcement powers. There are international norms and guidelines, but most are voluntary, and countries are slow to incorporate them into domestic law. As such, the system operates largely on trust and confidence and by hedging financial bets.”
The 109-page CRS report reviews the origins of the current crisis and summarizes its impact in different regions and countries. The report has not been made readily available to the public, but a copy was obtained by Secrecy News. See “The Global Financial Crisis: Analysis and Policy Implications,” April 3, 2009.
At a time when universities are already facing intense pressure to re-envision their role in the S&T ecosystem, we encourage NSF to ensure that the ambitious research acceleration remains compatible with their expertise.
FAS CEO Daniel Correa recently spoke with Adam Marblestone and Sam Rodriques, former FAS fellows who developed the idea for FROs and advocated for their use in a 2020 policy memo.
In a year when management issues like human capital, IT modernization, and improper payments have received greater attention from the public, examining this PMA tells us a lot about where the Administration’s policy is going to be focused through its last three years.
Congress must enact a Digital Public Infrastructure Act, a recognition that the government’s most fundamental responsibility in the digital era is to provide a solid, trustworthy foundation upon which people, businesses, and communities can build.