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AEI's weekly digest of top commentary and scholarship on the issues that matter most

Continuing his intellectual legacy

Why We Honor Laurence Silberman

May 25, 2024

This week, AEI is proud to announce the creation of a new endowed chair in honor of Laurence Silberman, devoted public servant, federal judge, and former AEI scholar, who passed away in 2022. Social, Cultural, and Constitutional Studies Director Yuval Levin writes how the new endowed chair and its inaugural holder, Adam J. White, will continue Judge Silberman’s powerful legacy of constitutional statesmanship and scholarship.

 

 

AEI scholar, presidential scholar, and veteran of the Reagan White House Gary J. Schmitt released his latest study of executive power in the founding era, coauthored with political theorist Joseph M. Bessette. Schmitt and Bessette explore how the experience of the Revolutionary War helped the founders develop their understanding of separation of powers and a unitary executive.

 

On May 19, Iranian President Ebrahim Raisi and Foreign Minister Amir Abdollahian died in an accidental helicopter crash. Middle East expert Danielle Pletka explains what will come next for the country and for US policy.

 

Months of anti-Israel protests on college campuses across the US demonstrate the continued reverberations of the Middle East on American politics. Historian and Commentary media columnist Christine Rosen documents news reporters’ complete failure to accurately report the violent means and aims of many students.

 

Last week, the Bipartisan Senate AI Working Group released its long-awaited road map on AI policy. John Bailey, one of AEI’s experts on artificial intelligence, praises the working group’s approach for appropriately striking an adaptable balance between encouraging AI innovation and implementing safeguards.

Commercial Real Estate and Bank Systemic Risk

The commercial real estate market has suffered significantly since the COVID-19 pandemic, as the rise of remote work and urban crime have reduced demand and increased the office vacancy rate nationwide to 18 percent. This poses a challenge for banks that hold commercial real estate loans, especially as interest rates increase. Paul H. Kupiec reveals how these holdings have created significant, and unrecognized, systemic risk in the US banking system. Using December 2023 regulatory data, Kupiec estimates that even modest commercial real estate loan stress losses could test the solvency of hundreds of banks, in turn seriously straining the Federal Deposit Insurance Corporation’s reserves. If banks do not respond to this challenge and minimize their risk, the US could be in danger of a banking crisis on the level of the 1980s savings and loan crisis or the 2008 financial crisis.

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QUOTE OF THE WEEK

It could well be the case that, far from sticking with the Democrats, younger voters will instead become increasingly contestable between the parties. If so, this upcoming election could be the first salvo in an epic battle for these voters’ loyalties that might go on for many years.

Ruy Teixeira