U.S.

 

Par Sylvie Vacheret, Specialiste Economie des Etats-Unis - Extraits 

 

 

GENERAL INTEREST

 

Economic Report of the President

Report: https://www.whitehouse.gov/wp-content/uploads/2018/02/ERP_2018_Final-FINAL.pdf

Testimony to the Budget Committee on March 21, 2018: https://www.budget.senate.gov/economic-report-of-the-president

 

2018 Joint Economic Report

Congress Joint Economic Committee - March 13, 2018 – 334 pages

https://www.jec.senate.gov/public/_cache/files/7faf912a-0fd2-4a92-bba4-e41c2c1f8e93/2018-joint-economic-committee-response.pdf

“In addition to implementing better tax and regulatory policies generally, the Government can play a constructive role in key sectors of  the  economy,  such  as  health  care,  education, infrastructure, cybersecurity, and international trade, by removing obstacles to better market performance. To each of these areas, the Economic Report of the President and the Annual Report of the Council of Economic Advisers (Report) devotes a chapter, and the Joint Economic Committee Majority Response (Response) offers recommendations in the chapters that follow.”

 

Helping the American Economy Grow - Strategic Plan    2018–2022

U.S. Department of Commerce – February 2018 – 36 pages

https://www.commerce.gov/sites/commerce.gov/files/us_department_of_commerce_2018-2022_strategic_plan.pdf

“American workers and businesses operate in a rapidly changing and increasingly competitive world. To address these challenges, we have developed bold new strategies to accelerate and promote U.S. economic growth and opportunity. Knowing that innovation is a key driver of economic advancement, we are placing an increased emphasis on the commercial opportunities of space exploration and aquaculture, while our scientists are conducting foundational research in areas ranging from artificial intelligence to quantum computing. Our patent professionals are also working to improve the protection of intellectual property so that creators can profit from their inventions.”

 

Olivier Blanchard, Christopher G. Collins, Mohammad R. Jahan-Parvar, Thomas Pellet and Beth Anne Wilson

Why Has the Stock Market Risen So Much Since the US Presidential Election?

Peterson Institute – Policy Brief – February 2018 – 11 pages

https://piie.com/system/files/documents/pb18-4.pdf

“Olivier Blanchard and coauthors conclude that increases in actual and expected stock dividends since November 2016 explain a little more than one half of the 25 percent run-up in the S&P 500 since then. The effects of the perceived probability that a corporate tax cut bill would pass Congress account for another 2 to 6 percentage points of the increase. The rest can be attributed to a decrease of less than 100 basis points in the equity premium, a decrease that leaves it roughly equal to where it was in the mid-2000s.”

 

 

FISCAL AND TAX POLICIES

 

Robert J. Barro and Jason Furman 

Macroeconomic Effects of the 2017 Tax Reform

Brookings Paper on Economic Activity – March 8, 2018

https://www.brookings.edu/bpea-articles/macroeconomic-effects-of-the-2017-tax-reform/“The 2017 Tax Cuts and Jobs Act is estimated to raise the GDP growth rate by 0.9 percentage points a year over the next two years, finds Harvard University’s Robert Barro and Jason Furman as part of a broader analysis of the long-term economic impact of the tax changes.”

 

 

MONETARY POLICY

 

The Semiannual Monetary Policy Report to the Congress

Report:  https://www.banking.senate.gov/imo/media/doc/Monetary_Policy_Report_February_2018_FINAL.pdf. Testimony to the Senate Banking Committee, March 1, 2018

https://www.banking.senate.gov/imo/media/doc/Powell%20Testimony%203-1-18.pdf

The witness will be: The Honorable Jerome H. Powell              

 

Marc Labonte

Federal Reserve: Legislation in the 115th Congress

Congressional Research Service – Report - March 22, 2018 – 21 pages

https://fas.org/sgp/crs//misc/R44848.pdf

“The Federal Reserve (Fed) is the subject of legislation being considered in the 115th Congress. This report analyzes Fed bills that have seen committee or floor action and the policy debate surrounding them. The bills contain wide-ranging changes that can be grouped into five broad categories.”

 

Lukasz A. Drozd

The Policy Perils of Low Interest Rates

FRB Philadelphia – Economic Insights – First Quarter 2018 – 10 pages

https://philadelphiafed.org/-/media/research-and-data/publications/economic-insights/2018/q1/eiQ118-policy_perils.pdf?la=en

“Interest rates have been declining globally for years and may not rise in the foreseeable future, according to current projections. The experience of the Great Depression cautions that a major recession without an adequate monetary or fiscal accommodation can have disastrous consequences for the economy. How central banks will adapt to this “new normal” is still unclear. What is clear, however, is that the zero lower bound will likely remain at the top of central banks’ agendas, as sooner or later a major recession will come along to test whatever tools are available to fight it.”

 

Falk Bräuning

The Liquidity Effect of the Federal Reserve’s Balance Sheet Reduction on Short-Term Interest Rates

FRB Boston - Current Policy Perspectives – First Quarter 2018 – 20 pages

https://www.bostonfed.org/publications/current-policy-perspectives/2018/the-liquidity-effect-of-the-federal-reserves-balance-sheet-reduction-on-short-term-interest-rates.aspx

In accordance with the plan it announced in June 2017, the Federal Reserve has begun reducing its $4.2 trillion holdings of Treasury securities, agency debt, and mortgage-backed securities. The potential impact of these asset reductions on long-term interest rates has been the subject of extensive debate. As it sells off assets, the Fed also will be cutting its liabilities, primarily by reducing its supply of reserve balances. This brief focuses on the liquidity effect of draining the reserves. Specifically, it looks at how this reduction could affect short-term interest rates.

 

Pascal Paul

Monetary Policy Cycles and Financial Stability

FRB San Francisco - Economic Letter - February 26, 2018 – 5 pages

https://www.frbsf.org/economic-research/files/el2018-06.pdf

“Recent research suggests that sustained accommodative monetary policy has the potential to increase financial instability. However, under some circumstances tighter monetary policy may increase financial fragility through two channels. First, a surprise tightening tends to reduce the market value of banks’ equity and raise their market leverage, exacerbating balance sheet fragility in the short run. Second, increases in the federal funds rate have historically been followed by an expansion of assets held by money market funds, which proved to be a source of instability in the 2007-09 financial crisis.”

 

Claudia M. Buch, Matthieu Bussière, Linda Goldberg, and Robert Hills

The International Transmission of Monetary Policy

Federal Reserve Bank of New York – Staff Report – March 2018 – 55 pages

https://www.newyorkfed.org/medialibrary/media/research/staff_reports/sr845.pdf

“This paper presents the novel results from a multi-nation project by the International Banking Research Network (IBRN) on the cross-border transmission of conventional and unconventional monetary policy through banks. The authors find that international spillovers into lending to the private sector do occur, especially for U.S. policies, and that bank-specific heterogeneity influences the magnitudes of transmission.”

 

Examining the Cryptocurrencies and ICO Markets

House Financial Services Committee – Hearing - March 14, 2018

https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=403178

“The Subcommittee will conduct an overview of the cryptocurrency  and Initial  Coin  Offering  (ICO)  markets.   These markets have been growing rapidly, attracting significant attention from  investors  and  start-up  enterprises  in  search  of  capital. The hearing will examine the economic efficiencies and potential capital formation opportunities that cryptocurrencies and ICOs potentially offer to businesses and investors, and review the adherence to applicable  laws  so  that  investors  receive  the  full  protections  afforded  by  the federal  securities  laws.  Additionally, the hearing will consider the current regulatory approach that regulators,  such  as  the  Securities  and  Exchange  Commission,  are using  to monitor  and  oversee  cryptocurrencies  and  ICOs  and  how  to  achieve  further  regulatory  clarity in these markets.”

 

FINANCE

 

Gabriele La Spada 

Do Low Rates Encourage Yield Seeking by Money Market Funds?

Federal Reserve Bank of New York - Liberty Street Economics – March 7, 2018

http://libertystreeteconomics.newyorkfed.org/2018/03/do-low-rates-encourage-yield-seeking-by-money-market-funds.html

“Do low rates on safe assets encourage investors to “reach for yield”—that is, to buy riskier assets in hope of securing higher returns? In a post that previews a forthcoming article in the Journal of Financial Economics, our blogger finds that, after controlling for changes in risk premia, declines in risk-free rates actually reduced money market fund risk taking, leading to a “reach for safety.”

 

Scott H. Irwin

Futures Markets Regulation

American Enterprise Institute - March 2018 – 19 pages

http://www.aei.org/wp-content/uploads/2018/03/Futures-Markets-Regulation.pdf

“Two issues have been paramount in recent years regarding the regulation of futures markets: Concern that commodity index investments led to the 2007–08 spike in prices and the convergence failure problem of 2005–10. The evidence indicates that commodity index investments were not a primary driver of the agricultural price spikes over the past decade and that the convergence failure was caused by storage rates that were set too low for market conditions. The structural issue of the electronic order matching platform is likely to be the focus of futures market regulation for the foreseeable future.”

 

David W. Perkins

Banking Policy Issues in the 115th Congress

Congressional Research Service – Report - March 7, 2018 – 44 pages

https://fas.org/sgp/crs//misc/R44855.pdf

“The financial crisis and the ensuing legislative and regulatory responses greatly affected the banking industry. Many new regulations—mandated or authorized by the Dodd-Frank Wall Street Reform and Consumer Protection Act or promulgated under the authority of bank regulators—have been implemented in recent years. In addition, economic and technological trends continue to affect banks.

As a result, Congress is faced with many issues related to the bank industry, including issues concerning prudential regulation, consumer protection, TBTF banks, community banks, regulatory agency design and independence, and market and economic trends.”

 

Gara Afonso, Michael Blank, and João Santos

Did the Dodd-Frank Act End ‘Too Big to Fail’?

Federal Reserve Bank of New York - Liberty Street Economics – March 7, 2018

http://libertystreeteconomics.newyorkfed.org/2018/03/did-the-dodd-frank-act-end-too-big-to-fail.html

“As authorized under the Dodd-Frank Act of 2010, the FDIC developed a “single point of entry” (SPOE) strategy with the goal of ending “too big to fail.” Under SPOE, healthy parent companies bear the losses of their failing subsidiaries. Our bloggers expect this strategy would have made the parents become riskier, relative to their subsidiaries. They find a difference of opinion when examining whether bond raters and investors share their view.”

 

Joseph P. Hughes, Julapa Jagtiani, Loretta J. Mester, and Choon-Geol Moon 

Does Scale Matter in Community Bank Performance? Evidence Obtained by Applying Several New Measures of Performance

Philadelphia FRB - Working Paper – March 2018 – 44 pages

https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2018/wp18-11.pdf

“We consider how size matters for banks in three size groups: banks with assets of less than $1 billion (small community banks), banks with assets between $1 billion and $10 billion (large community banks), and banks with assets between $10 billion and $50 billion (midsize banks). Community banks have potential advantages in relationship lending compared with large banks. However, increases in regulatory compliance and technological burdens may have disproportionately increased community banks’ costs, raising concerns about small businesses’ access to credit… Concern that small business lending would be adversely affected if small community banks find it beneficial to increase their scale is not supported by our results. 

 

Julapa Jagtiani and Catharine Lemieux

Do Fintech Lenders Penetrate Areas That Are Underserved by Traditional Banks?

FRB Philadelphia – Working Paper – March 2018 – 25 pages

https://www.philadelphiafed.org/-/media/research-and-data/publications/working-papers/2018/wp18-13.pdf

“Fintech has been playing an increasing role in shaping financial and banking landscapes. In this paper, we use account-level data from LendingClub and Y-14M data reported by U.S. banks with assets over $50 billion to examine whether the fintech lending platform could expand credit access to consumers. We find that LendingClub’s consumer lending activities have penetrated areas that may be underserved by traditional banks, such as in highly concentrated markets and in areas that have fewer bank branches per capita. We also find that the portion of LendingClub loans increases in areas where the local economy is not performing well.”

 

James Disalvo and Ryan Johnston

Skin in the Game in the Commercial Mortgage-Backed Securities Market

Federal Reserve Bank of Philadelphia - Economic Insights – First Quarter 2018 – 7 pages

https://www.philadelphiafed.org/-/media/research-and-data/publications/banking-trends/2018/bt-skin_in_the_game.pdf?la=en

“Issuers of commercial mortgage-backed securities must now retain a portion on their own books. What evidence is there that the rule will reduce risky lending?”

 

Yaron Leitner

Nontraditional Insurance and Risks to Financial Stability

Federal Reserve Bank of Philadelphia - Economic Insights – First Quarter 2018 – 7 pages

https://www.philadelphiafed.org/-/media/research-and-data/publications/banking-trends/2018/bt-skin_in_the_game.pdf?la=en

“Do insurance companies pose a threat to financial stability? Historically, the answer has been no. But the insurance industry’s expansion into nontraditional activities has prompted reconsideration.”

 

BUSINESS

 

Robert D. Atkinson and Michael Lind

Is Big Business Really That Bad?

The Atlantic – April Issue

https://www.theatlantic.com/magazine/archive/2018/04/learning-to-love-big-business/554096/?mc_cid=7440b6d830&mc_eid=c56f7c6ab9

“Drawing from their forthcoming book Big Is Beautiful: Debunking the Myth of Small Business (MIT Press, April 2018), Rob Atkinson and Mike Lind push back on today’s anti-monopolist fervor, arguing that reflexively vilifying large businesses obscures the innovation they spur, the good jobs they produce, and the vital role they play in America’s ongoing success. The problem isn’t merely one of perception: Feeding off the popular esteem for small business, policymakers have been handicapping “Big Business”—and in the process lowering productivity, dampening innovation, and hurting U.S. global competitiveness.”

 

Job Creation, Competition, and Small Business’ Role in the United States Economy

House Committee on Small Business – Hearing - February 14, 2018

https://smallbusiness.house.gov/calendar/eventsingle.aspx?EventID=400580

“The hearing will provide Committee Members with the opportunity to discuss new research conducted by Goldman Sachs regarding the effect of access to capital on small firms’ growth and expansion.  The hearing will also explore economic trends that show small firms’ access to capital, particularly in large urban and remote rural areas, has been slower to recover.  Finally, the hearing will feature small business owners who have graduated from Goldman Sachs 10,000 Small Businesses program, offering insight as to what private sector resources can be available to small firms seeking assistance to grow.”

 

Small Business Bankruptcy: Assessing the System

Senate Committee on the Judiciary – Hearing – March 7, 2018

https://www.judiciary.senate.gov/meetings/small-business-bankruptcy-assessing-the-system

“It is important that the Judiciary Committee study whether small businesses are experiencing problems with reorganization in bankruptcy and whether changes to the Bankruptcy Code are necessary.”

 

Robert Jay Dilger and Sean Lowry

Small Business Administration: A Primer on Programs and Funding

Congressional Research Service – Report - February 16, 2018 – 40 pages

https://fas.org/sgp/crs//misc/RL33243.pdf

“The Small Business Administration (SBA) administers several types of programs to support small businesses, including loan guaranty and venture capital programs to enhance small business access to capital; contracting programs to increase small business opportunities in federal contracting; direct loan programs for businesses, homeowners, and renters to assist their recovery from natural disasters; and small business management and technical assistance training programs to assist business formation and expansion.”

 

Robert Jay Dilger 

Small Business Administration (SBA) Funding: Overview and Recent Trends

Congressional Research Service – Report - February 16, 2018 – 50 pages

https://fas.org/sgp/crs//misc/R43846.pdf

“This report examines the Small Business Administration’s (SBA’s) appropriations (new budget 

authority, minus rescissions and sequestration) over time, focusing on developments and trends 

since FY2000. It also provides total available funding and, for entrepreneurial development noncredit programs, actual and anticipated expenditures for comparative purposes.”

 

 

Regulatory Reform and Rollback: The Effects on Small Businesses

House Committee on Small Business - Hearing - March 7, 2018

https://smallbusiness.house.gov/calendar/eventsingle.aspx?EventID=400656

“Complying with federal regulations continues to be one of the biggest challenges for America’s small businesses.  In an effort to reduce the continuing burden, both Congress and President Trump have taken steps to reduce the regulatory burden on small businesses by rolling back and revising existing regulations.  The President has also taken steps to reform the regulatory process and require federal agencies to review their existing regulations and identify candidates for removal or revision.  This hearing will examine the effects of Congress and the President’s regulatory reform and rollback efforts on small businesses and explore ways to continue to provide regulatory relief.”

 

MANUFACTURING

 

Marc Levinson

U.S. Manufacturing in International Perspective

Congressional Research Service – Report - February 21, 2018 – 19 pages

https://fas.org/sgp/crs//misc/R42135.pdf

“This report is designed to inform the debate over the health of U.S. manufacturing through a series of charts and tables that depict the position of the United States relative to other countries according to various metrics. Understanding which trends in manufacturing reflect factors that may be unique to the United States and which are related to broader changes in technology or consumer preferences may be helpful in formulating policies intended to aid firms or workers engaged in manufacturing activity. This report does not describe or discuss specific policy options.”

 

John F. Sargent Jr.

The Manufacturing Extension Partnership Program

Congressional Research Service – Report - March 27, 2018 – 36 pages

https://fas.org/sgp/crs//misc/R44308.pdf

“The Hollings Manufacturing Extension Partnership (MEP) program is a national network of centers established by the Omnibus Trade and Competitiveness Act. MEP centers provide custom services to small and medium-sized manufacturers (SMMs)to improve production processes, upgrade technological capabilities, and facilitate product innovation. Operating under the auspices of the National Institute of Standards and Technology (NIST), the MEP system includes centers in all 50 states and Puerto Rico… Continued federal support for MEP centers remains a point of contention. In his FY2018 budget, President Trump sought to eliminate federal support for MEP centers… As Congress makes appropriation decisions, it may continue to discuss support for MEP in the context of the federal government’s role in bolstering innovation and competitiveness.”

 

SCIENCE –TECHNOLOGY – INNOVATION

 

Joe Kennedy

How to Ensure That America’s Life-Sciences Sector Remains Globally Competitive

Information Technology & Innovation Foundation – Report - March 26, 2018 – 51 pages

http://www2.itif.org/2018-life-sciences-globally-competitive.pdf?_ga=2.138687094.433552894.1522446549-1562931536.1436366239

“America’s lead in life sciences is being challenged as other countries aggressively seek to attract and grow companies with innovation-based tax incentives, a range of firm-specific enticements, increased government research funding, improved IP protections, and streamlined regulatory approval processes. The U.S. government should act to ensure the country’s life sciences remain competitive.”

 

 

National Laboratories: World-Leading Innovation in Science

House Committee on Science, Space, and Technology – Hearing – March 14, 2018

https://science.house.gov/legislation/hearings/full-committee-hearing-national-laboratories-world-leading-innovation-science

“Our witnesses represent national labs that fulfill the Department of Energy’s missions within the Office of Science, applied energy and national security programs. The Science Committee’s jurisdiction over the DOE budget includes over $9 billion for civilian research, development, demonstration and commercial application programs, much of which is conducted by the national labs.”

 

TELECOMMUNICATIONS - INFORMATION TECHNOLOGIES

 

Rebuilding Infrastructure in America: Investing in Next Generation Broadband

Senate Subcommittee on Communications, Technology, Innovation, and the Internet – Hearing - March 13, 2018

https://www.commerce.senate.gov/public/index.cfm/hearings?ID=CD8E48E0-A230-46F9-B00F-0C20D0278B19

“The hearing will explore the most effective and efficient ways to address broadband deployment to close the digital divide in an infrastructure package while reviewing the lessons learned from broadband infrastructure projects in the American Recovery and Reinvestment Act of 2009.”

 

Imanol Arrieta Ibarra, Len Goff, Diego Jiménez Hernández, Jaron Lanier, and E. Glen Weyl 

Should We Treat Data as Labor?

Brookings – TechTank – February 21, 2018

https://www.brookings.edu/blog/techtank/2018/02/21/should-we-treat-data-as-labor-lets-open-up-the-discussion

“Whenever you tag a friend in a picture on social media, ask Alexa to skip a song, or write an online review, you are generating data that technology companies crunch in order to profit from what their algorithms learn. A new policy paper proposes that such data inputs should be treated as labor instead of capital owned by the technology firms.”

 

Jack Karsten and Darrell M. West

Amazon Go Store Offers Quicker Checkout for Greater Data Collection

Brookings – TechTank - February 13, 2018

https://www.brookings.edu/blog/techtank/2018/02/13/amazon-go-store-offers-quicker-checkout-for-greater-data-collection

“The physical and digital retail worlds moved another step closer when Amazon’s concept convenience store Amazon Go opened to the public in January. Located near company headquarters in Seattle, the convenience store’s public launch comes one year after it opened for testing to Amazon employees. The store features an array of cameras that track purchases and automatically charge customers through a smartphone app. If the technology spreads to other stores, it may transition cashiers to other tasks within stores. Meanwhile, Amazon will collect a wealth of data about customers’ shopping habits from inside a brick-and-mortar store.”

 

James Pethokoukis

Regulating Facebook

AEIdeas - March 26, 2018 

http://www.aei.org/publication/regulating-facebook

“So does Facebook have a business problem, a legal problem, or a political problem? Or all three? More and more, it is starting to look like an “all of the above” situation.”

 

After the Breach: the Monetization and Illicit Use of Stolen Data

House Financial Services Committee – Hearing - March 15, 2018

https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=403188

“This hearing will examine the economics of cybercrime, the role of “Dark Web” marketplaces and  cryptocurrencies to facilitate the monetization of stolen data, and the methods through which criminals and other nefarious actors integrate their ill-gotten gains into the legitimate financial system.”

 

INFRASTRUCTURE AND TRANSPORTATION

 

The Administration’s Framework for Rebuilding Infrastructure in America

Senate Committee on Environment and Public Works – Hearing - March 1, 2018 10:00 AM

https://www.epw.senate.gov/public/index.cfm/hearings?ID=993C02C3-83B9-473D-B4FC-17B301D39397

“The goal of the President’s proposal is to stimulate at least $1.5 trillion in infrastructure investment, which includes a minimum of $200 billion in direct Federal funding.  The guiding principles are to: 1) use Federal dollars as seed money to incentivize infrastructure investment; 2) provide for the needs of rural communities; 3) streamline permitting to speed up project delivery; and, 4) reduce unnecessary and overly burdensome regulations. In addition, a key element of the proposal is to empower decision making at the State and local level, who know best the infrastructure needs of their communities. Half of the new infrastructure funds would go towards incentivizing new State and local investments in infrastructure. A quarter of the Federal funds will be dedicated to addressing rural infrastructure needs, as prioritized by State and local leaders.”

 

Examining the Administration’s Infrastructure Proposal

House Committee on Transportation and Infrastructure – Hearing – March 6, 2018

https://transportation.house.gov/uploadedfiles/2018-03-06_-_full_committee_ssm.pdf

The Committee will meet to receive testimony concerning the Trump Administration’s infrastructure proposal. The Committee will hear from the Secretary of Transportation.

 

Rebuilding Infrastructure in America: Administration Perspectives

Senate Committee on Commerce, Science, and Transportation – Hearing - March 14, 2018

https://www.commerce.senate.gov/public/index.cfm/hearings?ID=D68FC40C-36BC-4319-B96F-CAC99129FE3E

The hearing will focus on the Administration’s infrastructure proposal, including a discussion of various policy reforms, permitting improvements, and program ideas outlined in the White House’s proposal.”

 

Rebuilding Infrastructure in America: State and Local Transportation Needs

Senate Subcommittee on Surface Transportation and Merchant Marine Infrastructure – Hearing - March 13, 2018

https://www.commerce.senate.gov/public/index.cfm/hearings?ID=17DF61F8-8BF1-4397-8F9A-665902B55E15

“The hearing will examine opportunities to improve the national transportation network to better connect communities across the country.”

 

Building a 21st Century Infrastructure for America: Long-Term Funding for Highways and Transit Programs

House Subcommittee on Highways and Transit – Hearing – March 7, 2018

https://transportation.house.gov/calendar/eventsingle.aspx?EventID=402215

“The purpose of this hearing is to receive the views of highways and transit stakeholders regarding the benefits to the Nation of long-term funding for highways and transit programs, as well as the sustainability of current methods of providing funding. The Subcommittee will hear from representatives of the American Association of State Highway and Transportation Officials , the Western Road Usage Charge Consortium, the American Trucking Associations, the U.S. Chamber of Commerce, and the Economic Policy Institute.”

 

The Future of Transportation Fuels and Vehicles

House Subcommittee on Environment – Hearing – March 7, 2018

https://energycommerce.house.gov/hearings/future-transportation-fuels-vehicles/

“We have experienced very gradual and incremental change in transportation fuels and vehicles over the last several decades, but there are signs that the pace of change will accelerate in the years ahead. In the not-too-distant future we may see cars in showrooms and fuel choices at retail stations that are noticeably different than what is available today. The purpose of this hearing is to provide an overview 

of this ongoing transition and learn more about what it all means for the American driving public.”

 

 

AGRICULTURE

 

Restoring Rural America: How Agritech is Revitalizing the Heartland

House Committee on Small Business - Hearing - February 15, 2018

https://smallbusiness.house.gov/calendar/eventsingle.aspx?EventID=400583

This hearing will continue the Committee’s examination of the rapidly developing agricultural technology (agritech) industry.  In October 2017, the Subcommittee hearing titled, “High-Tech Agriculture: Small Firms on the Frontier of Agribusiness,” highlighted the role of small businesses and the perspective of small family farmers.  Subcommittee Members will hear from institutions driving agritech entrepreneurship and innovation activity, which has spurred rural revitalization.”

 

Jim Monke

Agricultural Credit: Institutions and Issues

Congressional Research Service – Report - March 26, 2018 – 12 pages

https://fas.org/sgp/crs//misc/RS21977.pdf

“The federal government provides credit assistance to farmers to help assure adequate and reliable lending in rural areas, particularly for farmers who cannot obtain loans elsewhere. Federal farm loan programs also target credit to beginning farmers and socially disadvantaged groups… Commercial banks are the other primary agricultural lender, holding slightly less than FCS with 42% of total farm debt. Commercial banks are the largest lender for farm production loans.”

 

Randy Schnepf

U.S. Farm Income Outlook for 2018

Congressional Research Service – Report - February 27, 2018 – 36 pages

https://fas.org/sgp/crs//misc/R45117.pdf

“Annual U.S. net farm income is the single most watched indicator of farm sector well-being, as it captures and reflects the entirety of economic activity across the range of production processes, input expenses, and marketing conditions that have prevailed during a specific time period. When national net farm income is reported togethe with a measure of the national farm debt-to-asset ratio, the two summary statistics provide a quick and widely referenced indicator of the economic well-being of the 

national farm economy.”

 

INTERNATIONAL ECONOMIC RELATIONS

 

Evaluating CFIUS: Administration Perspectives

House Financial Services Committee – Hearing - March 15, 2018

https://financialservices.house.gov/calendar/eventsingle.aspx?EventID=402994

“This hearing  will  examine  the history,  operations,  and  any  operational  challenges  of  the  multi-agency  panel  known  as  the  Committee  on  Foreign  Investment  in  the  United  States  (“CFIUS”).    CFIUS examines  proposed  investment  in  the  United  States  to  identify,  and  if  possible,  mitigate  any  threat  to  national  security,  or  recommend  that  the  President  reject  the  proposal.  The hearing will provide the Subcommittee with the Administration’s perspectives on CFIUS’s effectiveness, any challenges it faces in the current national security environment, and potential improvements that could be made to increase its effectiveness.”

 

Modernizing Export Controls: Protecting Cutting-Edge Technology and U.S. National Security

House Foreign Affairs Committee – Hearing – March 14, 2018

https://foreignaffairs.house.gov/hearing/hearing-modernizing-export-controls-protecting-cutting-edge-technology-u-s-national-security/

“As technology advances, U.S. export controls must do the same. This hearing is an opportunity to examine the bipartisan legislation I’ve introduced to modernize our regulatory control system – making it more efficient and transparent – so we can better address the threat foreign adversaries pose to our national security in today’s digital age.”

 

Monica de Bolle and Melina Kolb

The Annual Economic Report of the President, Annotated and Explained

Peterson Institute – Blog – March 15, 2018

https://piie.com/blogs/trade-investment-policy-watch/annual-economic-report-president-annotated-and-explained

The latest critique of President Trump's trade policies has arrived. And it comes from the president himself. Monica de Bolle marks up Chapter 5 in the 2018 Annual Economic Report of the President and explains where it rebuts the central tenets of Trump's trade strategies by extolling the virtues of trade and spelling out why negotiating free trade agreements to force balanced trade won't work

 

Trade Enforcement and Infrastructure: Safeguarding our Industrial Base from Present and Future Challenges

Senate Subcommittee on International Trade, Customs, and Global Competitiveness - Hearing - February 16, 2018

https://www.finance.senate.gov/hearings/trade-enforcement-and-infrastructure-safeguarding-our-industrial-base-from-present-and-future-challenges

“Formed in 2007, AAM is proud to have helped call attention to some of the most pressing trade issues impacting American manufacturing companies and their workers – including global industrial overcapacity, dumping and subsidies, state-owned enterprises, currency manipulation, theft of trade secrets, and the need to better negotiate trade agreements. And, with respect to infrastructure, we have 

been at the forefront of efforts to establish stronger Buy America rules to ensure that our hard-earned tax dollars create jobs here at home.”

 

Robert Z. Lawrence

Five Reasons Why the Focus on Trade Deficits Is Misleading

Peterson Institute – Policy Brief – March 2018 – 8 pages

https://piie.com/system/files/documents/pb18-6.pdf

“President Trump has asserted that trade balances are a key measure of a nation's commercial success. Lawrence argues that trade deficits are not necessarily bad, do not necessarily cost jobs or reduce growth, and are not a measure of whether foreign trade policies or agreements with other countries are fair or unfair. Efforts to use trade policy and agreements to reduce either bilateral or overall trade deficits are also unlikely to be effective.”

 

Chad P. Bown

Trump's Steel and Aluminum Tariffs: How WTO Retaliation Typically Works

Peterson Institute – Policy Watch - March 5, 2018

https://piie.com/blogs/trade-investment-policy-watch/trumps-steel-and-aluminum-tariffs-how-wto-retaliation-typically

“President Trump's announced plan to impose import tariffs on steel and aluminum has sparked a wave of retaliation threats from trading partners. Chad P. Bown, using newly released data, estimates that the import restrictions would impose trade losses on partners equal to $14.2 billion annually. Countries would be authorized to retaliate collectively against the United States for that amount if the World Trade Organization (WTO) finds that the rationale for the safeguards is baseless.”

 

Max Bouchet and Joseph Parilla 

How Trump’s Steel and Aluminum Tariffs Could Affect State Economies

Brookings - The Avenue - March 6, 2018

https://www.brookings.edu/blog/the-avenue/2018/03/06/how-trumps-steel-and-aluminum-tariffs-could-affect-state-economies/

“Keynes and Bown explain how Trump's new steel and aluminum tariffs will affect NAFTA renegotiations and countries hit by—and those excluded from—the tariffs, the process for more countries to seek exemption, and the European Union's potential immediate retaliation. They also speak with Jennifer Hillman (Georgetown Law) about the potential for legal action at the WTO.”

 

Gary Clyde Hufbauer, Euijin Jung and Zhiyao (Lucy) Lu 

The Case for Raising de minimis Thresholds in NAFTA 2.0

Peterson Institute – Policy Brief – March 2018 – 9 pages

https://piie.com/system/files/documents/pb18-8.pdf

Renegotiations of the North American Free Trade Agreement (NAFTA) have focused on US demands to limit imports from Canada and Mexico. But US exports to its NAFTA partners could increase if Canada and Mexico were to raise their de minimis thresholds—the value of imported goods below which no duty or tax is collected.

 

CHINA

 

Robert D. Atkinson

Decoding China’s Responses to Trump’s Trade Sanctions

National Review – Article – March 24, 2018

https://www.nationalreview.com/2018/03/china-response-president-trump-trade-sanctions/

“In the run-up to President Trump’s long-anticipated announcement of tough new actions against China, top Chinese officials have worked to position China as the aggrieved party by claiming the mantle of rationality, global integration, and fairness. But it's important to understand the PR blitz for what it really is: an audacious spin campaign that elides the truth about China’s long record of subverting global trade rules and fleecing competitors to gain economic advantage.”

 

Robert D. Atkinson, Stephen Ezell, and John Wu

Why Tariffs on Chinese ICT Imports Would Harm the U.S. Economy

Information Technology & Innovation Foundation - Special Report – March 2018 – 14 pages

http://www2.itif.org/2018-ict-tariffs-china.pdf

As the Trump administration prepares to take action against China for its unfair trade practices, all options appear to be on the table, including tariffs. But levying tariffs on imports of information and communications technologies (ICT) should not be one of them. ITIF estimates that a 10 percent tariff on Chinese ICT imports would slow U.S. economic growth by $163 billion over 10 years, and a 25 percent tariff would slow U.S. growth by $332 billion.”

 

Doug Brake

China, the United States, and Next Generation Connectivity

U.S.-China Economic and Security Review Commission - Hearing - March 8, 2018

http://www2.itif.org/2018-testimony-china-5g.pdf?_ga=2.251289670.1967977854.1522947573-1562931536.1436366239

“Deploying 5G at scale, and leveraging it for productivity gains throughout the economy, should be a national imperative. The U.S. should focus on improving investment conditions and continue to rely on its competitive private sector to deploy 5G networks. Any policy focused on specific Chinese vendors must be considered as a component of a broader, nuanced strategy to guide China to a rule-of-law, market-driven expectation on trade and IP protection.”

 

ENVIRONMENTAL ISSUES

 

David G. Victor and Bruce Jones

Undiplomatic Action: A practical guide to the new politics and geopolitics of climate change

Brookings – Report - February 2018

https://www.brookings.edu/research/undiplomatic-action-a-practical-guide-to-the-new-politics-and-geopolitics-of-climate-change/

“Shifting the focus to niches, to innovation, to small groups that can drive action–all of this is part of creating the conditions under which it is realistic to shift policy, both national and global, through which deep transformation of energy systems will occur.”

 

Building a 21st Century Infrastructure for America: Water Resources Projects and Policy

House Subcommittee on Water Resources and Environment – Hearing – March 15, 2018

https://transportation.house.gov/calendar/eventsingle.aspx?EventID=402185

“This hearing is a critical step in the process for developing the next Water Resources Development Act.  Effective and reliable water infrastructure is vital to America’s global competitiveness. It supports local and regional economic development, and creates jobs.”

 

ENERGY

 

State of the Nation’s Energy Infrastructure

House Subcommittee on Energy – Hearing – February 27, 2018

https://energycommerce.house.gov/hearings/state-nations-energy-infrastructure/

“We cannot afford to have energy infrastructure that does not meet America’s needs or reflect the evolution of our energy markets. Instead, we must modernize outdated systems by encouraging innovative developments in state-of-the-art technologies such as battery storage and advanced transmission devices. I should recognize that much is already being done on this front with private capital largely funding these improvements. In fact, electric utilities and independent transmission developers spent an estimated $23 billion in 2017 on new transmission infrastructure alone; while the natural gas utilities invested a record $25 billion last year across its industry. While these private-sector investments are critical in a highly capital-intensive industry, we should be mindful that none of it will get built if we don’t have a trained workforce that is capable of innovating, designing, and constructing this new infrastructure.”

 

Brendon Baatz, Grace Relf, and Seth Nowak

The Role of Energy Efficiency in a Distributed Energy Future

American Council for an Energy-Efficient Economy - Research Report - February 2018 – 78 pages

http://aceee.org/sites/default/files/publications/researchreports/u1802.pdf

Many state regulatory commissions are engaged in proceedings to modernize the electric grid. These proceedings include a heavy focus on updating system planning processes to reflect growth in distributed generation and other technological advances. Our report examines current distribution system and distributed resource planning. We analyze how states are incorporating energy efficiency into these plans, focusing on states that are actively using efficiency as a resource.

 

Paul Feldman 

Emission Impossible? Few Signs of Coal Revival Despite Trump Administration Support

Fair Warning – Article - March 8, 2018

https://www.fairwarning.org/2018/03/energy

 “Analysts say the impact of those moves will be softened by market forces and state government actions. ‘A lot of the reductions in emissions that we’ve seen over the last five years or so are due to state policies, but most important is the cheap price of natural gas and the rapidly falling cost of renewables,’ said Raymond Kopp, an energy and climate specialist at Resources for the Future, a Washington-based think tank.” 

 

The Future of U.S. Fusion Energy Research

House Committee on Science, Space, and Technology – Hearing – March 6, 2018

https://science.house.gov/legislation/hearings/subcommittee-energy-hearing-future-us-fusion-energy-research-1

“With countries like India, Japan, China and Russia partnering through ITER to produce and share cutting edge fusion research, we cannot afford to lose our seat at the table. In addition, we cannot expect to receive international support for our domestically hosted global research projects, like the high priority Long-Baseline Neutrino Facility at Fermilab, if we do not honor our international obligations. Basic research, like fusion science, provides the underpinnings for groundbreaking new 

energy technology. Achieving commercial fusion energy technology will require strong U.S. leadership and consistent investment in discovery science.”