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• Financial Reform: Overview of the Volcker Rule [July 9, 2018]

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  "Legislators and regulators have long grappled with whether restricting the types of activities banks can engage in, or reforming banks' structures, might reduce the risk of large bank failures and the risk of systemic financial instability, such as that seen in the 2008 financial crisis. The Volcker Rule is an example of a means of addressing this issue. The statutory basis of the Volcker Rule is Section 619 of the Dodd-Frank Act, enacted in 2010 following the crisis. It was conceived of by Paul Volcker, a former Federal Reserve (Fed) chair, and implemented as 'the Volcker Rule' in a 2013 joint final rule by five financial regulators: the Fed, Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), Securities and Exchange Commission (SEC), and Commodity Futures Trading Commission (CFTC). The Volcker Rule generally prohibits a depository bank (or company that owns one) from engaging in proprietary trading or investing in (or sponsoring) a hedge fund or private equity fund. The rule has been subject to debate and was recently amended through legislative action. Regulators have also proposed further changes to the rule."

  Library of Congress. Congressional Research Service

  Miller, Rena S.

  2018-07-09
• Clery Act: Requirements and Legal Issues [July 31, 2019]

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  From the Document: "Colleges, universities, and other institutions of higher education (IHEs) face several federal legal requirements that pertain to the safety and security of students. One statute that addresses such issues is the Jeanne Clery Disclosure of Campus Security Policy and Campus Crime Statistics Act (Clery Act). The Clery Act applies to all domestic IHEs that participate in Title IV of the Higher Education Act's student financial assistance programs. The Clery Act requires covered IHEs to publish a report (by October 1 of each year) disclosing campus crime statistics and campus security policies. The Department of Education (ED) has promulgated regulations implementing the Clery Act. ED's Office of Federal Student Aid conducts reviews to evaluate compliance with the statute and imposes fines on institutions for noncompliance."

  Library of Congress. Congressional Research Service

  Cole, Jared P.

  2019-07-31
• Broadband Deployment: Status and Federal Programs [Updated June 6, 2019]

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  From the Document: "Broadband--whether delivered via fiber, cable modem, mobile or fixed wireless, copper wire, or satellite--is increasingly the technology underlying telecommunications services such as voice, video, and data. Since the initial deployment of high-speed internet in the late 1990s, broadband technologies have been deployed throughout the United States primarily by the private sector. These providers include telephone, cable, wireless, and satellite companies as well as other entities that provide broadband services to residential, business, and institutional customers. The Federal Communications Commission's (FCC's) 2010 National Broadband Plan identified broadband as a basic infrastructure necessary for improving economic growth, job creation, civic engagement, global competitiveness, and a better quality of life. Broadband enables or enhances applications such as e-commerce, telemedicine, distance education, telework, entertainment, public safety, and energy conservation. Increasingly viewing broadband as a basic infrastructure, Congress and successive Administrations have focused on addressing gaps specifically related to broadband availability and adoption. Broadband availability refers to whether or not broadband service is offered, while broadband adoption refers to the extent to which American households actually subscribe to and use broadband."

  Library of Congress. Congressional Research Service

  Rachfal, Colby Leigh

  2019-06-06
• Climate Change Risk Disclosures and the Securities and Exchange Commission [Updated February 17, 2022]

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  From the Summary: "Potential risks to the U.S. financial system from climate change have attracted growing attention in government, academia, and media, raising questions about the roles of financial regulators in addressing such risks. Scientific assessments have concluded that human activities--and particularly carbon dioxide and methane emitted by fossil fuels, agriculture, and land use change--are extremely [>95% likelihood] likely the primary driver of the rise of global average temperature since 1950. Climate change--defined by the Federal Reserve as 'the trend toward higher average global temperatures and accompanying environmental shifts such as rising sea levels and more severe weather events'--may impact multiple financial regulators' responsibilities, including those of ensuring financial stability. Risks from climate change may belong to the category of physical risks, such as heavier and more frequent storms or wildfires that impose direct losses. Or they may consist of transition risk, meaning the risk that changing government policies or market perceptions might lead to sudden asset price drops, such as for carbon-emitting industries. A 2020 report by the Commodity Futures Trading Commission (CFTC) found that climate change could pose systemic risks to the U.S. financial system. The Securities and Exchange Commission's (SEC's) mission is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. As part of this mission, the SEC issued 'Guidance Regarding Disclosure Related to Climate Change' in 2010 to assist publicly listed companies in evaluating when climate change risks require disclosure. However, the 2020 CFTC report concluded that the 2010 SEC guidance has not resulted in high-quality disclosure of climate change risks across U.S. publicly listed firms, and that it should be updated in light of global advancements over the preceding 10 years."

  Library of Congress. Congressional Research Service

  Miller, Rena S.; Vanatko, Nicole; Shorter, Gary W.

  2022-02-17
• S. Rept. 117-113: Air America Act of 2021, Report to Accompany S. 407, Including Cost Estimate of the Congressional Budget Office, May 19, 2022

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  From the Purpose and Summary: "S. 407, the Air America Act of 2022, would qualify the service of employees of Air America, Inc., between 1950 and 1976 as creditable for retirement benefits under the Civil Service Retirement System (CSRS). Employees of Air America served the U.S. government in a covert capacity to help achieve foreign policy objectives during this time period, throughout the Cold War, Korean War, and Vietnam War. The employees lost access to retirement in 1985 when the Office of Personnel Management (OPM) made a change to the Federal Personnel Manual impacting federal contractors, which is how Air America operated publicly. The bill provides a two-year window for Air America employees or their survivors to apply for retirement benefits, including retroactive benefits."

  United States. Government Publishing Office

  2022-05-19
• S. Rept. 117-111: COVID-19 Home Safety Act of 2021, Report to Accompany S. 116, Including Cost Estimate of the Congressional Budget Office, May 18, 2022

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  From the Document: "The Committee on Commerce, Science, and Transportation, to which was referred the bill (S. 116) to require the Consumer Product Safety Commission to study the effect of the COVID-19 [coronavirus disease 2019] pandemic on injuries and deaths associated with consumer products, and for other purposes, having considered the same, reports favorably thereon with an amendment and recommends that the bill (as amended) do pass.[...] The purpose of the bill is to require the Consumer Product Safety Commission (CPSC) to submit to Congress and make publicly available, within 3 months of the bill's enactment and every 3 months thereafter while the 2019 novel coronavirus (COVID-19) public health emergency continues, a report on the effect of the COVID-19 public health emergency on injuries and deaths from consumer products. The CPSC must also collaborate with public media outlets to distribute resource information for increasing home safety during the COVID-19 public health emergency, based on the contents of the report."

  United States. Government Publishing Office

  2022-05-18
• Sexual Harassment and Assault at School: Divergence Among Federal Courts Regarding Liability [April 7, 2022]

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  From the Document: "Under Title IX [hyperlink] of the Education Amendments of 1972 (Title IX), schools that receive federal financial assistance are liable for a 'deliberately indifferent' response to the sexual harassment and assault of students by teachers, as well as by fellow students in certain circumstances. While this standard is a stringent [hyperlink] one to meet, federal courts have not applied it uniformly. In particular, federal courts of appeals have taken diverging [hyperlink] positions over whether [hyperlink] a school's insufficient response to a single incident of student-on-student harassment itself can establish liability under Title IX, or whether further incidents of harassment are required in order for liability to attach. This disagreement turns, at least in part, on language in Supreme Court decisions [hyperlink] establishing the general parameters of school liability for sexual harassment under Title IX, as well as the interpretation of legislation enacted pursuant to Congress's spending power [hyperlink] under the Constitution."

  Library of Congress. Congressional Research Service

  Cole, Jared P.

  2022-04-07
• Money Laundering in the U.S. Real Estate Sector [Updated January 4, 2022]

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  From the Document: "Money laundering and other financial crimes in the real estate sector take many forms and continue to challenge real estate, financial institution, law enforcement, policymaker, and regulatory stakeholders. Global scrutiny of the real estate market's vulnerability to money laundering has grown in recent years. An issue Congress may consider is how to balance the money-laundering risks posed by the real estate sector against differing views on how to implement appropriate oversight. According to various sources, real estate money-laundering (REML) schemes can involve a wide range of domestic and transnational criminals, including drug cartels and human traffickers, international terrorists, and foreign kleptocrats (corrupt high-level officials). The purchase of real estate, often combined with methods to conceal a purchaser's identity and source of funds, can allow criminals to integrate ill-gotten proceeds into the legal economy or park illicit wealth abroad. Although real estate transactions often intersect with financial institutions that are subject to anti-money laundering (AML) and combating the financing of terrorism (CFT) requirements, AML/CFT gaps remain. The U.S. Department of the Treasury's 2020 'National Strategy to Counter Illicit Finance' states that 'Treasury is committed to working with Congress to minimize the risks of the laundering of illicit proceeds through real estate purchases'--and identifies REML as among its top 12 AML priorities and supporting actions."

  Library of Congress. Congressional Research Service

  Rosen, Liana W.; Miller, Rena S.

  2022-01-04
• U.S. Efforts to Combat Money Laundering, Terrorist Financing, and Other Illicit Financial Threats: An Overview [Updated January 4, 2022]

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  From the Document: "The United States maintains a multifaceted policy regime for tackling anti-money laundering (AML), combating the financing of terrorism (CFT), and countering illicit financial threats. Key issues for the 117th Congress may include oversight of the U.S. government's legal, regulatory, enforcement, and diplomatic AML/CFT effort--with special focus on the Biden Administration's implementation of significant changes to the AML/CFT regime enacted as part of the William M. (Mac) Thornberry National Defense Authorization Act FY2021 (NDAA; P.L. [Public Law] 116-283). [...] Several provisions of the FY2022 NDAA (P.L. 117-81) address AML concerns, including with respect to Russian money laundering (Section 6106), the delegation of BSA [Bank Secrecy Act] examination authority (Section 6107), and updates to the National Strategy for Combating Terrorist and Other Illicit Financing (Section 6506)."

  Library of Congress. Congressional Research Service

  Miller, Rena S.; Rosen, Liana W.

  2022-01-04
• Overview of Correspondent Banking and 'De-Risking' Issues [Updated April 8, 2022]

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  From the Document: "In broad terms, correspondent banking refers to formal agreements or relationships between banks to provide payment services for each other. It is often used to effectuate cross-border payments, and as such, plays an important role in the international financial system. The value of global cross-border payments is estimated to increase from almost $150 trillion in 2017 to over $250 trillion by 2027, according to the Bank of England. Correspondent banking represents a significant portion of this (e.g., the European Central Bank reported roughly $746 billion worth of daily transactions channeled through correspondent banking arrangements within Eurozone countries alone in 2019), as it underpins trade finance, migrant remittances, and humanitarian flows. [...] Although these transactions provide significant benefits, they also present several challenges. Two interrelated primary policy issues involved with correspondent banking are (1) what types of anti-money-laundering (AML) and countering the financing of terrorism (CFT) controls should be in place to prevent illicit payments? and (2) how to prevent excessive industry reaction to such controls, called 'de-risking.'"

  Library of Congress. Congressional Research Service

  Miller, Rena S.

  2022-04-08
• Fintech: Overview of Innovative Financial Technology and Selected Policy Issues [April 28, 2020]

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  From the Summary: "Advances in technology allow for innovation in the ways businesses and individuals perform financial activities. The development of financial technology--commonly referred to as 'fintech'-- is the subject of great interest for the public and policymakers. Fintech innovations could potentially improve the efficiency of the financial system and financial outcomes for businesses and consumers. However, the new technology could pose certain risks, potentially leading to unanticipated financial losses or other harmful outcomes. Policymakers designed many of the financial laws and regulations intended to foster innovation and mitigate risks before the most recent technological changes. This raises questions concerning whether the existing legal and regulatory frameworks, when applied to fintech, effectively protect against harm without unduly hindering beneficial technologies' development."

  Library of Congress. Congressional Research Service

  Perkins, David W.; Cooper, Cheryl R.; Getter, Darryl E. . . .

  2020-04-28
• Overview of the Universal Service Fund and Selected Federal Broadband Programs [Updated June 25, 2021]

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  From the Introduction: "Efforts to deploy voice telephone service throughout the United States began almost 100 years ago. Starting in the 1990s, these efforts shifted toward the deployment of broadband internet service to homes, schools, and businesses and the provision of infrastructure to support applications such as telehealth and distance learning. These efforts have been supported through various permanent and pilot programs since that time. Further, as a result of the Coronavirus Disease 2019 (COVID-19) pandemic, Congress has become increasingly aware of the issues associated with the lack of broadband access in many places throughout the country. [...] This report summarizes broadband support programs at the following agencies: [1] Federal Communications Commission (FCC), [2] National Telecommunications and Information Administration (NTIA), [3] Department of Agriculture (USDA), [4] Department of Health and Human Services (HHS), [5] Department of Housing and Urban Development (HUD), [6] Department of the Treasury, and [7] Institute of Museum and Library Services (IMLS). This report provides an overview of the agencies named above and summaries of the programs themselves, including new programs created or proposed in response to the pandemic."

  Library of Congress. Congressional Research Service

  Figliola, Patricia Moloney; Rachfal, Colby Leigh; Heisler, Elayne J., 1976- . . .

  2021-06-25
• Overview of the Universal Service Fund and Selected Federal Broadband Programs [April 30, 2021]

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  From the Introduction: "Efforts to deploy voice telephone service throughout the United States began almost 100 years ago. Starting in the 1990s, these efforts shifted toward the deployment of broadband internet service to homes, schools, and businesses and the provision of infrastructure to support applications such as telehealth and distance learning. These efforts have been supported through various permanent and pilot programs since that time. Further, as a result of the Coronavirus Disease 2019 (COVID-19) pandemic, Congress has become increasingly aware of the issues associated with the lack of broadband access in many places throughout the country. In response, Congress has passed or proposed legislation to create and fund new programs to accelerate broadband deployment: [1] Coronavirus Aid, Relief, and Economic Security (CARES) Act (P.L. 116-136), [2] Consolidated Appropriations Act, 2021 (CAA 2021) (P.L. 116-260), [3] American Rescue Plan Act of 2021 (ARPA) (P.L. 117-2), and [4] Leading Infrastructure for Tomorrow's America Act (LIFT America Act) (H.R. 1848, introduced March 11, 2021). [...] This report summarizes broadband support programs at the following agencies: [1] Federal Communications Commission (FCC), [2] National Telecommunications and Information Administration (NTIA), [3] Department of Agriculture (USDA), [4] Department of Health and Human Services (HHS), [5] Department of Housing and Urban Development (HUD), [6] Department of the Treasury, and [7] Institute of Museum and Library Services (IMLS). This report provides an overview of the agencies named above and summaries of the programs themselves, including new programs created or proposed in response to the pandemic."

  Library of Congress. Congressional Research Service

  Figliola, Patricia Moloney; Rachfal, Colby Leigh; Heisler, Elayne J., 1976- . . .

  2021-04-30
• Climate Change Risk Disclosures and the Securities and Exchange Commission [April 20, 2021]

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  From the Summary: "Potential risks to the U.S. financial system from climate change have attracted growing attention in government, academia, and media, raising questions about the roles of financial regulators in addressing such risks. [...] The Securities and Exchange Commission's(SEC's)mission is to protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation. As part of this mission, the SEC issued 'Guidance Regarding Disclosure Related to Climate Change' in 2010 to assist publicly listed companies in evaluating when climate change risks require disclosure."

  Library of Congress. Congressional Research Service

  Miller, Rena S.; Vanatko, Nicole; Shorter, Gary W.

  2021-04-20
• Broadband Data and Mapping: Background and Issues for the 117th Congress [Updated May 19, 2021]

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  From the Introduction: "Mapping broadband availability, which means graphically displaying where broadband is and is not available on a map, is complex and depends on data--with the accuracy of the map depending on the accuracy of the data used to compose the map. Congress has an interest in accurate broadband mapping data, because accurate data can help ensure that federal programs that finance broadband deployment target areas of the country that are most in need of assistance. The Telecommunications Act of 1996 (P.L. 104-104) requires the Federal Communications Commission (FCC) to determine annually whether broadband is being deployed to all Americans on a timely basis, and the FCC relies on broadband mapping data to make this determination. Additionally, the FCC uses broadband mapping data to direct billions of dollars per year to deploy broadband in unserved or underserved areas. Congress has also taken an interest in broadband mapping due to concerns from constituents that certain areas, especially rural areas, remain underserved or unserved. Pinpointing where broadband is and is not available in the United States has been an ongoing challenge."

  Library of Congress. Congressional Research Service

  Rachfal, Colby Leigh

  2021-05-19
• U.S. Efforts to Combat Money Laundering, Terrorist Financing, and Other Illicit Financial Threats: An Overview [Updated June 9, 2021]

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  From the Document: "The United States maintains a multifaceted policy regime for tackling anti-money laundering (AML), combating the financing of terrorism (CFT), and countering other forms of illicit financial threats. Key issues for the 117thCongress may include oversight of the U.S. government's robust legal, regulatory, enforcement, and diplomatic AML/CFT effort--with special focus on the Biden Administration's implementation of significant changes to the AML/CFT regime that were enacted as part of the FY2021 National Defense Authorization Act (NDAA; P.L. 116-283)."

  Library of Congress. Congressional Research Service

  Miller, Rena S.; Rosen, Liana W.

  2021-06-09
• COVID-19 Response: Broadband Funding for Tribes, Tribal Colleges and Universities, the Bureau of Indian Affairs, the Bureau of Indian Education, and the Indian Health Service [Updated March 30, 2021]

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  From the Document: "Three recent enacted laws that, in whole or in part, address the effects of the Coronavirus Disease 2019 (COVID-19) pandemic provided both direct and indirect broadband funding for American Indian tribes, tribal colleges and universities, the Bureau of Indian Affairs, the Bureau of Indian Education, and the Indian Health Service (collectively, 'tribal entities'). They are [1] the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. [public law] 116-136; [2] Division N of Title IX of the Consolidated Appropriations Act, 2021 (CAA, 2021), P.L. 116-260; and [3] the American Rescue Plan Act (ARPA), P.L. 117-2. This In Focus lists major broadband programs funded by these three laws as well as potential additional funding in subsequently proposed legislation."

  Library of Congress. Congressional Research Service

  Figliola, Patricia Moloney; Rachfal, Colby Leigh; Casey, Alyssa R. . . .

  2021-03-30
• Climate Change and U.S. Financial Regulators: Overview and Recent Actions [May 11, 2021]

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  From the Document: "Under the Biden Administration, financial regulators have announced a range of new measures to address financial risks associated with climate change. The Department of the Treasury, the Securities and Exchange Commission (SEC), and the Federal Reserve have each announced new steps: [1] The Treasury's announcement covers a range of issues including public spending, macroeconomic effects, and international cooperation. [2] The SEC's addresses investor disclosure requirements relating to climate risks and the classification of funds marketed to investors as environmentally friendly. [3] The Fed's relates to lending risks for individual financial institutions and to systemic financial risks related to climate change. This Insight provides an overview of these actions and how they interrelate."

  Library of Congress. Congressional Research Service

  Miller, Rena S.

  2021-05-11
• Broadband Internet Access and the Digital Divide: Federal Assistance Programs [Updated October 25, 2019]

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  From the Summary: "The 'digital divide' is a term that has been used to characterize a gap between those Americans who have access to telecommunications and information technologies and those who do not. One important subset of the digital divide debate concerns access to high-speed internet, also known as broadband. Broadband is provided by a series of technologies (e.g., cable, telephone wire, fiber, satellite, and mobile and fixed wireless) that give users the ability to send and receive data at volumes and speeds that support a number of applications including voice communications, entertainment, telemedicine, distance education, telework, ecommerce, civic engagement, public safety, and energy conservation. Broadband technologies are currently being deployed, primarily by the private sector, throughout the United States. While the number of new broadband subscribers continues to grow, studies and data indicate that the rate of broadband deployment in urban/suburban and high-income areas is outpacing deployment in rural and low-income areas. Some policymakers, believing that disparities in broadband access across American society could have adverse economic and social consequences on those left behind, assert that the federal government should play a more active role to address the 'digital divide' in broadband access."

  Library of Congress. Congressional Research Service

  Gilroy, Angele A.; Rachfal, Colby Leigh

  2019-10-25
• Financial Services and General Government (FSGG) FY2019 Appropriations: Independent Agencies and General Provisions [October 26, 2018]

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  "The Financial Services and General Government (FSGG) appropriations bill includes funding for more than two dozen independent agencies primarily in Title V. These agencies perform a wide range of functions, including the management of federal real property, the regulation of financial institutions and markets, and mail delivery. This report focuses on funding for those independent agencies in Title V of the FSGG appropriations bill. It also addresses general provisions that apply government-wide, which appear in Title VII, and provisions on Cuba sanctions, which would typically appear in Title I. In addition, the FSGG bill funds agencies not covered in this report--the Department of the Treasury (Title I), the Executive Office of the President (EOP; Title II), the judiciary (Title III), and the District of Columbia (Title IV). The bill typically funds mandatory retirement accounts in Title VI, which also contains general provisions applying to the FSGG agencies."

  Library of Congress. Congressional Research Service

  Webel, Baird; Christensen, Michelle D.; Dilger, Robert Jay, 1954- . . .

  2018-10-26
• Broadband Data and Mapping: Background and Issues for the 116th Congress [October 16, 2019]

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  From the Introduction: "Mapping broadband availability, which means graphically displaying where broadband is and is not available on a map, is complex and depends on data--with the accuracy of the map depending on the accuracy of the data used to compose the map. Congress has an interest in accurate broadband mapping data, because accurate data can help ensure that federal broadband programs target areas of the country that are most in need of assistance. The Telecommunications Act of 1996 (P.L. 104-104) requires the Federal Communications Commission (FCC) to determine annually whether broadband is being deployed to all Americans on a timely basis, and the FCC relies on broadband mapping data to make this determination. Additionally, the FCC uses broadband mapping data to direct billions of dollars per year to deploy broadband in unserved or underserved areas. Congress has also taken an interest in broadband mapping due to concerns from constituents that certain areas, especially rural areas, remain underserved or unserved."

  Library of Congress. Congressional Research Service

  Rachfal, Colby Leigh

  2019-10-16
• State Broadband Initiatives: Selected State and Local Approaches as Potential Models for Federal Initiatives to Address the Digital Divide [April 6, 2020]

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  From the Summary: "Access to high-speed internet, known as broadband, is becoming increasingly essential to daily life as more applications and activities move online. This has become particularly apparent during the coronavirus (COVID-19) pandemic, as employers in some sectors transitioned their workers from on-site work to telework and schools migrated their students from classrooms to distance learning. These shifts may seem clear-cut, but many areas of the United States-- particularly rural areas--have either limited or no access to broadband infrastructure. Additionally there are citizens in areas with high broadband penetration who are unable to access it due to socioeconomic factors. The gap between those who have access to broadband and those who do not is referred to as the digital divide."

  Library of Congress. Congressional Research Service

  Rachfal, Colby Leigh

  2020-04-06
• Applicability of Federal Civil Rights Laws to Recipients of CARES Act Loans [May 1, 2020]

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  From the Document: "The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) authorizes the Small Business Administration (SBA) to provide economic assistance temporarily to eligible organizations. Section 1102 of the CARES Act establishes the Paycheck Protection Program (PPP), which enlarges the SBA's authority to guarantee loans under Section 7(a) of the Small Business Act. Section 1110 of the CARES Act broadens SBA's authority to distribute Economic Injury Disaster Loans (EIDL) under Section 7(b)(2) of the Small Business Act. Applicants for the latter loan can receive an emergency grant advance that the recipient does not have to repay, even if the loan is denied. [...] This extension of federal funds to new recipients raises questions about what obligations may accompany the issuance of such loans. Various federal civil rights laws condition the receipt of federal funds on recipients' adherence to certain antidiscrimination mandates. This Sidebar examines the potential application of these civil rights laws to recipients of EIDL grants and PPP and EIDL loans. It also considers potential limits on the scope of these obligations."

  Library of Congress. Congressional Research Service

  Cole, Jared P.

  2020-05-01
• Could the Global Legal Entity Identifier Be Useful for Financial Transparency Legislation in the 116th Congress? [October 22, 2019]

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  From the Overview: "The 116th Congress is examining legislation related to financial transparency. This has come in the form of bills--H.R. 2513, S. 2563, S. 1978, or S. 1889--that would mandate greater disclosures of the natural persons or 'beneficial owners' who benefit from or control a corporation or similar legal entity. Other bills, such as H.R. 4476, seek to promote financial transparency and data standardization among securities, commodities, and banking laws to make information reported to financial regulatory agencies more easily electronically searchable. The global Legal Entity Identifier system, increasingly used in the financial sector since its 2009 inception, but seemingly little known among broader audiences, may be of interest to Congress in light of such legislative activity."

  Library of Congress. Congressional Research Service

  Miller, Rena S.

  2019-10-22
• Introduction to Financial Services: Anti-Money Laundering Regulation [Updated January 8, 2019]

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  From the Background: "Anti-money laundering (AML) regulation refers to efforts to prevent criminal exploitation of financial systems to conceal the location, ownership, source, nature, or control of illicit proceeds. According to the United Nations, some $300 billion in illicit transnational crime proceeds (excluding tax evasion) likely flowed through the U.S. financial system in 2010, equivalent to roughly 2% of U.S. gross domestic product (GDP). In 2015, the U.S. Department of the Treasury confirmed that the U.N.'s estimates are comparable to U.S. estimates. Rough International Monetary Fund (IMF) estimates also indicate that the global volume of money laundering could amount to as much as 2.7% of the world's GDP, or $1.6 trillion annually."

  Library of Congress. Congressional Research Service

  Rosen, Liana W.; Miller, Rena S.

  2019-01-08
• COVID-19: Commercial Paper Market Strains and Federal Government Support [April 13, 2020]

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  From the Document: "As COVID-19 [coronavirus disease 2019] spread rapidly in the United States, fears of its economic effects led to strains in the commercial paper (CP) market, one of the main funding sources for many firms and for providers of credit to individuals. Commercial paper is short-term debt issued primarily by corporations and generally is unsecured. The CP market is an important source of short-term credit for a range of financial and nonfinancial businesses, who may rely on it as an alternative to bank loans--for example, in making payroll or for other short-term funding needs. The CP market also helps provide credit to individuals through short-term asset-backed commercial paper (ABCP), which finances certain consumer loans such as auto loans or other consumer debt. Municipalities also issue CP for short-term funding needs. Some money market funds (MMFs) are key purchasers of CP, which plays a significant role in this short-term funding market. As of March 31, 2020, about 24% of total CP outstanding was ABCP; 47% of total CP was from financial issuers; and 28% was from nonfinancial issuers."

  Library of Congress. Congressional Research Service

  Miller, Rena S.

  2020-04-13
• COVID-19: U.S. Economic Effects [May 13, 2020]

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  From the Document: "This Insight discusses the current and projected effects of the Coronavirus Disease 2019 (COVID-19) pandemic on the U.S. economy. [...] The economic impacts of COVID-19 since March 2020 have been large and dramatic, with impact disparities between various sectors and regions. In the United States, fear of infection, social distancing, and various states' stay-at-home orders prompted business closures and severe declines in U.S. demand for travel, accommodations, restaurants, and entertainment, among other industries. This has led to massive layoffs, furloughs, and surges in unemployment claims, with predictions for further declines in U.S. gross domestic product (GDP)."

  Library of Congress. Congressional Research Service

  Miller, Rena S.; Labonte, Marc

  2020-05-11
• COVID-19 and Broadband: Potential Implications for the Digital Divide [March 13, 2020]

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  From the Document: "According to the Federal Communications Commission's (FCC) 2019 Broadband Deployment Report, approximately 21.3 million Americans lack a broadband connection speed of at least 25 megabits per second (Mbps) download/3 Mbps upload, which is the FCC's benchmark for high-speed broadband. In the midst of the coronavirus (COVID-19) pandemic, federal, local, and state governments, in addition to large and small businesses, are considering remote working or distance learning options to help abate the spread of the virus. As these decisions are made, some portion of the population will likely have the option and the capability to shift activities online, while others will not. COVID-19 mitigation efforts will likely reveal discrepancies in broadband availability and accessibility--termed the digital divide--across the United States."

  Library of Congress. Congressional Research Service

  Rachfal, Colby Leigh

  2020-03-13
• Banking Policy Issues in the 116th Congress [Updated February 21, 2019]

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  From the Introduction: "Banks play a central role in the financial system by connecting borrowers to savers and allocating available funds across the economy. As a result, banking is vital to the U.S. economy's health and growth. Nevertheless, banking is an inherently risky activity involving extending credit and undertaking liabilities. Therefore, banking can generate tremendous societal and economic benefits, but banking panics and failures can create devastating losses. Over time, a regulatory system designed to foster the benefits of banking while limiting risks has developed, and both banks and regulation have coevolved as market conditions have changed and different risks have emerged. For these reasons, Congress often considers policies related to the banking industry."

  Library of Congress. Congressional Research Service

  Perkins, David W.; Cooper, Cheryl R.; Getter, Darryl E. . . .

  2019-02-21
• Digital Divide: What is it, Where is it, and Federal Assistance Programs [Updated March 9, 2021]

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  From the Introduction: "The internet became publicly available in the 1990s and has become essential for accessing and carrying an increasing volume of digital information critical to everyday life (e.g., job applications and government forms). Broadband is high-speed internet access that is faster than traditional dial-up access, always on, and relies on high-speed transmission technologies[.] [...] While the number of new broadband subscribers continues to grow, studies and data indicate that the rate of broadband deployment in urban/suburban and high-income areas is outpacing deployment in rural and low-income areas. The term 'digital divide' is used to describe the gap between those who have adequate broadband internet access and those who do not. The Telecommunications Act of 1996 (P.L. [Public Law] 104-104) acknowledged the digital divide, with Section 706(a) directing the Federal Communications Commission (FCC) to encourage the deployment on a reasonable and timely basis of advanced telecommunications services to all Americans. Additionally, Section 254 of the act provided for universal service support to further improve access to these services. This report discusses the concept of the digital divide, the status of broadband availability in the United States, and the federal programs that provide funding to support broadband infrastructure deployment and adoption--the Universal Service Fund (USF) programs under the FCC, the broadband and telecommunications programs at the Rural Utilities Service (RUS) of the U.S. Department of Agriculture, and the National Telecommunications and Information Administration (NTIA) within the Department of Commerce (DOC)."

  Library of Congress. Congressional Research Service

  Rachfal, Colby Leigh

  2021-03-09