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Finally, I will present a list of various pragmatic actions from which policymakers can select several they view as most well-suited for implementation. This includes imposing higher capital and liquidity requirements, as well as implementing resolution planning 12 and other requirements.
New Jersey tried to do this in 2007 with legislation that added a $15,000 cap to the amount of sick leave that could be accumulated for senior employees, a rule that was extended in 2010 to all employees hired after May 1 of that year. Over the years, governments have passed various laws that attempt to limit this liability.
There were major exercises on pandemics in 2005, 2007 and 2016. This provision was not implemented and the result appears to have been thousands of avoidable deaths. The UK Government's 13 policy U-turns do not reflect adaptation to dynamic circumstances, but inability to conceive what to do, how to implement it and how to communicate.
Rather, the root cause has been the long-running blocking of reforms to reinstate price competition in housing and mortgage markets, which contrasts with other industries where such reforms have instead been successfully implemented in past decades. Brokerage commissions. 1 See White House Fact Sheet 3/7/24: [link].
State and local policymakers around the country are working to address America’s severe housing shortage, by considering, and implementing, a wide range of policies in the hopes of increasing housing supply. By contrast, the median citywide assessed value of single-family houses built 2007 or later on unsubdivided parcels was $545,000.
The core claim made by critics is that the changes, implemented on May 1, are a mechanism for a new and major economic cross-subsidy from less risky borrowers to more risky ones. The changes then became the subject of hearings and legislation in the Republican-controlled House of Representatives to reverse the changes.
In terms of timing, this focus seems misplaced because such changes can be made and implemented in a matter of months, while exiting conservatorship, if and when decided, would likely take years to implement. Congress, over time, has created through legislation these two major targeted access-to-credit programs.
I have also written on the inherent design flaw in F&F and the other GSEs embedded in their congressional legislation: see [link] and [link]. ]] For many years, this was considered the responsibility of Congress, which had established the GSEs by legislation – but Congress has never come close to agreeing on what changes would be needed.
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