Podcasts about financial regulation studies

A landmark crypto regulation package failed to advance in the Senate on Thursday after key Democrats backed out over the weekend. Dubbed the GENIUS Act, the bill needed 60 votes to move to the Senate floor for final passage. The final tally was 48 in favor and 49 against. Three senators did not vote.~This Episode is Sponsored By Coinbase~ Buy $50 & Get $50 for getting started on Coinbase➜ https://bit.ly/CBARRONGuest: Jennifer Schulp, Director of Financial Regulation Studies at the Cato Institute'sFollow Jennifer on Twitter➜ https://x.com/jenniferjschulp00:00 intro00:14 Sponsor: Coinbase00:36 Elizabeth Warren Wins01:16 Stablecoin Bill FAILS02:29 Bill Passing on Monday?03:45 Ban Accredited Investors05:37 FIT21 Bill Includes Removal07:46 Raising Capital Moving Offshore10:15 More Opportunities For Investors11:47 Robinhood: Meme coin IPO's Coming13:17 Launching Start-ups with Crypto15:53 VC Impact18:15 400mil Company Tokens Coming21:24 outro#Crypto #bitcoin #XRP~Stablecoin Bill Fails!

Jennifer J. Schulp, Director of Financial Regulation Studies at the Center for Monetary and Financial Alternatives at the Cato Institute, joins us to talk about cryptocurrency and the Trump administration's approach towards cryptocurrencies. She advocates for individual freedom, innovation, and a free market. Jennifer on X: @jenniferjschulp More info on the Cato Institute here: https://www.cato.org/ Download the NewsTalkSTL app from your app store and listen anytime, anywhere! NewsTalkSTL website: https://newstalkstl.com/ Rumble: https://rumble.com/c/NewsTalkSTL Twitter/X: https://twitter.com/NewstalkSTL Facebook: https://www.facebook.com/NewsTalkSTL Livestream 24/7: bit.ly/NEWSTALKSTLSTREAMSSee omnystudio.com/listener for privacy information.

(5:50am) MLB's season opener was in Tokyo this morning at 5am CDT between the Los Angeles Dodgers and the Chicago Cubs. Dodgers get the win 4-1. Story here: https://sports.yahoo.com/mlb/article/dodgers-top-cubs-in-game-1-of-the-2025-mlb-season-6-takeaways-from-the-first-matchup-of-the-tokyo-series-152244852.html (6:05am) MORNING NEWS DUMP A St. Louis City Police Officer is being treated for serious injuries after being hit by a car on I-70 near Shreve on Monday morning. AG Pam Bondi comments on the Alien Enemies Act of 1798. EPA Administrator Lee Zeldin was in St. Louis to visit nuclear contamination sites connected to the West Lake Landfill. He also went to see the Coldwater Creek site in Hazelwood. He promised an improved cleanup response. Press Secretary Karoline Leavitt comments on the renewed Israeli offensive against Hamas. President Trump comments on today's expected release of the JFK Files...all 80,000 pages! SpaceX has now undocked from the International Space Station. In spring training action, the Cardinals beat the Washington Nationals 6-2. Up next: the Miami Marlins this afternoon at 12:05pm. Blues are in Nashville tonight to face the Predators at 7pm. (6:20am) A St. Louis City Police Officer was critically injured on Monday morning while chasing a carjacking suspect on I-70 near Shreve. Story here: https://www.firstalert4.com/2025/03/17/police-officer-suffering-critical-injuries-after-being-struck-by-vehicle-i-70/ (6:35am) Jennifer J. Schulp, Director of Financial Regulation Studies at the Center for Monetary and Financial Alternatives at the Cato Institute, joins us to talk about cryptocurrency and the Trump administration's approach towards cryptocurrencies. She advocates for individual freedom, innovation, and a free market. Jennifer on X: @jenniferjschulp More info on the Cato Institute here: https://www.cato.org/ (6:50am) MORNING NEWS DUMP A St. Louis City Police Officer is being treated for serious injuries after being hit by a car on I-70 near Shreve on Monday morning. AG Pam Bondi comments on the Alien Enemies Act of 1798. EPA Administrator Lee Zeldin was in St. Louis to visit nuclear contamination sites connected to the West Lake Landfill. He also went to see the Coldwater Creek site in Hazelwood. He promised an improved cleanup response. Press Secretary Karoline Leavitt comments on the renewed Israeli offensive against Hamas. President Trump comments on today's expected release of the JFK Files...all 80,000 pages! SpaceX has now undocked from the International Space Station. In spring training action, the Cardinals beat the Washington Nationals 6-2. Up next: the Miami Marlins this afternoon at 12:05pm. Blues are in Nashville tonight to face the Predators at 7pm.Download the NewsTalkSTL app from your app store and listen anytime, anywhere! NewsTalkSTL website: https://newstalkstl.com/ Rumble: https://rumble.com/c/NewsTalkSTL Twitter/X: https://twitter.com/NewstalkSTL Facebook: https://www.facebook.com/NewsTalkSTL Livestream 24/7: bit.ly/NEWSTALKSTLSTREAMSSee omnystudio.com/listener for privacy information.

In this episode, financial experts look back on recent SEC regulation, enforcement, and litigation, as well as their predictions for the next SEC leadership under a second Trump administration. C. Wallace DeWitt, Securities lawyerBrian Knight, Director of Innovation and Governance and Senior Research Fellow, Mercatus Center at George Mason UniversityJennifer Schulp, Director of Financial Regulation Studies, Cato Institute’s Center for Monetary and Financial Alternatives

Mark Calabria was the director of the Federal Housing Finance Agency and the director of Financial Regulation Studies at the Cato Institute. Today, he is a senior advisor to the Cato Institute, and recently wrote a book on his experiences in the Agency, called Shelter From the Storm. Today, he talks to us about the book, and saving the United States from a 2008-like financial crisis by respecting congressional statutes in agency behavior and resisting calls for bailouts. He explains what the agency is and what it looks like “on the inside”. He addresses free market skepticism about being in government and influencing change. Never miss another AdamSmithWorks update.Follow us on Facebook, Twitter, and Instagram.

Jennifer Schulp is the Director of Financial Regulation Studies at Cato Institute's Center for Monetary and Financial Alternatives, where she focuses on the regulation of securities and capital markets. She has testified before Congress multiple times, including before the US Senate Committee on Banking, Housing and Urban Affairs, the US House Committee on Financial Services, and the Committee on House administration. Prior to joining Cato, Jennifer was a director in the Department of Enforcement at the Financial Industry Regulatory Authority, Inc. (FINRA) where she represented FINRA in investigations and disciplinary proceedings relating to violations of the Federal Securities Laws [00:02:00] and Self-regulatory Organization rules. Before that, Jennifer worked as a lawyer in private practice at Gibson Dunn and Crutcher, LLP, and clerked for Judge E Grady Jolly of the US Court of Appeals for the Fifth Circuit. Jennifer received her JD from the University of Chicago Law School. She holds an AB in political science from the University of Chicago. PODCAST INFO Podcast website: https://podcast.pgpforcrypto.org Apple Podcasts: https://podcasts.apple.com/us/podcast/pgp*-pretty-good-policy-for-crypto-podcast/id1669504720 RSS: https://feed.pod.co/pgp-for-crypto-podcast HOST INFO Gary Weinstein's Twitter: https://twitter.com/Gary_Weinstein_ Gary Weinstein's LinkedIn: https://www.linkedin.com/in/garyweinstein/ Paul Brigner's Twitter: https://twitter.com/paulbrigner Paul Brigner's LinkedIn: https://www.linkedin.com/in/paulbrigner/ Electric Coin Co. Website: https://electriccoin.co Electric Coin Co. Twitter: https://twitter.com/ElectricCoinCo EPISODE LINKS Jennifer's LinkedIn: https://www.linkedin.com/in/jennifer-schulp-3696161/ Jennifer's Twitter: https://twitter.com/jenniferjschulp Cato Institute: https://www.cato.org/ Cato Institute's Twitter: https://twitter.com/catoinstitute TIMESTAMPS 00:00 Welcome 01:12 Introduction and Celebrating International Women's Day 02:55 Overview of Crypto Regulatory Environment and the SEC 12:52 The SEC's Role in Regulating the Industry and Defining Decentralization 18:28 The Dangerous Situation of Crypto Projects and the Lack of Clear Pathways 22:21 The Bank Secrecy Act of 1970 and Its Expansion over Time: A History of Constitutional Concerns 34:03 Addressing Financial Surveillance in the Absence of the BSA 38:11 The Impact of the Bank Secrecy Act on the Crypto Policy Environment 42:34 The Third Party Doctrine and Its Compatibility with Modern Life 47:08 Financial Privacy and the SEC's Consolidated Audit Trail (CAT) 55:10 The Challenges of Establishing a Self-Regulatory Organization (SRO) in the Crypto Space 01:01:02 IRS Regulations and Financial Surveillance 01:05:36 The Risks, Questions, and Concerns, about a US Central Bank Digital Currency (CBDC) 01:11:52 The Role of Litigation in Shaping Crypto Regulations and Its Impact on Congress and Regulators 01:17:43 The Future of Cryptocurrencies and the Importance of Avoiding Regulatory Barriers 01:20:39 Concluding Thoughts and the Importance of Financial Privacy and Privacy Coins in Crypto DISCLAIMER Please be advised that the information provided in this podcast is for informational and educational purposes only and is not to be taken as legal or financial advice. The opinions and views expressed by our guests are their own and may not reflect the official stance of the organizations they represent or those of Electric Coin Co. Always consult a legal or financial professional before making any decisions.

A debate over the definition of an accredited investor is underway ahead of an SEC meeting that could make it tougher to quality. The SEC Chairman is reportedly in favor of making the definition more restrictive, and that's raising concerns among lawmakers, financial scholars and business startups who feel that opportunities for investing should be expanded, not diminished. (1)   Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.   What is an Accredited Investor?   If you've been wanting to invest in a private placement, such as an apartment or storage syndication, but haven't yet met the requirements of an accredited investor, you may be feeling the frustration. The SEC requires an individual to earn at least $200,000 a year as an individual, $300,000 a year as a couple, or a networth of $1,000,000 or more which excludes the value of a primary residence.   Accredited vs. Sophisticated   The SEC does allow a small number of non-accredited investors in certain private placements - 35 to be exact. And though they may not be accredited, they do have to be "sophisticated."  Investopedia defines a sophisticated investor as someone “with sufficient knowledge and experience in financial and business matters to make them capable of evaluating the merits and risks of the prospective investment.” (2)(3) That knowledge or experience would need to be obvious to the private placement sponsor or syndicator. That could include an employee with knowledge about investing opportunities, risks, and the deal itself.   The sophisticated investor designation is allowed in a 506(b) offering under Regulation D - but again only 35 "sophisticated" investors are allowed, and they must have a pre-existing relationship with the sponsor. The Jumpstart Our Business Startups Act, or JOBS Act, of 2012 allowed investors with no prior existing relationship to participate in a private placements for the first time through a new category called 506(c). This allows syndicators and fund managers to market their offerings to the public, but does not allow non-accredited sophisticated investors. Only accredited investors are allowed in a private placement that advertises publicly.   Support for Less Restrictive Definition   At a House hearing on what the SEC is currently planning to do, Committee Chairwoman Rep. Ann Wagner said: “It is no secret that SEC Chairman Gary Gensler's agenda includes sweeping new regulations in our private markets that would create barriers for investors and entrepreneurs to participate in those markets.”   An article in The DI Wire says notes on the SEC's agenda show that Gensler plans to change “the accredited investor definition by increasing the annual income and net worth thresholds.” The SEC began soliciting public comments on potential changes last year to “update the rules” and “more effectively promote investor protection.” (4)   Representative Brad Sherman that the current definition doesn't make sense and needs reform. He says: “That doesn't mean it should be more restrictive or less restrictive than what we have now, but it should be different.”   Is the Current Accredited Investor Definition Unfair?   Director of Financial Regulation Studies at the Cato Institute, Jennifer Schulp, was more critical. She testified that the accredited investor definition is “unfair” and objected to the idea that the SEC decides “who gets to invest where: public markets for most, but public and private markets for those it judges to be worthy.”   She says: “Such paternalism – limiting how people can invest their money – is objectionable in itself. The SEC should not be charged with protecting individuals from their choices to take certain kinds of financial risk.” She highlighted the fact that in 2010, the SEC “shrank” the pool of accredited investors by adding a clause to the Dodd-Frank Act that excludes the value of a person's primary home.   Proposed Certification Exam   Chairman of the House Financial Services Committee, Rep. Patrick McHenry, had introduced the Equal Opportunity for All Investors Act. It calls for the SEC to offer an accredited investor certification exam for people with investment knowledge and experience. He said during the hearing that he looks forward to moving ahead with legislative proposals that would improve the accredited investor definition. (5)   Meantime, the SEC rulemaking session is scheduled for April.   You can read more about the evolution of this issue by following links in the show notes at newsforinvestors.com. If you'd like to learn more about the private placement deals that we offer at RealWealth, please go to GrowDevelopments.com. We are currently offering a North Dallas Rental Fund for people who want to leave the landlording and property management to someone else, but would like the financial benefits of owning rental property. However, this deal is only available to accredited investors who fit the current definition. Please hit the join button at the RealWealth home page for access to all our news and data on the U.S. real estate market. And don't forget to subscribe to the podcast and follow me on instagram @kathyfettke for real estate market updates and commentary.   Thanks for listening!    Links:   1 - https://thediwire.com/house-hearing-debates-changes-to-the-secs-definition-of-accredited-investor/   2 - https://www.investopedia.com/terms/s/sophisticatedinvestor.asp   3 - https://thediwire.com/sec-expands-definition-of-accredited-investor/   4 - https://thediwire.com/sec-signals-changes-to-accredited-investor-definition/   5 - https://www.thinkadvisor.com/2023/02/08/lawmakers-grapple-with-accredited-investor-definition/

Special Purpose Acquisition Companies, or SPACs, have been a hot ticket item for private companies to go public since 2019. Three hundred deals have been completed totaling $540 billion. This type of activity has triggered SEC Chair, Gary Gensler, to scrutinize these deals and propose new recommendations as a way to better protect investors. Sounds great, right? Jennifer Schulp, Director of Financial Regulation Studies at the libertarian think tank Cato Institute, doesn't think so. Tune in to hear her counter argument to Chair Gensler's proposed recommendations. Stay tuned for an investor education episode on SPAC investing. This bonus episode will be available to subscribers only on Apple Podcasts. ***** Episode Notes Jennifer Schulp | LinkedIn | Twitter SPACs in the SEC's Crosshairs | https://tinyurl.com/4kvk5zph SPAC Stats | https://tinyurl.com/mvdck4xp Related Episode SPAC Retail Investor or Board of Director | https://tinyurl.com/z6sepdxp ***** Wisco Weekly is an automotive business podcast, and is part of the 'Not Your Father's Economy' podcast channel on Apple Podcasts. Host, Dennis Wisco, shares weekly insights into current economic conditions like navigating this post-COVID economy. For bonus, ad-free episodes that deliver actionable insights, become a paid-NYFE subscriber for $8.49 a month or $93.99 a year on Apple Podcasts. Start with a 3-day trial and cancel anytime. Our subscriber-only content will jack you up to work, generate new ideas, and add perspective to consistently produce. ***** Wisco Weekly is proudly supported by automotiveMastermind. Visit automotivemastermind.com to learn more about predictive analytics and marketing automation. Have a listen to 'Predicting the Next Paycheck' a podcast mini series assessing the behaviors of car dealers, and their data-inspired decisions. Available on Apple Podcasts, Spotify, and other popular apps. Predicting the Next Paycheck | https://tinyurl.com/2p8uzzrc ***** For more content, follow Dennis Wisco on Instagram (@wisco_dennis), Youtube (@wiscoweekly), and LinkedIn (@wiscoweekly).

Special Purpose Acquisition Companies, or SPACs, have been a hot ticket item for private companies to go public since 2019. Three hundred deals have been completed totaling $540 billion. This type of activity has triggered SEC Chair, Gary Gensler, to scrutinize these deals and propose new recommendations as a way to better protect investors. Sounds great, right? Jennifer Schulp, Director of Financial Regulation Studies at the libertarian think tank Cato Institute, doesn't think so. Tune in to hear her counter argument to Chair Gensler's proposed recommendations. Stay tuned for an investor education episode on SPAC investing. This bonus episode will be available to subscribers only on Apple Podcasts. ***** Episode Notes Jennifer Schulp | LinkedIn | Twitter SPACs in the SEC's Crosshairs | https://tinyurl.com/4kvk5zph SPAC Stats | https://tinyurl.com/mvdck4xp Related Episode SPAC Retail Investor or Board of Director | https://tinyurl.com/z6sepdxp ***** Wisco Weekly is an automotive business podcast, and is part of the 'Not Your Father's Economy' podcast channel on Apple Podcasts. Host, Dennis Wisco, shares weekly insights into current economic conditions like navigating this post-COVID economy. For bonus, ad-free episodes that deliver actionable insights, become a paid-NYFE subscriber for $8.49 a month or $93.99 a year on Apple Podcasts. Start with a 3-day trial and cancel anytime. Our subscriber-only content will jack you up to work, generate new ideas, and add perspective to consistently produce. ***** Wisco Weekly is proudly supported by automotiveMastermind. Visit automotivemastermind.com to learn more about predictive analytics and marketing automation. Have a listen to 'Predicting the Next Paycheck' a podcast mini series assessing the behaviors of car dealers, and their data-inspired decisions. Available on Apple Podcasts, Spotify, and other popular apps. Predicting the Next Paycheck | https://tinyurl.com/2p8uzzrc ***** For more content, follow Dennis Wisco on Instagram (@wisco_dennis), Youtube (@wiscoweekly), and LinkedIn (@wiscoweekly).

In this episode of On the Hill, Tim Rood, SitusAMC Head of Industry Relations, speaks with Mark Calabria, Director of the Federal Housing Finance Agency (FHFA). Prior to joining FHFA in 2019, Calabria was Chief Economist for Vice President Mike Pence, spent eight years as Director of Financial Regulation Studies at the Cato Institute, and served as a senior aide on the Senate Committee on Banking, Housing, and Urban Affairs. Calabria drafted significant portions of the Housing and Economic Recovery Act of 2008 (HERA), which created a new regulatory framework for the government-sponsored enterprises, Fannie Mae and Freddie Mac, and the Federal Home Loan Banks. Calabria discusses how coming of age in the aftermath of the savings and loan crisis and spending seven years on the Senate Banking Committee shaped his approach to regulating Fannie and Freddie. “My philosophy as a regulator is to hope for the best but plan for the worst,” he said. “What's the worst 5 percent scenario? Even if only 5 percent likely to happen, there's too much at stake to cut corners. It's the decisions of these companies that landed them in the conservatorship. How do you get them to take ownership of their own decisions? How do you create a culture in these companies where they stand up and say we're not going to enable bad behavior?”

GameStop's Plunge Triggers Halts as Platforms Restrict Trades Dan Polsky, Professor of Health Economics and Policy at the Johns Hopkins Bloomberg School of Public Health, provides an update on the coronavirus and vaccine roll out. Bloomberg Businessweek Editor Joel Weber and Businessweek Writer Josh Dean discuss Josh's profile of Pillow King Mike Lindell. Bloomberg News Cross Asset Reporter Katie Greifeld and Jennifer Schulp, Director of Financial Regulation Studies at Cato Institute, break down how GameStop is pitting Wall Street against retail investors. And we wrap up with Interactive Brokers Chairman and Founder Thomas Peterffy. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan. Learn more about your ad-choices at https://www.iheartpodcastnetwork.com

GameStop’s Plunge Triggers Halts as Platforms Restrict Trades Dan Polsky, Professor of Health Economics and Policy at the Johns Hopkins Bloomberg School of Public Health, provides an update on the coronavirus and vaccine roll out. Bloomberg Businessweek Editor Joel Weber and Businessweek Writer Josh Dean discuss Josh’s profile of Pillow King Mike Lindell. Bloomberg News Cross Asset Reporter Katie Greifeld and Jennifer Schulp, Director of Financial Regulation Studies at Cato Institute, break down how GameStop is pitting Wall Street against retail investors. And we wrap up with Interactive Brokers Chairman and Founder Thomas Peterffy. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.

Congress passed the Community Reinvestment Act in 1977, intending to encourage depository institutions to help meet the credit needs of the communities in which they operate, including low- and moderate-income neighborhoods, consistent with safe and sound banking operations. The Act seeks to achieve this goal through federal examinations and ratings of banks’ performance toward this objective, often driving significant national changes in lending activity. In the intervening time, the nature of banking has substantially changed to encompass online and mobile banking—many Americans do not rely on physical depository institutions in their neighborhood at all—and yet the Community Reinvestment Act has not been amended. Regulations and enforcement priorities under the Act, however, have also shifted with presidential administrations. This episode discusses newly proposed reforms by the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation that would shift toward a metric-based, less malleable set of criteria for how banks’ and other institutions’ performance is rated under the Community Reinvestment, as well as how those changes will affect the banking system and low- and moderate-income communities.Featuring:- Mehrsa Baradaran, Professor of Law, UC Irvine School of Law- Diego Zuluaga, Associate Director of Financial Regulation Studies, Center for Monetary and Financial Alternatives, Cato Institute- [Moderator] Elliot Gaiser, Associate, Boyden Gray & AssociatesVisit our website – www.RegProject.org – to learn more, view all of our content, and connect with us on social media.

On November 28, 2017, the Supreme Court heard argument in Cyan, Inc. v. Beaver County Employees Retirement Fund, a case involving a dispute over the concurrent jurisdiction of federal and state courts regarding class-action lawsuits that allege securities law violations. In 1995, Congress enacted the Private Securities and Litigation Reform Act (PSLRA) to address various abuses then taking place with respect to securities litigation. When plaintiffs then proceeded to file securities actions in state rather than federal courts in an effort to avoid PSLRA restrictions, Congress enacted the Securities Litigation Uniform Standards Act of 1998 (SLUSA), to “prevent certain State private securities class action lawsuits alleging fraud from being used to frustrate the objectives of the [PSLRA].” Among other things, SLUSA amended the concurrent jurisdiction of federal and state courts over enforcement suits under the 1933 Securities Act to except “covered class actions,” which were otherwise provided for in Section 77p(c) of the Act. That section precludes covered class actions alleging state-law securities claims and permits precluded actions to be removed to and dismissed in federal court. In 2014, Beaver County Employees Retirement Fund brought a “covered class action” against Cyan, Inc. in California Superior Court, alleging violations of the 1933 Securities Act’s disclosure requirements. The Fund alleged no state law claims, only the federal Securities Act violations. Arguing that the state courts lacked subject matter jurisdiction over the federal claims in the wake of SLUSA, Cyan sought judgment on the pleadings. The Superior Court denied relief, following precedent from the California Court of Appeal (Second District) indicating that “concurrent jurisdiction of a covered class action alleging only claims under the 1933 Act ‘survived the amendments’ that SLUSA had made to that statute.” The California Court of Appeal (First District) affirmed the Superior Court, and the Supreme Court of California denied further review.The U.S. Supreme Court then granted certiorari to resolve whether state courts lack subject matter jurisdiction over “covered class actions” that allege only claims under the Securities Act of 1933. To discuss the case, we have Thaya Brook Knight, Associate Director of Financial Regulation Studies at the Cato Institute.

On November 28, 2017, the Supreme Court heard argument in Cyan, Inc. v. Beaver County Employees Retirement Fund, a case involving a dispute over the concurrent jurisdiction of federal and state courts regarding class-action lawsuits that allege securities law violations. In 1995, Congress enacted the Private Securities and Litigation Reform Act (PSLRA) to address various abuses then taking place with respect to securities litigation. When plaintiffs then proceeded to file securities actions in state rather than federal courts in an effort to avoid PSLRA restrictions, Congress enacted the Securities Litigation Uniform Standards Act of 1998 (SLUSA), to “prevent certain State private securities class action lawsuits alleging fraud from being used to frustrate the objectives of the [PSLRA].” Among other things, SLUSA amended the concurrent jurisdiction of federal and state courts over enforcement suits under the 1933 Securities Act to except “covered class actions,” which were otherwise provided for in Section 77p(c) of the Act. That section precludes covered class actions alleging state-law securities claims and permits precluded actions to be removed to and dismissed in federal court. In 2014, Beaver County Employees Retirement Fund brought a “covered class action” against Cyan, Inc. in California Superior Court, alleging violations of the 1933 Securities Act’s disclosure requirements. The Fund alleged no state law claims, only the federal Securities Act violations. Arguing that the state courts lacked subject matter jurisdiction over the federal claims in the wake of SLUSA, Cyan sought judgment on the pleadings. The Superior Court denied relief, following precedent from the California Court of Appeal (Second District) indicating that “concurrent jurisdiction of a covered class action alleging only claims under the 1933 Act ‘survived the amendments’ that SLUSA had made to that statute.” The California Court of Appeal (First District) affirmed the Superior Court, and the Supreme Court of California denied further review.The U.S. Supreme Court then granted certiorari to resolve whether state courts lack subject matter jurisdiction over “covered class actions” that allege only claims under the Securities Act of 1933. To discuss the case, we have Thaya Brook Knight, Associate Director of Financial Regulation Studies at the Cato Institute.

The Cato Institute's Center for Constitutional Studies Presents a Symposium through the Generosity of George M. YeagerCato's annual Constitution Day symposium marks the day in 1787 that the Constitutional Convention finished drafting the U.S. Constitution. We celebrate that event each year with the release of the new issue of the Cato Supreme Court Review and with a day-long symposium featuring noted scholars discussing the recently concluded Supreme Court term and the important cases coming up. Past speakers have included Judges Alex Kozinski, Diane Sykes, and Douglas Ginsburg, Professors Richard Epstein, Michael McConnell, and Nadine Strossen, and Supreme Court litigators Paul Clement, Neal Katyal, and Walter Dellinger. 1:00—2:15PMPANEL II: MONEY AND CRIME Moderator: Trevor Burrus, Research Fellow, Cato InstituteDavid Goldberg, Lecturer in Law, Stanford Law SchoolDavid Post, Professor of Law Emeritus, Beasley School of Law at Temple UniversityThaya Brook Knight, Associate Director, Financial Regulation Studies, Cato Institute See acast.com/privacy for privacy and opt-out information.

The D.C. Circuit heard a rare doubleheader of en banc arguments on major structural separation of powers questions on May 24. -- First up was Raymond J. Lucia Companies, Inc. v. SEC, which presented the question whether Administrative Law Judges at the SEC are “Officers of the United States” who must be selected in compliance with the Appointments Clause. The SEC contends that its ALJs are employees, not officers, because the ALJs do not exercise “significant authority pursuant to the laws of the United States,” which the Supreme Court has described as the hallmark of officer status. Last August, a three-judge panel of the D.C. Circuit agreed with the SEC, relying almost exclusively on an earlier (divided) D.C. Circuit precedent, Landry v. FDIC, 204 F.3d 1125 (D.C. Cir. 2000), which held the ALJs at the FDIC are not officers because they do not issue final agency decisions. Three months later, the Tenth Circuit issued a 2-1 decision finding that SEC ALJs are officers who must be selected pursuant to the Appointments Clause. The Tenth Circuit panel expressly disagreed with Lucia and Landry that authority to issue final agency decisions is a prerequisite for officer status. The D.C. Circuit subsequently vacated its panel decision and granted en banc review. The status of ALJs under the Appointments Clause has important implications not only for the SEC’s enforcement of the securities laws but also for the system of administrative agency adjudication as a whole. -- The second case, PHH Corp. v. CFPB, presented the question whether an “independent” administrative agency may be led by a single person. In a 100-page opinion by Judge Kavanaugh (joined by Judge Randolph) drawing on historical practice and first principles of separation of powers, the panel concluded that the statutory provision vesting the CFPB’s broad enforcement authority in a single director removable by the President only “for cause” violated Article II of the Constitution. The panel emphasized the absence of any historical precedent for an independent agency with a single director—a structure that created, in the panel’s description, an administrative official with more power than anyone in the federal government other than the President. The panel explained that this concentration of authority in a single person unaccountable to the President except for cause posed a “threat to individual liberty.” The panel remedied the constitutional defect by severing the statute’s “for cause” removal provision, thus making the CFPB director removable by the President at will. Judge Henderson dissented in part, arguing that the panel could have resolved the case on the basis of PHH’s statutory rather than constitutional challenges. The D.C. Circuit granted en banc review on both the constitutional and statutory questions. The Justice Department (under the Trump Administration) filed an amicus brief in support of the challengers, while the CFPB continues to defend the constitutionality of its structure through its independent litigation authority. -- Featuring: Thaya Brook Knight, Associate Director of Financial Regulation Studies, Cato Institute and Christopher G. Michel, Associate, Bancroft PLLC.

On November 8, 2016, the Supreme Court heard oral argument in Bank of America Corp. v. City of Miami, which was consolidated with Wells Fargo & Co. v. City of Miami. In this case, the city of Miami sued Bank of America Corporation and similar defendants under the Fair Housing Act (FHA), arguing that the banks engaged in predatory lending practices that targeted minorities for higher-risk loans, which resulted in high rates of default and caused financial harm to the city. Miami also alleged that the banks unjustly enriched themselves by taking advantage of benefits conferred by the city, thus denying the city expected property and tax revenues. -- The district court dismissed the FHA claims and held that Miami did not fall within the “zone of interests” the statute was meant to protect and therefore lacked standing under the statute. The court also held that Miami had not adequately shown that the banks’ conduct was the proximate cause of the harms the city claimed to have suffered. The U.S. Court of Appeals for the Eleventh Circuit reversed, holding that FHA standing extends as broadly as Article III of the Constitution permits, that Miami had established Article III standing here, and that it had sufficiently alleged proximate causation. -- There are two questions now before the Supreme Court: (1) whether, by limiting suit to “aggrieved person[s],” Congress required that a Fair Housing Act plaintiff plead more than just Article III injury-in-fact; and (2) whether proximate cause requires more than just the possibility that a defendant could have foreseen that the remote plaintiff might ultimately lose money through some theoretical chain of contingencies. -- To discuss the case, we have Thaya Brook Knight, who is Associate Director of Financial Regulation Studies at the Cato Institute.

Mark Calabria is the director of Financial Regulation Studies at the Cato Institute. Before joining Cato in 2009, he worked as a member of the senior staff of the U.S. Senate Committee on Banking, Housing, and Urban Affairs. He joins the show to discuss working on Capitol Hill amidst the 2008 financial crisis. Mark also discusses his recent Cato paper where he argues insights from behavioral economics suggest monetary policy should be more rules-based. David’s blog: macromarketmusings.blogspot.com/ Mark’s Cato Institute profile: https://www.cato.org/people/mark-calabria Mark’s Alt-M archive: http://www.alt-m.org/author/calabria/ David’s Twitter: @davidbeckworth Mark’s Twitter: @markcalabria Related links: “Yes, the Fed has a Diversity Problem” by Mark Calabria https://www.cato.org/blog/yes-federal-reserve-has-diversity-problem “Behavioral Economics and Fed Policymaking” by Mark Calabria https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2016/9/cj-v36n3-6.pdf

Please join us for a special documentary film premiere. An Unlikely Solution offers first-person perspectives on the unique, newly emerging phenomena of consumer lending, via the Internet, by Native American tribes.There are few areas of finance that generate more controversy than short-term consumer lending, especially in the form of pay-day or installment loans. Critics see such loans as “predatory,” while others, including many consumers, see such products as filling a critical need of access to credit that traditional banks cannot or will not fill. As if to make an already controversial issue more so, a number of Native American tribes have entered this business, leveraging the power of the Internet to overcome the geographic challenges of remote reservations. The entry of lending companies formed as arms of tribal governments into this business has raised issues of tribal economic development and sovereignty, not normally considered in the regulation of consumer finance.Join us for a screening (approximately 40 minutes) of An Unlikely Solution, which examines these questions from the first-person perspectives of tribes, consumers, regulators and others.Following the film, there will be a special panel discussion featuring Gary Davis, President and CEO, National Center for American Indian Enterprise Development; William Isaac, Former Chair, Federal Deposit Insurance Corporation; and Chico Harlan, Personal Economics Reporter, The Washington Post; moderated by Mark Calabria, Director, Financial Regulation Studies, Cato Institute. Join the conversation on Twitter with the hashtag #UnlikelySolution. See acast.com/privacy for privacy and opt-out information.

- Mark Calabria, Director of Financial Regulation Studies at the Cato Institute - Please call 1-800-388-9700 for a free review of your financial portfolio

- Mark Calabria, Director of Financial Regulation Studies at the Cato Institute Please call 1-800-388-9700 for a free copy of the e-book A Case for Gold.

-Mark Calabria, Director of Financial Regulation Studies at the Cato Institute Moe talks about markets, gold and interviews Mark Calabria. Listen in for the way to get the Case for Gold e-book.