Lessons from SVB.
The Roosevelt Rundown features our top stories of the week.
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Roosevelt Senior Manager of Corporate Power Emily DiVito testifies before the Senate Banking Committee on July 20, 2023.
** Financial Stability Requires Deposit Insurance Reform
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This past March, the collapse of Silicon Valley Bank triggered further bank failures, real fears of a financial crisis, and some urgent questions for policymakers: Is federal deposit insurance (FDI), in its current form, still capable of protecting financial stability?
More broadly: Who is our banking system for?
In a recent brief, Roosevelt’s Emily DiVito explored various FDI proposals ([link removed]) experts have outlined in the months since, and how they speak to those bigger questions. And this week, she laid out that research at a Senate Banking Committee hearing: “Perspectives on Deposit Insurance Reform after Recent Bank Failures ([link removed]) .”
“The precipitous failures of SVB, Signature, and FRB [First Republic Bank] shook the US banking industry—as well as the millions of depositors that hold money in the wider financial sector—and unearthed questions about who FDI serves and why,” she said in written testimony.
“[P]olicymakers would do well to wrestle with questions about the current system’s purpose and efficacy—and the implications that each potential reform carries.”
Learn more about three options for deposit insurance reform in DiVito’s testimony ([link removed]) and in the full brief ([link removed]) .
** Why the US and EU’s Green Steel Negotiations Matter
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There’s some history-making potential in the US and EU’s current steel and aluminum trade talks: If successful, these negotiations could produce the world’s first sectoral trade deal to lower carbon emissions.
They could also offer a promising precedent for rewriting the rules of trade in a post-neoliberal, pro-worker, pro-environment direction for other sectors of the global economy.
In this new series of essays ([link removed]) , experts take stock of the ongoing talks, highlighting important considerations as both sides try to land a finished deal by October.
Read them all now:
* “Responding to Critics of the Global Arrangement on Sustainable Steel and Aluminum ([link removed]) ” by Todd N. Tucker and Timothy Meyer
* “Bold Climate Action Means Seizing WTO Law’s ‘Policy Space ([link removed]) ’” by J. Benton Heath and Timothy Meyer
* “The Development Promise of a Green Steel Deal ([link removed]) ” by Maha Rafi Atal
** What We’re Reading
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“Bidenomics” vs. “Reaganomics” [by Roosevelt’s Mike Konczal] ([link removed]) - The Nation
America’s Deadly Heat Isn’t (Officially) a Major Disaster [by Roosevelt Fellow Kate Aronoff] ([link removed]) - The New Republic
President Biden’s Most Powerful Student Loan Tool ([link removed]) - The American Prospect
DOJ and FTC Release New Draft Merger Guidelines ([link removed]) - Axios
Don’t Let Inflation Bury the Memory of a Government Triumph ([link removed]) - New York Times
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