In contrast to the rapidity with which governments moved to use taxpayer funds to rescue the “too big to fail" banks in 2008, the pace of financial and commodity market reform since then has been agonizingly slow. One factor frustrating re-regulation is financial industry resistance to reform, aided in the United States by Republican Party efforts to reimburse the financiers of their November 2010 electoral victory with initiatives to defund the regulatory agencies responsible for implementing the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Before dawn on February 19, the House of Representatives voted to slash the budget of the Commodity Futures Trading Commission (CFTC) by a third. “There would essentially be no cop on the beat,” CFTC Commission Michael Dunn said at a February 23 Senate hearing. CFTC Chairman Gary Gensler had told a House finance committee hearing that such a cut would not only cripple the CFTC’s ability to implement Dodd-Frank reforms, but would prevent his agency from investigating Ponzi schemes and market manipulation. The U.S. Senate is unlikely to support the House Republican assault on regulation, but the Obama administration’s proposal to levy a transaction fee to finance CFTC implementation and enforcement is facing stiff opposition.
A version of this commentary appeared in Policy Innovations, a publication of the Carnegie Council.
When global food prices spiked in 2007-08, a hundred million people were added to the ranks of the world’s hungry, pushing the total number over 1 billion for the first time in history. Now, just two years later, we are seeing another food price hike, and more famine is likely to follow.
Another sign that the Farm Bill debate is attracting a much broader audience this time around: the Seattle City Council is weighing in with the Seattle Farm Bill Principles.
Today’s predominant, industrialized farm animal production facilities raise huge numbers of livestock in small geographic areas, producing enormous concentrations of waste that pollute air and water. As a result, these Confined Animal Feeding Operations (CAFOs) create a number of problems for the health of the environment and the people living in it, including increased respiratory symptoms, antibiotic resistance and decreased quality of life. And like other highly polluting industries, CAFOs are disproportionately located in low-income areas and communities of color.
Today is the one year anniversary of First Lady Michelle Obama’s Let’s Move initiative to blunt the epidemic of obesity in children. It marks an important fight against a wave of future chronic disease that threatens our national security, our economic growth and the solvency of our healthcare system.
Extreme weather events consistent with climate change are already playing havoc with the livelihoods and food security of much of the world’s poor. This is particularly true for arid and semi-arid areas of the global South. Yet, most proposals for agriculture being discussed at the U.N. global climate talks and elsewhere focus on new technological developments, like genetically engineered crops. But these approaches are based on still unproven claims and do not fully consider their impact on the natural world.
Back in October, I blogged on the recently constituted High-level Panel of Experts (HLPE) associated with the U.N.'s recently revamped Committee on Food Security (CFS), which brings together the three
Last week Mexico paid a U.S.-based corn processor, Corn Products International, Inc. (CPI) $58.4 million in accordance with a 2009 North American Free Trade Agreement (NAFTA) tribunal decision. The case illustrates the important intersection of U.S. trade policy with food and public health.
Press attention has again focused this past month on rising food prices. As Financial Times journalist Javier Blas tells us, panic buying has now reared its head, completing the already present factors of crop failures, export restrictions and food riots that were the trademarks of the 2007-08 food price crisis.
Bisphenol A (BPA) is a hormone-disrupting chemical. CDC data indicate BPA is present in the bodies and urine of more than 90 percent of Americans. It's widespread use in everything from food can liners to ATM receipts accounts for the exposure. Exposure to BPA has been linked to a variety of hormone-related diseases, from cancer to reproductive problems.