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Monday May 12, 2008

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UPCOMING EVENT

Save to My PortfolioThe Great Credit Squeeze: How It Happened, How to Prevent Another

Friday, May 16, 2008
10:00 AM to 12:00 PM
Washington, DC

How could America's sophisticated financial system go so wrong and cause so much damage? Martin Baily, Douglas Elmendorf and Robert Litan answer that question in a new paper to be released at a May 16 forum. The authors, following opening remarks by FDIC Chairman Sheila Bair, will put forward a specific agenda of policy actions to reduce the chance that history repeats itself. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioThe Spring Meetings and the Global Economy

Colin I. Bradford, May 02, 2008, Guardian Unlimited

The Spring Meetings and the Global EconomyMissing from the recent IMF-World Bank ministerial meetings was an understanding that policy development needs to be an interactive process, one that includes financial officials and law makers. Colin Bradford advises the world's legislators must be brought into the conversation about global development in order for these discussions to evolve into successful action. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioPay-Day Lenders, Check Cashing Outlets and Other Alternative Financial Services

Rebecca M. Blank, April 16, 2008, The Brookings Institution

A substantial number of low-income individuals make use of services within the alternative financial sector, particularly pay-day lenders and check cashing outlets. The high cost of these services has led many observers to seek policies that would reduce the use of informal financial services among lower income households. In this paper, Rebecca Blank reviews the reasons why individuals utilize AFS outlets and discusses the policy options that could affect these decisions. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioEconomy: The Fed Steps In

Alice M. Rivlin, March 17, 2008, washingtonpost.com

Brookings Expert Alice Rivlin comments on the Federal Reserves decision to back the crumbling financial institution Bear Stearns. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioWestern Banks Must Take Their Own Medicine

Erik Berglöf, February 28, 2008, Financial Times

Western Banks Must Take Their Own MedicineIn a recent op-ed, Erik Berglof discusses how European central banks might handle the current global financial crisis. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioFinancial Access without Expertise: Consumer Implications of the Credit Crisis

Matt Fellowes, February 22, 2008, The Brookings Institution

At a conference hosted by the Federal Bank of St.Louis and the RISE Foundation, Matt Fellowes discusses the lessons about consumers that can be drawn from the current housing crisis. He highlights the broad democratization of the financial services market that occurred in the 20th century, but finds that there was one, important exception: access to professional advice about financial service options. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioBanking on Wealth: America’s New Retail Banking Infrastructure and Its Wealth-Building Potential

Matt Fellowes and Mia Mabanta, January 2008, The Brookings Institution

Banking on Wealth: America’s New Retail Banking Infrastructure and Its Wealth-Building PotentialThe $100 billion size of the high-cost non-bank basic financial services industry, including check cashers, payday lenders, and pawnshops, points to the high demand for basic financial services among low- and moderate-income customers. Alternative products sold by banks—located extensively in lower-income neighborhoods could meet those consumer needs, while also creating an opportunity for households to convert their current spending on high-cost services into savings and even wealth. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioThe Economic Power of Uncertainty: The Role of Consumer Credit Bureaus

Matt Fellowes, December 14, 2007, Federal Reserve Board, Forum on Credit Scores

With detailed financial information about over 200 million American consumers, credit reports substantially reduce the uncertainty numerous types of businesses have about consumers, including banks, insurance companies, and employers. The chief economic impact of that reduced uncertainty has been to support robust economic growth and prosperity. Yet, alongside those reductions in uncertainty, there are new uncertainties created too, which also carry important economic consequences. This speech assesses these market effects of credit reports and their economic significance for both businesses and consumers. Read More

VIDEO

Save to My PortfolioQ&A on Recent Financial Market Disruptions

Douglas W. Elmendorf, October 05, 2007

Senior Fellow Douglas Elmendorf explains the roots of the crisis surrounding the rising sub-prime mortgage default rate and suggests that a greater financial literacy would be useful to homeowners and prospective homeowners.

RESEARCH AND COMMENTARY

Save to My PortfolioBeyond Tax Preparation: Measuring the Market Impact of Wealth Building Initiatives

Matt Fellowes, October 02, 2007, 2007 National Community Tax Coalition Annual Conference / Denver, CO

Hundreds of free tax preparation sites have opened-up in the past ten years that connect low-income families to the Earned Income Tax Credit (EITC) and other income-supports. Read More

BOOK

Save to My PortfolioBuilding Inclusive Financial Systems

Michael S. Barr, Anjali Kumar and Robert E. Litan, October 01, 2007

Building Inclusive Financial Systems offers an indispensable guide for governments and the private sector to increase access effectively and responsibly. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioMaking Markets an Asset for the Poor

Matt Fellowes, July 23, 2007, Harvard Law & Policy Review

Matt Fellowes examines the higher prices lower-income workers pay for basic necessities--home loans, groceries, and financial services--and outlines a combination of initiatives that can bring down business costs. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioThe High Price of Easy Credit

Matt Fellowes and Mia Mabanta, June 04, 2007, McClatchy Newspapers

The authors argue that the subprime mortgage problem is in part due to systemic gaps between what working families realistically need to know about borrowing options, and what they actually do know. The authors call for Congress to think through ways that working families can obtain trusted financial advice and information. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioBorrowing to Get Ahead, and Behind: The Credit Boom and Bust in Lower-Income Markets

Matt Fellowes and Mia Mabanta, May 11, 2007, The Brookings Institution

A new Brookings Institution, Metropolitan Policy Program study finds that the recent subprime implosion is only the tip of the iceberg when it comes to Americans borrowing more than they can manage. The study, written by Matt Fellowes, relies heavily on previously unavailable data, and finds that about one out of every three lower income borrowers falls behind on bill payments in a typical year, and over one out of every four now pays more than 40 percent of their income every year on debt payments. Read More

RESEARCH AND COMMENTARY

Save to My PortfolioThe Sticker Shock of Sprawl: Housing/Transportation Tradeoffs in Metro Kansas City

Bruce Katz, April 17, 2007, Kansas City Housing Matters Forum

If housing policy is to achieve its full potential, it cannot be crafted and executed in isolation, but rather, it must be shaped in concert with related policies like transportation, land use, economic development, financial services, and even education. Read More

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ProgramMetropolitan Policy Program

Redefining the challenges facing metropolitan America and promoting innovative solutions to help communities grow in more inclusive, competitive and sustainable ways.

Policy CenterJohn L. Thornton China Center

The John L. Thornton China Center develops analysis and policy recommendations to help address key long-term challenges, both in terms of U.S.-China relations and China's internal development.

ExpertMartin S. Indyk

Ambassador to Israel and assistant secretary of state for near east affairs during the Clinton Administration, Martin Indyk directs the Saban Center for Middle East Policy. He currently focuses on the Clinton administration’s diplomacy and the Arab-Israeli conflict.

ExpertSuzanne Maloney

Suzanne Maloney studies Iran, the political economy of the Persian Gulf and Middle East energy policy. A former U.S. State Department policy advisor, she has also counseled private companies on Middle East issues.

Policy CenterSaban Center for Middle East Policy

The Saban Center conducts original research and develops innovative programs to promote a better understanding of the policy choices facing American decisionmakers in the Middle East.

ExpertRon Haskins

A former White House and congressional advisor on welfare issues, Ron Haskins co-directs the Brookings Center on Children and Families. He is an expert on preschool, foster care and poverty.

ExpertLael Brainard

Lael Brainard is vice president and director of Global Economy and Development. She focuses on competitiveness, trade, international economics, U.S. foreign assistance and global poverty.

ProgramGlobal Economy and Development

Global Economy and Development advances research, dialogue, and innovative solutions to address the forces of globalization and the challenges of global poverty.

ExpertThomas Mann

A noted congressional scholar, Tom Mann writes and speaks widely on issues related to campaigns, elections and the effectiveness of Congress.

ProgramGovernance Studies

Governance Studies explores political institutions of the United States and other democracies to assess how they govern, how their practices compare, and how citizens and public servants can advance sound governance.

ExpertAlice M. Rivlin

Alice Rivlin, the first director of the Congressional Budget Office, is an expert on urban issues as well as fiscal, monetary and social policy. She directs the Greater Washington Research project. 

ExpertIsabel V. Sawhill

A nationally known budget expert, Isabel Sawhill focuses on domestic poverty and federal fiscal policy. She is also co-director of the Center on Children and Families at Brookings.

Policy CenterEngelberg Center for Health Care Reform

The Engelberg Center for Health Care Reform provides practical solutions to achieve high-quality, innovative, affordable health care with particular emphasis on identifying opportunities on the national, state and local levels.