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Trade-Based Money Laundering: Overview and Policy Issues [June 22, 2016]
"Trade-based money laundering (TBML) involves the exploitation of the international trade system for the purpose of transferring value and obscuring the true origins of illicit wealth. TBML schemes vary in complexity but typically involve misrepresentation of the price, quantity, or quality of imports or exports. Financial institutions may wittingly or unwittingly be implicated in TBML schemes when such institutions are used to settle, facilitate, or finance international trade transactions (e.g., through the processing of wire transfers, provision of trade finance, and issuance of letters of credit and guarantees). TBML activity is considered to be growing in both volume and global reach. Although TBML is widely recognized as one of the most common manifestations of international money laundering, TBML appears to be less understood among academics and policymakers than traditional forms of money laundering through the international banking system and bulk cash smuggling. Nevertheless, TBML has emerged as an issue of growing interest in the 114th Congress, especially as Members and committees examine tools to counter terrorist financing. The U.S. government has historically focused on TBML schemes involving drug proceeds from Latin America, particularly the Black Market Peso Exchange (BMPE). Although a number of anecdotal case studies in recent years have revealed instances in which TBML is used by known terrorist groups and other non-state armed groups, including Hezbollah, the Treasury Department's June 2015 National Terrorist Financing Risk Assessment concluded that TBML is not a dominant method for terrorist financing. This report discusses the scope of the TBML problem and analyzes selected U.S. government policy responses to address TBML. It includes a listing of hearings in the 114th Congress that addressed TBML."
Library of Congress. Congressional Research Service
Jackson, James K., 1949-; Miller, Rena S.; Rosen, Liana W.
2016-06-22
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High Frequency Trading: Overview of Recent Developments [April 4, 2016]
"High-frequency trading (HFT) generally refers to trading in financial instruments, such as securities and derivatives, transacted through supercomputers executing trades within microseconds or milliseconds (or, in the technical jargon, with extremely low latency). There is no universal or legal definition of HFT, however. Neither the Securities and Exchange Commission (SEC), which oversees securities markets, nor the Commodity Futures Trading Commission (CFTC), which regulates most derivatives trading, have specifically defined the term. By most accounts, high frequency trading has grown substantially over the past 10 years: estimates hold that it accounts for roughly 55% of trading volume in U.S. equity markets and about 40% in European equity markets. Likewise, HFT has grown in futures markets--to roughly 80% of foreign exchange futures volume and two-thirds of both interest rate futures and Treasury 10-year futures volumes. […] This report provides background on various HFT strategies and some associated policy issues, recent regulatory developments and selected enforcement actions by the SEC and CFTC on HFT, and congressional action such as proposed legislation and hearings related to HFT."
Library of Congress. Congressional Research Service
Miller, Rena S.; Shorter, Gary W.
2016-04-04
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Stored Communications Act: Reform of the Electronic Communications Privacy Act (ECPA) [May 19, 2015]
"In 1986, Congress enacted the Electronic Communications Privacy Act (ECPA) to both protect the privacy of an individual's electronic communications and provide the government with a means for accessing these communications and related records. Although passed at the infancy of the Internet, the Stored Communications Act (SCA), which is part of ECPA, has been interpreted over the years to cover the content of emails, private Facebook messages, YouTube videos, and so-called metadata, or non-content information, connected to our Internet transactions (e.g., websites visited, to/from and time/date stamps on emails). The scope of the SCA is determined largely by the entities to which it applies, 'electronic communication service' (ECS) providers and 'remote computing service' (RCS) providers, as defined in the statute. It does not apply to government access to records held by a party to the communication. The SCA has two core components. First, it creates a broad bar against service providers voluntarily disclosing a customer's communications to the government or others, subject to various exceptions, and second, it establishes procedures under which the government can require a provider to disclose customers' communications or records. As to government access, ECPA utilizes a tiered system with different levels of evidence required depending on whether the provider is an ECS or RCS; whether the data sought is content or non-content; whether the email has been opened; and whether advance notice has been given to the customer."
Library of Congress. Congressional Research Service
Thompson, Richard M., II; Cole, Jared P.
2015-05-19
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Sentencing Reform: Comparison of Selected Proposals [October 26, 2015]
"This is a comparison of selected criminal sentencing reform bills as introduced: H.R. 3713, H.R. 2944, S. 502, and H.R. 920; and S. 2123 as passed by the Senate Judiciary Committee with a manager's amendment. It consists of narrative and charts comparing the bills with respect to adjustments in the mandatory minimum sentencing provisions that apply to controlled substance and firearms offenses, the safety valve, and retroactive application of the Fair Sentencing Act (FSA)."
Library of Congress. Congressional Research Service
Cole, Jared P.; Doyle, Charles
2015-10-26
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Designation of Global 'Too Big To Fail' Firms [October 29, 2015]
"Hearings in both the House and the Senate have examined the role and processes for U.S. financial regulators and the international standard-setting body--the Financial Stability Board (FSB)--for designating large financial institutions as systemically important (or 'too big to fail'). Members of Congress and various witnesses have raised concerns that the process of FSB designation for global firms, including U.S. firms, is opaque, and that it has potentially costly implications for large U.S. financial firms without affording them U.S. legal means of redress or U.S. 'due process.' This CRS [Congressional Research Service] Insight provides background on the FSB's designation process for systemically significant financial institutions, but takes no position on any potential benefits or shortcomings of that process. Background The FSB was established by G-20 nations in April 2009 to help strengthen the global financial system following the 2008 financial crisis. Its members comprise financial regulatory agencies of G-20 nations. The United States is represented at the FSB by the Department of the Treasury, the Federal Reserve Board, and the Securities and Exchange Commission. The FSB's functions include assessing vulnerabilities to the global financial system; coordinating with financial authorities of member nations; and recommending measures to protect and strengthen the global financial system. The FSB's recommendations and decisions are not legally binding on any of its member nations. Rather, the FSB 'operates by moral suasion and peer pressure, in order to set internationally agreed policies and minimum standards that its members commit to implementing at national level.'"
Library of Congress. Congressional Research Service
Miller, Rena S.; Jackson, James K., 1949-
2015-10-29
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Derivatives: Introduction and Legislation in the 114th Congress [July 1, 2016]
"Derivatives are financial instruments that come in several different forms, including 'futures', 'options', and 'swaps'. A derivative is a contract that derives its value from some underlying asset at a designated point in time. The derivative may be tied to a physical commodity, a stock index, an interest rate, or some other asset. Derivatives played a role in the 2008 financial crisis in a variety of ways. The unmonitored buildup of derivatives positions in the largely unregulated 'over-the-counter' (OTC) market led many major financial institutions into large financial losses. Possibly the best-known example of such losses was the insurance giant American International Group (AIG), whose massive losses from selling credit-default swaps ultimately contributed to the need for government assistance. OTC derivatives, prior to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act; P.L. 111-203), were traded bilaterally rather than cleared through a clearinghouse, and no reporting trail existed, which created uncertainty during the crisis over the web of exposures to large derivatives losses. The Dodd-Frank Act aimed to address these policy concerns by bringing the swaps market into a regulatory framework based on that of the futures markets, which had long been regulated by the Commodity Futures Trading Commission (CFTC). Security-based swaps tied to equities or narrow-based credit indexes were placed under the jurisdiction of the Securities and Exchange Commission (SEC) within a similar framework."
Library of Congress. Congressional Research Service
Miller, Rena S.
2016-07-01
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Special Counsels, Independent Counsels, and Special Prosecutors: Legal Authority and Limitations on Independent Executive Investigations [April 13, 2018]
"The Constitution vests Congress with the legislative power, which includes authority to establish federal agencies and conduct oversight of those entities. Criminal investigations and prosecutions, however, are generally regarded as core executive functions assigned to the executive branch. Because of the potential conflicts of interest that may arise when the executive branch investigates itself, there have often been calls for criminal investigations by prosecutors with independence from the executive branch. In response, Congress and the U.S. Department of Justice (DOJ) have used both statutory and regulatory mechanisms to establish a process for such inquiries. These frameworks have aimed to balance the competing goals of independence and accountability with respect to inquiries of executive branch officials."
Library of Congress. Congressional Research Service
Cole, Jared P.; Brown, Cynthia
2018-04-13
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Target and Other Financial Data Breaches: Frequently Asked Questions [February 4, 2015]
"On January 10, 2014, Target announced that personal information, including the names, addresses, phone numbers, and email addresses of up to 70 million customers, was also stolen during the data breach. A report by the Senate Committee on Commerce in March 2014 concluded that Target missed opportunities to prevent the data breach. […] To date, Target has reported data breach costs of $248 million. Independent sources have made back-of-the-envelope estimates ranging from $240 million to $2.2 billion in fraudulent charges alone. This does not include additional potential costs to consumers concerned about their personal information or credit histories; potential fines or penalties to Target, financial institutions, or others; or any costs to Target related to a loss of consumer confidence. The breach was among the largest in U.S. history. […] In addition to Target, there have been data breaches at Home Depot, JPMorgan Chase, Sony, and Adobe. Payment card information was obtained at Adobe and Home Depot. Hackers downloaded a wide range of company confidential information at Sony, and they obtained contact information in the JPMorgan Chase breach. […] Policy options discussed in these hearings include federal legislation to require notification to consumers when their data have been breached; potentially increase Federal Trade Commission (FTC) powers and authorities over companies' data security; and create a federal standard for the general quality or reasonableness of companies' data security. […] This report answers some frequently asked questions about the Target and selected other data breaches, including what is known to have happened in the breach, and what costs may result."
Library of Congress. Congressional Research Service
Weiss, N. Eric; Miller, Rena S.
2015-02-04
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Chevron Deference: A Primer [September 19, 2017]
"Congress has created numerous administrative agencies to implement and enforce delegated regulatory authority. Federal statutes define the scope and reach of agencies' power, granting them discretion to, for example, promulgate regulations, conduct adjudications, issue licenses, and impose sanctions for violations of the law. The Administrative Procedure Act (APA) confers upon the judiciary an important role in policing these statutory boundaries, directing federal courts to 'set aside agency action' that is 'not in accordance with law' or 'in excess of statutory jurisdiction, authority, or limitations.' Courts will thus invalidate an action that exceeds an agency's statutory authorization or otherwise violates the law. Of course, in exercising its statutory authorities, an agency necessarily must determine what the various statutes that govern its actions mean. This includes statutes the agency specifically is charged with administering as well as laws that apply broadly to all or most agencies."
Library of Congress. Congressional Research Service
Brannon, Valerie C.; Cole, Jared P.
2017-09-19
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Privatization and the Constitution: Selected Legal Issues [September 25, 2017]
"Privatization is a broad term that encompasses various types of public-private arrangements, including contractual relationships with private entities for goods or services and government-funded voucher programs that allow individuals to purchase private goods or services. In other contexts, Congress has empowered private entities or chartered corporations to deliver services previously provided by governmental entities or to advance legislative objectives. Congress has created various corporations, including Amtrak and the Communications Satellite Corporation. More recently, in the 114th and 115th Congresses, legislation was proposed to create a corporation to provide air traffic control services that are currently administered by the Federal Aviation Administration. [...] This report focuses on the constitutional principles and judicial decisions that may constrain certain types of privatization that involve private and government-created entities."
Library of Congress. Congressional Research Service
Tsang, Linda; Cole, Jared P.
2017-09-25
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Who's the Boss at the CFPB? [Updated January 11, 2018]
"'Update: On January 10, 2018, the U.S. District Court for the District of Columbia denied Leandra English's request for a preliminary injunction, ruling that the Federal Vacancies Reform Act (Vacancies Act) authorized the President to appoint Mick Mulvaney to serve as the Acting Director of the CFPB [Customer Financial Protection Bureau]. Since the Sidebar below was originally published, English filed an amended complaint and moved for a preliminary injunction on substantially similar grounds to those described below. In rejecting her motion, the district court held that because the provision of the Dodd-Frank Act that authorizes the Deputy Director to serve as the Acting Director when the Director is absent or unavailable did not expressly displace the Vacancies Act, the Vacancies Act remained available and authorized the President to fill the position. English had also argued that even if the Vacancies Act generally would allow the President to appoint an Acting Director, because Mulvaney is also the head of the Office of Management and Budget, an agency housed directly under the White House, he may not head an independent agency like the CFPB.'"
Library of Congress. Congressional Research Service
Brannon, Valerie C.; Cole, Jared P.
2018-01-11
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Who's the Boss at the CFPB? [November 28, 2017]
"As consumers flocked to shopping outlets nationwide on Black Friday, a leadership shakeup ensued at the Consumer Financial Protection Bureau (CFPB). The CFPB's Director, Richard Cordray, announced that he had appointed Leandra English, the agency's chief of staff, to the position of Deputy Director. Cordray then resigned and stated that English would become the Acting Director of the agency, meaning that she would serve until the Senate confirms a permanent replacement. However, later that day, President Trump announced that he was designating Mick Mulvaney, the Director of the Office of Management and Budget, to serve as Acting Director of the CFPB. On Sunday, November 26, English brought suit in federal court seeking a declaration that she is the Acting Director of the CFPB, along with a temporary restraining order barring Mulvaney from acting in the position and President Trump from appointing any individual to the position. As of the date of this Sidebar, both English and Mulvaney have reportedly claimed to be Acting Director in communications to CFPB staff. Ruling from the bench on November 28, the federal judge presiding over English's suit denied English's motion for a temporary restraining order that would have prohibited Mulvaney from holding the position."
Library of Congress. Congressional Research Service
Brannon, Valerie C.; Cole, Jared P.
2017-11-28
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D.C. Circuit Upholds as Constitutional the Structure of the CFPB - Part I [February 12, 2018]
"The entire U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit) issued a potentially important decision on January 31, upholding the structural design of the Consumer Financial Protection Bureau (CFPB). The en banc court held by a vote of 7-3 that the agency's various statutory elements of independence, including a provision that limited the President's authority to remove the CFPB Director, do not infringe upon the President's powers under Article II of the Constitution. The decision, PHH Corp. v. CFPB, comes after a previous (but since vacated) three-judge panel decision held that providing removal protections to the sole director of the CFPB violated the Constitution. Although the en banc court rejected the earlier panel's constitutional reasoning, the D.C. Circuit nonetheless reinstated the previous decision's statutory holding, which had invalidated the CFPB's interpretation of the Real Estate Settlement Procedures Act of 1974 (RESPA). The D.C. Circuit's latest decision therefore effectively rejected the CFPB enforcement action that gave rise to the case, but reaffirmed, and may expand, what is likely Congress's chief tool for ensuring agency independence: the use of 'for-cause' removal protections. This two-part Sidebar series begins with a brief summary of the Supreme Court's views of the President's removal power before addressing the PHH litigation and the en banc majority opinion. Part II of this series will address some of the separate opinions issued in the case and then highlight certain implications for Congress."
Library of Congress. Congressional Research Service
Garvey, Todd; Cole, Jared P.
2018-02-12
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D.C. Circuit Upholds as Constitutional the Structure of the CFPB - Part II [February 12, 2018]
"As discussed in Part I of this two-part Sidebar, the en banc U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit) issued a decision last week upholding the structural design of the Consumer Financial Protection Bureau (CFPB). The court ruled in PHH Corp. v. CFPB that the features of independence granted to the agency in the Dodd Frank Act, including a provision that limits the circumstances in which the President can remove the CFPB Director, do not violate Article II's vestment of executive power in the President. While Part I discusses the court's majority opinion, this part examines several of the separate opinions from PHH that take a different view of the constitutional issues at stake in the case. The Sidebar then concludes with some considerations for Congress, including the potential impact of the decision for the independence of federal agencies and the possibility of Supreme Court review of the en banc ruling."
Library of Congress. Congressional Research Service
Cole, Jared P.; Garvey, Todd
2018-02-12
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Terrorist Databases and the No Fly List: Procedural Due Process and Hurdles to Litigation [April 2, 2015]
"In order to protect national security, the government maintains various terrorist watchlists, including the 'No Fly' list, which contains the names of individuals to be denied boarding on commercial airline flights. Travelers on the No Fly list are not permitted to board an American airline or any flight on a foreign air carrier that lands or departs from U.S. territory or flies over U.S. airspace. Some persons have claimed that their alleged placement on the list was the result of an erroneous determination by the government that they posed a national security threat. In some cases, it has been reported that persons have been prevented from boarding an aircraft because they were mistakenly believed to be on the No Fly list, sometimes on account of having a name similar to another person who was actually on the list. As a result, various legal challenges to placement on the list have been brought in court."
Library of Congress. Congressional Research Service
Cole, Jared P.
2015-04-02
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No Fly List: Procedural Due Process and Hurdles to Litigation [September 18, 2014]
"In order to protect national security, the government maintains various terrorist watchlists, including the 'No Fly' list, which contains the names of individuals to be denied boarding on commercial airline flights. Travelers on the No Fly list are not permitted to board an American airline or any flight on a foreign air carrier that lands or departs from U.S. territory or flies over U.S. airspace. Some persons have claimed that their alleged placement on the list was the result of an erroneous determination by the government that they posed a national security threat. In some cases, it has been reported that persons have been prevented from boarding an aircraft because they were mistakenly believed to be on the No Fly list, sometimes on account of having a name similar to another person who was actually on the list. As a result, various legal challenges to placement on the list have been brought in court. […] The Due Process Clause provides that no person shall be 'deprived of life, liberty, or property, without due process of law.' Accordingly, when a person has been deprived of a constitutionally protected liberty interest, the government must follow certain procedures. Several courts have found that placement on the No Fly list may impair constitutionally protected interests, including the right to travel internationally, and the government's redress procedures must therefore satisfy due process. […] Resolution of the issue is currently pending as at least two federal courts have ruled that the government's redress procedures for travelers challenging placement on the No Fly list violate due process."
Library of Congress. Congressional Research Service
Cole, Jared P.
2014-09-18
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Commodity Futures Trading Commission: Background and Current Issues [June 24, 2013]
"The 113th Congress is interested in an array of issues faced by the Commodity Futures Trading Commission (CFTC). The congressional committees with oversight of the agency, the House and Senate Agriculture Committees, have begun to hold hearings related to various policy issues faced by the agency, as part of the CFTC reauthorization process. This process occurs roughly every five years and is currently underway, as the last authorization of appropriations for the agency expires September 30, 2013. […] This report provides summaries and abbreviated analyses of selected issues faced by the CFTC that may be relevant to the 113th Congress. It is not an exhaustive list of issues facing the agency. The appendix offers detailed background information on derivatives markets and related policy issues addressed in the Dodd-Frank Act. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Miller, Rena S.
2013-06-24
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Dodd-Frank Wall Street Reform and Consumer Protection Act: Title VII, Derivatives [November 6, 2012]
"The 2008-2009 recession was long and deep, and according to several indicators was the most severe economic contraction since the 1930s (but still much less severe than the Great
Depression). The slowdown of economic activity was moderate through the first half of 2008, but at that point the weakening economy was overtaken by a major financial crisis that would
exacerbate the economic weakness and accelerate the decline. [...] In regard to the long-term debt problem, in an economy operating close to potential output, government borrowing to finance budget deficits will in theory draw down the pool of national saving, crowding out private capital investment and slowing long-term growth. However, the U.S. economy is currently operating well short of capacity and the risk of such crowding out occurring is therefore low in the near term. Once the cyclical problem of weak demand is resolved and the economy has returned to a normal growth path, mainstream economists' consensus policy response for an economy with a looming debt crisis is fiscal consolidation-cutting deficits. Such a policy would have the benefits of low and stable interest rates, a less fragile financial system, improved investment prospects, and possibly faster long-term growth."
Library of Congress. Congressional Research Service
Ruane, Kathleen Ann; Miller, Rena S.
2012-11-06
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Defense Acquisition Workforce: The Air Force Needs to Evaluate Changes in Funding for Civilians Engaged in Space Acquisition, Report to Congressional Committees
From the Highlights: "The United States and DOD depend on space assets to support national security, civil, and commercial activities. Having sufficient quantities of qualified personnel to acquire space assets--on which DOD expects to spend $8 billion in fiscal year 2013--is critical to DOD's ability to carry out its mission. Approximately 1,800 federal civilians at the Air Force SMC [Space and Missile Systems Center] manage the acquisition of space systems. During fiscal year 2012, the Air Force implemented a pilot program that moved $187.1 million for SMC's acquisition civilian personnel from its O&M [Operation and Maintenance] to its RDT&E [Research, Development, Test, and Evaluation] appropriation. GAO [Government Accountability Office] was mandated to review the Air Force pilot program. This report addresses (1) the extent to which the Air Force evaluated the impact of the pilot, and (2) the processes in place to manage realignment of the funds. GAO obtained and reviewed documentation of the pilot implementation; compared the implementation with established practices GAO has identified for implementing and evaluating pilot programs; and interviewed officials at the Air Force and DOD. GAO also reviewed applicable regulations and guidance about realigning funds and interviewed knowledgeable officials. GAO recommends that the Air Force evaluate the pilot program, to determine the impact of moving funding for acquisition civilian personnel to the RDT&E appropriation, and the value of expanding this change to other Air Force civilian workforces. In written comments on a draft of this report, DOD concurred with all four recommendations."
United States. Government Accountability Office
2013-07
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Financial Regulatory Reform and the 111th Congress [June 1, 2010]
"The financial regulatory reform being considered in the 111th Congress is the continuation of a policy debate beginning before the September 2008 financial panic. For example, Treasury Secretary Henry Paulson issued a blueprint for financial reform in March 2008. In September 2008, after this blueprint was issued but before congressional action, the financial system suffered severe distress as Lehman Brothers and AIG failed. This accelerated the review of financial regulation and refocused some of the policy debate on areas that experienced the most distress. […] One issue in financial reform is the potential reorganization of the financial system regulatory architecture. Currently, the United States has many regulators, some with overlapping jurisdictions, but many believe there are gaps in the oversight of some issues. This structure evolved largely in reaction to past financial crises, with new agencies and rules created to address the perceived causes of the particular financial problems at that time. One option would be to consolidate agencies that appear to have similar missions. […] This report reviews issues related to financial regulation. It provides brief descriptions of the two main comprehensive reform bills in the 111th Congress that address these issues. This report will be updated to reflect congressional activity in financial regulatory reform."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Murphy, Edward Vincent; Miller, Rena S. . . .
2010-06-01
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Dark Pools in Equity Trading: Policy Concerns and Recent Developments [September 26, 2014]
"The term 'dark pools' generally refers to electronic stock trading platforms in which pre-trade bids and offers are not published and price information about the trade is only made public after the trade has been executed. This differs from trading in so-called 'lit' venues, such as traditional stock exchanges, which provide pre-trade bids and offers publicly into the consolidated quote stream widely used to price stocks. […] This report examines the confluence of factors that led to the rise of dark pools; the potential benefits and costs of such trading; some regulatory and congressional concerns over dark pools; recent regulatory developments by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), which oversees broker-dealers; and some recent lawsuits and enforcement actions garnering significant media attention. These include a 2014 civil suit filed by New York Attorney General Eric Schneiderman against the securities firm Barclays for its dark pool operations. A central allegation was that in marketing materials for prospective investors, Barclays misrepresented the extent and nature of the high-frequency trading in its pool. The report also examines steps regulators in Canada and Australia have taken to address any reduction in price transparency from dark pool trading."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Miller, Rena S.
2014-09-26
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Federal and State Quarantine and Isolation Authority [October 9, 2014]
From the Summary: "In the wake of increasing fears about the spread of highly contagious diseases, federal, state, and local governments have become increasingly aware of the need for a comprehensive public health response to such events. An effective response could include the quarantine of persons exposed to infectious biological agents that are naturally occurring or released during a terrorist attack, the isolation of infected persons, and the quarantine of certain cities or neighborhoods. The public health authority of the states derives from the police powers granted by their constitutions and reserved to them by the Tenth Amendment to the U.S. Constitution. The authority of the federal government to prescribe quarantine and other health measures is based on the Commerce Clause, which gives Congress exclusive authority to regulate interstate and foreign commerce. Thus, state and local governments have the primary authority to control the spread of dangerous diseases within their jurisdictions, and the federal government has authority to quarantine and impose other health measures to prevent the spread of diseases from foreign countries and between states. In addition, the federal government may assist state efforts to prevent the spread of communicable diseases if requested by a state or if state efforts are inadequate to halt the spread of disease. This report provides an overview of federal and state public health laws as they relate to the quarantine and isolation of individuals and a discussion of constitutional issues that may be raised should individual liberties be restricted in a quarantine or isolation situation."
Library of Congress. Congressional Research Service
Cole, Jared P.
2014-10-09
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Measles: Background and Federal Role in Vaccine Policy [February 9, 2015]
"The earliest accounts of measles date back over 1,000 years. This report presents basic information about this infectious disease, its history in the United States, available treatments to prevent individuals from contracting measles, and the federal role in combatting measles - from funding, to research, to the authority of the federal government in requiring mandatory childhood vaccinations. The report provides additional resources for information on measles and recommendations for vaccination against the disease. According to the U.S. Centers for Disease Control and Prevention (CDC), 'measles is a highly contagious virus that lives in the nose and throat mucus of an infected person.' It is transmitted through coughing and sneezing, and it can live for up to two hours on a surface or in an airspace where an infected person coughed or sneezed. Someone who is not immunized against measles and comes into contact with the virus has a 90% chance of becoming infected. According to the CDC, in 2013 (the most recent year in which data are available) 'the overall national coverage for MMR vaccine among children aged 19-35 months was 91.9%.' However, MMR (measles, mumps, rubella) vaccine coverage levels continue to vary by state, with 10 states reporting 95% of children aged 19-35 months receiving at least one dose of MMR vaccine, while in 17 other states, less than 90% were vaccinated. The role of the federal government in vaccine policy, particularly in the development of guidelines for when to administer specific vaccines (and when not to) and to what populations is extensive."
Library of Congress. Congressional Research Service
Barry, Matthew B.; Cole, Jared P.
2015-02-09
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Financial Regulatory Reform and the 111th Congress [March 31, 2010]
"Financial regulatory reform is being discussed in the 111th Congress, the continuation of a policy debate that began before the September 2008 financial disruption. For example, Treasury Secretary Henry Paulson issued a blueprint for financial reform in March 2008. In September 2008, after this blueprint was issued but before congressional action, the financial system suffered severe distress as Lehman Brothers and AIG failed. This financial panic accelerated the review of financial regulation and refocused some of the policy debate on areas that experienced the most distress. […] This report reviews issues related to financial regulation. It provides brief descriptions of comprehensive reform bills in the 111th Congress that address these issues. This report will be periodically updated to reflect congressional activity in financial regulatory reform."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Murphy, Edward Vincent; Miller, Rena S. . . .
2010-03-31
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Financial Regulatory Reform and the 111th Congress [April 16, 2010]
"Financial regulatory reform is being discussed in the 111th Congress, the continuation of a policy debate that began before the September 2008 financial disruption. For example, Treasury Secretary Henry Paulson issued a blueprint for financial reform in March 2008. In September 2008, after this blueprint was issued but before congressional action, the financial system suffered severe distress as Lehman Brothers and AIG failed. This financial panic accelerated the review of financial regulation and refocused some of the policy debate on areas that experienced the most distress. […] This report reviews issues related to financial regulation. It provides brief descriptions of comprehensive reform bills in the 111th Congress that address these issues. This report will be updated to reflect congressional activity in financial regulatory reform."
Library of Congress. Congressional Research Service
Webel, Baird; Carpenter, David Hatcher; Labonte, Marc . . .
2010-04-16
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Disclosure of FISA Opinions-Select Legal Issues [February 24, 2014]
"In response to the disclosure of various National Security Agency (NSA) surveillance and data collection programs, a number of legislative changes to the government's intelligence operations authority have been suggested. Under the Foreign Intelligence Surveillance Act of 1978 (FISA), the Foreign Intelligence Surveillance Court (FISC) reviews government applications to conduct surveillance and engage in data collection for foreign intelligence purposes, and the FISA Court of Review reviews rulings of the FISC. Most FISA opinions are classified by the executive branch. Some have raised concerns that this practice permits the government to rely upon 'secret law' to justify its activities, and have proposed requiring the public release of legal opinions and orders issued by the FISC and the FISA Court of Review. However, others might regard these proposals as raising separation of powers questions, including the scope of the executive branch's control over national security information. FISA opinions and orders, most of which seem to contain at least some sensitive facts pertaining to national security, involve the legal analysis of sensitive national security information. Requiring the executive branch to release them implicates Article II of the Constitution because it compels the President to disclose potentially sensitive documents, and could override the President's classification decisions. After briefly reviewing the FISC's current procedures, this report will examine the Article II implications of requiring the executive branch to disclose FISA opinions."
Library of Congress. Congressional Research Service
Cole, Jared P.
2014-02-24
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Administrative Law Primer: Statutory Definitions of 'Agency' and Characteristics of Agency Independence [May 22, 2014]
"Congress has created a variety of federal agencies to execute the law. To this end, agencies may adopt rules to implement laws and adjudicate certain disputes arising under such laws. As such, agencies enjoy considerable power to regulate different industries and affect the legal rights of people. In order to control the manner in which agencies operate, Congress has passed numerous statutes that impose procedural requirements on federal agencies. The Administrative Procedure Act, for example, dictates the procedures an agency must follow to establish a final, legally binding rule. Other statutes govern how agencies must operate internally with respect to hiring and labor practices, the maintenance of federal records, financial management, and a diverse range of other topics. […] Next, the report will explore several important statutes that regulate agencies and these statutes' respective definitions of 'agency.' These statutes include the Administrative Procedure Act, the Freedom of Information Act, the Federal Records Act, statutes governing federal employees, and the Paperwork Reduction Act. In interpreting the reach of these statutes, courts have sometimes limited their application based on an agency's operational proximity to the President, or how much control the executive branch has over the entity."
Library of Congress. Congressional Research Service
Cole, Jared P.; Shedd, Daniel T.
2014-05-22
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Reform of the Foreign Intelligence Surveillance Courts: A Brief Overview [March 31, 2014]
"In the wake of recent disclosures concerning various National Security Agency (NSA) surveillance and data collection programs, several legislative changes to the government's intelligence operations authority have been suggested. Under the Foreign Intelligence Surveillance Act of 1978 (FISA), the Foreign Intelligence Surveillance Court (FISC) reviews government applications to conduct surveillance and engage in data collection for foreign intelligence purposes, and the FISA Court of Review reviews rulings of the FISC. Some have proposed altering the underlying legal authorities relied on by the government when applying to the FISC, while others have suggested changes to the practices and procedures of the FISA Courts. This report provides a brief overview of the legal implications of the latter group of proposals. Some have proposed establishing an office led by a 'public advocate' who would represent the civil liberties interests of the general public and oppose the government's applications for foreign surveillance. This proposal raises several constitutional issues. For example, assuming the advocate is an agent of the government, depending on the scope of the authority provided and the amount of supervision placed over the FISA advocate's office, the lawyer who leads such an office may be a principal or inferior officer of the United States whose appointment must abide by the Appointments Clause's restrictions. Moreover, an advocate might not satisfy Article III of the Constitution's requirements for parties seeking relief."
Library of Congress. Congressional Research Service
Cole, Jared P.; Nolan, Andrew
2014-03-31
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Mandatory Vaccinations: Precedent and Current Laws [May 21, 2014]
"Historically, the preservation of the public health has been the primary responsibility of state and local governments, and the authority to enact laws relevant to the protection of the public health derives from the state's general police powers. With regard to communicable disease outbreaks, these powers may include the enactment of mandatory vaccination laws. This report provides an overview of the legal precedent for mandatory vaccination laws, and of state laws that require certain individuals or populations, including school-aged children and health care workers, to be vaccinated against various communicable diseases. Also discussed are state laws providing for mandatory vaccinations during a public health emergency or outbreak of a communicable disease. Federal jurisdiction over public health matters derives from the Commerce Clause of the United States Constitution, which states that Congress shall have the power '[t]o regulate Commerce with foreign Nations, and among the several States....' Congress has enacted requirements regarding vaccination of immigrants seeking entry into the United States, and military regulations require American troops to be immunized against a number of diseases. The Secretary of Health and Human Services has authority under the Public Health Service Act to issue regulations necessary to prevent the introduction, transmission, or spread of communicable diseases from foreign countries into the states or from state to state. Current federal regulations do not include any mandatory vaccination programs; rather, when compulsory measures are needed, measures such as quarantine and isolation are generally utilized to halt the spread of communicable diseases."
Library of Congress. Congressional Research Service
Cole, Jared P.; Swendiman, Kathleen S.
2014-05-21
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MF Global Bankruptcy, Missing Customer Funds, and Proposals for Reform [August 1, 2013]
"On October 31, 2011, MF Global, a large brokerage firm registered with the Securities and Exchange Commission (SEC) as a broker-dealer and with the Commodity Futures Trading Commission (CFTC) as a futures commission merchant (FCM), filed for bankruptcy, marking the eighth-largest bankruptcy in U.S. history. Based on the subsequent investigation by the bankruptcy trustee, it appears that the firm failed as a result of a 'run on the bank' by customers seeking withdrawals, combined with increased margin calls on the firm's proprietary trading positions related to distressed European debt, which the firm could not meet. […] The MF Global failure raised questions about whether enforcement mechanisms for segregation of futures market customer funds were reliable--particularly in times of unusual stress. It also provided an opportunity to evaluate the effectiveness of regulatory cooperation during a rapid failure of a large, complex financial institution. It prompted a number of policy questions: is the enforcement of segregation requirements for futures customers' accounts sufficient for unusual market conditions, such as a run? Should some type of SIPC-like [Securities Investor Protection Corporation] insurance, such as is offered for customers of securities broker-dealers, be contemplated for futures customers or would costs be too great? The CFTC on November 14, 2012, proposed a rule aimed at increasing disclosure requirements for futures brokers to give customers greater accounting for their funds. This report provides information about MF Global's failure, the rules for handling of customer funds, the enforcement of those rules, the bankruptcy proceeding, related policy issues and reform proposals to ensure greater protections for futures customers. It will be updated as events warrant."
Library of Congress. Congressional Research Service
Miller, Rena S.
2013-08-01
