History of the Home Owners' Loan Act (1934)

"The Anatomy of a Residential Mortgage Crisis"

"The Savings and Loans Industry: Averting Collapse"

FDR Statement on Signing the Act

"FSLIC vs. FDIC"

"The Legal Infrastructure of Subprime and Nontraditional Home Mortgages"

History of the Securities Exchange Act (1934)

The Securities Exchange Act

Overview

More Overview

Even More Overview

Union Membership in U.S. Fell to a 70-Year Low Last Year

The number of American workers in unions declined sharply last year, the Bureau of Labor Statistics reported on Friday, with the percentage slipping to 11.9 percent, the lowest rate in more than 70 years.

The report found that the number of workers in unions fell by 612,000 last year to 14.7 million, an even larger decrease than the overall 417,000 decline in the total number of Americans working.

The number of private sector workers in unions fell by 339,000, to 7.1 million, while the number of public sector union members fell by 273,000, to 7.6 million.

In one piece of good news for unions, the bureau said that median weekly earnings for union members — $917 — remained higher than the $717 in earnings for workers not in unions.

According to the bureau, New York had the highest unionization rate of any state, at 24.2 percent, followed by Alaska, at 22.9 percent, and Hawaii, at 21.8 percent. North Carolina had the lowest rate, at 3.2 percent, with Arkansas and Georgia tied for second-lowest at 4 percent.

Data Shows Less Buying of U.S. Debt by China

FOR eight years after the United States resumed running large budget deficits in 2002, China was the largest lender, buying a fifth of the new Treasury securities sold during that span — an expenditure of more than $900 billion. During 2006, China financed more than half the American deficit. When the financial crisis struck hardest, China spent more than $100 billion on Treasuries over the two-month period of September and October 2008.

But over the last year, China has been a net seller of Treasury securities, according to figures released this week by the American government. If that is true, it would be extraordinary, considering the size of the bilateral trade deficit, and there has been speculation that China has been purchasing Treasuries through accounts in other countries.

The Treasury Department estimated that China reduced its holdings of Treasuries by nearly $11 billion in November alone. For the 12 months through November, as the accompanying charts indicate, China reduced its holdings of Treasuries by more than $36 billion.

The Treasury issues separate estimates for China and Hong Kong, but they are combined for purposes of the charts and this article.

The Treasury figures indicate that over the eight years from the beginning of 2002 through the end of 2009, the total amount of United States government debt outstanding — not counting securities owned by other agencies of the American government, like the Federal Reserve and the Social Security Administration — rose by $4.4 trillion, to $9.3 trillion.

Of that, China provided about a fifth and other foreign countries provided two-fifths. The remaining 40 percent was purchased by Americans, although for a time in the middle of the decade, Americans were selling Treasuries even though the government was stepping up its borrowing.

No U.S. airline fatalities in 2010

U.S. airlines did not have a single fatality last year. It was the third time in the past four years there were no deaths, continuing a dramatic trend toward safer skies.

Years without deaths have occurred sporadically since the dawn of the jet age, but never have so many occurred in so short a period, according to an analysis of data from the National Transportation Safety Board. The average number of deaths fell from about 86 a year in the 1990s to 46 a year since 2000, a 46% drop.

Last year also marked the first time that there were no passenger fatalities on any airline based in developed nations, says Arnold Barnett, a professor who specializes in accident statistics at the Massachusetts Institute of Technology's Sloan School of Management.

Last year, U.S. carriers flew more than 10 million flights and hauled more than 700 million passengers, but only 14 people suffered serious injuries, according to the NTSB. There also were no major accidents, the most serious category under the NTSB's definitions.

Publix named a “Best Company to Work For” Read more: Publix named a “Best Company to Work For”

Publix Super Markets Inc. has been honored as one of Fortune magazine’s “100 Best Companies to Work For” for the 14th consecutive year.

The Lakeland-based grocer ranked No. 20 on Fortune’s best large-sized companies list. Publix also made Fortune’s list of 15 companies to never have had a layoff.

Jacksonville unemployment drops to 11%

Metro Jacksonville’s unemployment rate fell to 11 percent in December from 11.6 percent in November.

Florida’s comparable, not seasonally adjusted, rate was 11.6 percent in December, down from 12.2 percent in November, and the national rate was 9.1 percent, down from 9.3 percent.

Fla. Board of Medicine passes pain clinic rules

Regulations on Florida pain-management clinics that will impose an estimated $65 million in costs on the private sector passed the Florida Board of Medicine unanimously on Friday, despite Gov. Rick Scott's edict to ban rule-making this year.

Board members asked their staff to send letters to both the Legislature and the governor's Office of Fiscal Accountability and Regulatory Reform, explaining the need for immediate implementation of these rules, given the significant threat to public health and safety that some "pill mills" have created in the state.

The four rules adopted on Friday set out the requirements for standards of care, inspections,accreditation and training in pain-management practices.

Several members, who met by conference call, mentioned that they support Scott's call for a halt to rule-making to make sure that the process doesn't unduly impose a burden on small businesses and the public. In fact, the board voted unanimously to suspend rule-making other than the regulations on pain clinics.

The $65 million in estimated cost derives almost entirely from the requirement that clinics perform periodic urine screens. The estimate came from a study by the Center for Economic Forecasting and Analysis at Florida State University. The Department of Health commissioned the study after the Legislature required them for all pending rules with at least a $200,000 impact on business.

In its report, the Center noted that it was asked only to count the cost of the regulations for private companies and government agencies, not the offsetting savings that might accrue if the rules were imposed.

Corrine Brown keeps railroad oversight

U.S. Rep. Corrine Brown, D-Fla, will remain the top ranking Democrat on the railroads, pipelines and hazardous materials subcommittee, according to Cargo Business News.

Shirk releases annual report

Several accomplishments and highlights of 2010 supporting Mr. Shirk’s three-pronged

approach to leadership as Public Defender follow:

1. Efficient, fiscally responsible management

The Office formalized the Resource Recovery Program which complies with Florida Statute 27.52(1). It includes collection of the Indigency Application fee and additional costs related to a case. In 2010, it collected $732,239 a 61.9% increase from the previous year.

Public Defender Jail Video System was developed by PD Information Technology staff to enable secure video conferencing capability for attorneys and detained clients. It costs less than half of the previously used, proprietary system and is being expanded in both Clay and Duval County jail. PDJVS improves efficiency for attorneys and enhances jail security; it will save an estimated $125,000 in the 4th Circuit.

A Digital Deposition system was implemented to replace live, pre-trial court reporters in many cases. Estimates indicate this will save taxpayers nearly $200K per year in per diem and printing costs.

Benefits of the unique, PD Pro Bono Opportunities program include cost savings per case, better attention to clients and local Bar diversification. Private attorneys are trained and take PD cases at no cost. An estimated 30 local attorneys enlisted in the Program, some of whom handled multiple cases.

Se Habla Espanol To cut costs hiring Spanish translators and still serve multi-cultural clientele, the Office increased the number of bi-lingual employees by hiring three new attorneys who are fluent in Spanish. Two new APD’s joined the Felony Court Unit and one joined the Juvenile Unit. Investigations and Support Staff also have bi-lingual personnel.

Due to Legislative cuts to Florida PD’s a 6% cut to Office vendors was imposed in February and remains in place. No interruption of office functions occurred and only handful of the hundreds of vendors chose not to continue their association with the office.

At the end of the State Fiscal Year 2010, the Office carried over $366,452 in surplus funding. The unlikely budget surplus came as unforeseen budget cuts were imposed. In 2009 there had been a 2% cut to the General Revenue (salaries and benefits) fund for state agencies and in 2010 the State swept 11.2% from the Due Process fund allotted to the Public Defender.

The Shirk Administration continued to reduce government waste and in 2010 cut more than $162,000 from discretionary operating costs.

2. Quality, effective client advocacy

In the courtroom...The Office win-percentage at trial has grown from 12% in 2008 to 20% in 2010.

APD’s won acquittals in 51 of the 257 jury trials in 2010.

Florida Fails Smoking Policy Review, Study Reports

Florida got two Fs and a D in the American Lung Association's annual report.

The report gave only five states passing grades. Forty states got an F when it comes to funding tobacco prevention and control programs.

The federal government got a B grade, mostly for giving the FDA power to regulate the tobacco industry.

Rick Scott: Adoption should be by a married couple

Gov. Rick Scott said Wednesday that he doesn't have any immediate plans to change the state policy on gay adoptions but he remains opposed to it -- as does his new appointee to the agency that handles adoptions of children in state care.

``I believe that adoption should be by a married couple,'' Scott told reporters and editors at the annual Associated Press planning session in Tallahassee.

Florida continues to lag in federal grants

A private budget watchdog group says Florida ranks near the bottom in federal grants and is missing out on billions of dollars.

Florida TaxWatch issued a report Wednesday showing Florida received $22.7 billion in federal funding, or $1,224 per resident, in 2009.

That's more than $500 below the national average. It puts Florida in 48th place in per capita funding.

Coming up to the national average would give Florida another $10.6 billion. That's more than enough to close a looming $3.6 billion budget gap.

Caught on Tape: Phony Falls that Cost You Money

Insurance fraud involving property and casualty claims has become big business - costing American consumers an estimated $30 billion a year.

JEA to buy option on nuclear power plant

The JEA Board today authorized the signing to spend up to $7.5 million to reserve an option to buy one-fifth of a yet-to-be-built nuclear power plant.

JEA will have the option to spend about $2 billion for 400 megawatts of annual capacity from the unspecified plant, which is expected to begin operating in 10 years. The move followed the board’s decision in August to increase the amount of its electric grid powered by nuclear power from 10 percent to 30 percent by 2030.

He added that as the construction of nuclear plants is paid off, nuclear electricity could cost about $60 per megawatt-hour.

Coal generation costs about $60 per megawatt-hour but would go up if a new federal standard for carbon emissions was imposed. Electric generation through natural gas costs between $40 and $50 per megawatt-hour.

Parenting by Gays More Common in the South, Census Shows

But as demographers sift through recent data releases from the Census Bureau, they have found that Jacksonville is home to one of the biggest populations of gay parents in the country.

In addition, the data show, child rearing among same-sex couples is more common in the South than in any other region of the country, according to Gary Gates, a demographer at the University of California, Los Angeles. Gay couples in Southern states like Arkansas, Louisiana, Mississippi and Texas are more likely to be raising children than their counterparts on the West Coast, in New York and in New England.

In 2009, the Census Bureau estimated that there were 581,000 same-sex couples in the United States, Mr. Gates said; the bureau does not count gay singles.

History of the Glass-Steagall Banking Act.

"The Long Demise of Glass Steagall"

"Is the Glass-Steagall Act Justified?"

"Glass Steagall vs. the Volcker Rule"

"New Glass-Steagall is No Solution"

"Bring Back Glass-Steagall"

Overview

More Overview

History of the Emergency Banking Act.

Timeline

Primary Documents

Overview

"Establishment of the FDIC"

Study Finds Family Connections Give Big Advantage in College Admissions

A new study of admissions at 30 highly selective colleges found that legacy applicants get a big advantage over those with no family connections to the institution — but the benefit is far greater for those with a parent who earned an undergraduate degree at the college than for those with other family connections.

According to the study, by Michael Hurwitz, a doctoral student at the Harvard Graduate School of Education, applicants to a parent’s alma mater had, on average, seven times the odds of admission of nonlegacy applicants. Those whose parents did graduate work there or who had a grandparent, sibling, uncle or aunt who attended the college were, by comparison, only twice as likely to be admitted.

“We did a paper that found that if you are an athlete, you have 4.2 times the likelihood of admission as a nonathlete,” he said. “The advantages for underrepresented minorities are pretty big, too.”

Mr. Hurwitz said applicants with the highest SATs got the biggest legacy benefits.

Among the 30 colleges, the legacy advantage varied enormously: one college was more than 15 times as likely to accept legacy applicants, while at another, the effect was insignificant.

Reducing drug co-pays might lower health-care costs for companies, new study finds

If companies want to reduce their health-care costs, they should reduce the co-pays employees are charged for drugs, particularly for chronic diseases such as diabetes, according to a new study.

In a study published online Friday in the policy journal Health Affairs, a team of researchers found that when an Orlando employer cut the co-payments for diabetes medications, the program paid for itself in three years — through fewer hospitalizations and lower disability payments.

The benefit of lower co-payments was evident, however, after the first year, with the use of diabetes medication 3.8 percent higher among those with reduced co-pays. After three years, the gap grew to 6.5 percent, according to the study.