Coronavirus and the Curtailment of Religious Liberty
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The Market for Financial Advice: an Audit Study
The Market for Financial Advice: An Audit Study Sendhil Mullainathan (Harvard University) Markus Nöth (University of Hamburg) Antoinette Schoar (Massachusetts Institute of Technology) April, 2011 A growing literature shows that households are prone to behavioral biases in choosing portfolios. Yet a large market for advice exists which can potentially insulate households from these biases. Advisers may efficiently mitigate these biases, especially given the competition between them. But advisers’ self interest – and individuals’ insufficiently correcting for it – may also lead to them giving faulty advice. We use an audit study methodology with four treatments to document the quality of the advice in the retail market. The results suggest that the advice market, if anything, likely exaggerates existing biases. Advisers encourage chasing returns, push for actively managed funds, and even actively push them on auditors who begin with a well‐diversified low fee portfolio. Keywords: financial advice, audit study JEL: D14, G11 We thank John Campbell and Michael Haliassos, and seminar participants at Columbia, York, MIT Sloan, SAVE Deidesheim, and ESSFM Gerzensee 2010 for their helpful comments. 1. Introduction A growing body of lab – and to a lesser extent field – evidence argues that individual investors make poor financial decisions. Drawing on research in psychology, this evidence argues that consumers’ beliefs and decision processes lead them astray. They chase trends, are overconfident, use heuristics and generally fall prey to biases that lead them to choose in ways at odds with basic portfolio theory. For example, the median household rebalances its retirement portfolio zero times (Samuelson and Zeckhauser, 1988), whereas in traditional portfolio theory rebalancing would be optimal in response to aging and the realization of uncertain returns. -
Resolutions to Censure the President: Procedure and History
Resolutions to Censure the President: Procedure and History Updated February 1, 2021 Congressional Research Service https://crsreports.congress.gov R45087 Resolutions to Censure the President: Procedure and History Summary Censure is a reprimand adopted by one or both chambers of Congress against a Member of Congress, President, federal judge, or other government official. While Member censure is a disciplinary measure that is sanctioned by the Constitution (Article 1, Section 5), non-Member censure is not. Rather, it is a formal expression or “sense of” one or both houses of Congress. Censure resolutions targeting non-Members have utilized a range of statements to highlight conduct deemed by the resolutions’ sponsors to be inappropriate or unauthorized. Before the Nixon Administration, such resolutions included variations of the words or phrases unconstitutional, usurpation, reproof, and abuse of power. Beginning in 1972, the most clearly “censorious” resolutions have contained the word censure in the text. Resolutions attempting to censure the President are usually simple resolutions. These resolutions are not privileged for consideration in the House or Senate. They are, instead, considered under the regular parliamentary mechanisms used to process “sense of” legislation. Since 1800, Members of the House and Senate have introduced resolutions of censure against at least 12 sitting Presidents. Two additional Presidents received criticism via alternative means (a House committee report and an amendment to a resolution). The clearest instance of a successful presidential censure is Andrew Jackson. The Senate approved a resolution of censure in 1834. On three other occasions, critical resolutions were adopted, but their final language, as amended, obscured the original intention to censure the President. -
The Constitutionality of Censuring the President
Legal Sidebari The Constitutionality of Censuring the President March 12, 2018 House Democrats have introduced a resolution that, if approved by the House, would formally “censure and condemn” President Trump for disparaging comments on immigration issues he allegedly made during a meeting with Members of Congress. This is the second presidential “censure” resolution introduced in the House this Congress. While each house of Congress has authority to discipline its own Members through censure, congressional censure of the President is rare. For that reason, there seems to be a recurring question as to whether Congress has the constitutional authority to adopt such a measure at all. As discussed below, it would appear that Congress may censure the President through a simple (one chamber) or concurrent (two chamber) resolution, or other non-binding measure, so long as the censure does not carry with it any legal consequence. This Sidebar will discuss examples of congressional censure of the President before addressing its constitutional validity. While Black’s Law Dictionary defines censure as “an official reprimand or condemnation…,” in practice, there is no clear rule for determining the legislative actions that may qualify as a “censure” of the President. Viewed broadly, censure of the President could include any legislative measure formally adopted by the House or Senate that expresses that body’s disagreement with specific presidential conduct. Using this definition, the first congressional censure of the President seemingly occurred in 1834 after President Andrew Jackson removed his Treasury Secretary for refusing to withdraw government deposits from the Bank of the United States. The approved Senate resolution stated that President Jackson had “assumed upon himself authority and power not conferred by the constitution and laws, but in derogation of both.” The Jackson resolution was subject to some debate, and three years later—once the President’s supporters regained control of the Senate—the resolution was officially expunged from the Senate Journal. -
An Affront to Dignity, Inclusion and Equality: Coronavirus and the Impact of Law, Policy and Practice on People with Disabilities in the United Kingdom
Report Recommendations - An Affront to Dignity, Inclusion and Equality: Coronavirus and the impact of law, policy and practice on people with disabilities in the United Kingdom In the following areas our Report urges the government to: On reforming the Coronavirus Act 2020, disability rights and mitigating effects of the pandemic 1. Undertake an immediate review of legislation passed during the coronavirus crisis and communication thereof. In doing so, we ask that the government change this legislation and all related policymaking to meet its duties under the Equality Act 2010, and commitments to the United Nations Convention on the Rights of Persons with Disabilities, and take steps to avoid or mitigate any potential disadvantage for disabled people. 2. Implement recommendations made by the 2016 House of Lords Select Committee Report on the Equality Act 2010 and Disability, and by the Women and Equalities Committee, on enhancing the enforcement of the Equality Act 2010, both by removing deterrents to individuals bringing disability discrimination cases; and by measures which embed the monitoring and enforcement of relevant duties in the work of regulatory and inspection bodies. 3. Undertake an inquiry on the impact of COVID-19 on disabled people to examine why this group has carried such a heavy burden for the pandemic, including the scale of Covid-19 related deaths. 4. Establish a Covid-19 Disability Inclusive Response and Recovery Group, of experts by experience with disabilities and Disabled People’s Organisations, to ensure disabled people are central to decision-making on the economic and social recovery to the pandemic and guidance. 5. -
Subsumption, Derogation, and Noncontradiction in "Legal Science" Stanley L
Subsumption, Derogation, and Noncontradiction in "Legal Science" Stanley L. Paulsonf Law and Legal Science. J.W. HARRIS. The Clarendon Press; Oxford University Press, New York, 1979. Pp. x, 174. $22.00. Until recently, only a few of the leading academic lawyers in England had looked with favor on Hans Kelsen's Pure Theory of Law.1 Sir Hersch Lauterpacht, writing that Kelsen's work was "a powerful contribution to legal thought, 2 was one of the few, and H.L.A. Hart, who described Kelsen as "the most stimulating writer on analytical jurisprudence of our day,"$ was another. Neither, however, was typical. The international lawyer Lauterpacht had been Kelsen's student in Vienna and was a convinced proponent of Kelsen's "monistic" view of the relation between international and domestic law,4 while Hart was-then as now-the leading legal theorist in the English-speaking world and a philosopher in his own right. Most English jurists, like their counterparts in America, followed C.K. Allen's suggestion that Kelsen's aim to reduce the law "to a scheme of purely intellectual conceptions," was a "barren task" offering little understanding of how "[i]aw touches actual life."5 Judging by recent work in legal philosophy in England, partic- ularly at Oxford, the scene has changed a bit. The opinions of Al- len and others on the Pure Theory are nowhere evident in the t Alexander von Humboldt Foundation Fellow, Faculty of Law, Free University of Berlin; Associate Professor of Philosophy, Washington University (St. Louis). I The leading work on the Pure Theory is H. -
COVID-19 and the Use and Scrutiny of Emergency Powers
HOUSE OF LORDS Select Committee on the Constitution 3rd Report of Session 2021–22 COVID-19 and the use and scrutiny of emergency powers Ordered to be printed 2 June 2021 and published 10 June 2021 Published by the Authority of the House of Lords HL Paper 15 Select Committee on the Constitution The Constitution Committee is appointed by the House of Lords in each session “to examine the constitutional implications of public bills coming before the House; and to keep under review the operation of the constitution and constitutional aspects of devolution.” Membership The Members of the Constitution Committee are: Baroness Corston Baroness Fookes Lord Sherbourne of Didsbury Baroness Doocey Lord Hennessy of Nympsfield Baroness Suttie Baroness Drake Lord Hope of Craighead Baroness Taylor of Bolton (Chair) Lord Dunlop Lord Howarth of Newport Lord Faulks Lord Howell of Guildford Declarations of interests A full list of Members’ interests can be found in the Register of Lords’ Interests: https://members.parliament.uk/members/lords/interests/register-of-lords-interests/ Publications All publications of the committee are available at: https://committees.parliament.uk/committee/172/constitution-committee/ Parliament Live Live coverage of debates and public sessions of the committee’s meetings are available at: http://www.parliamentlive.tv Further information Further information about the House of Lords and its committees, including guidance to witnesses, details of current inquiries and forthcoming meetings is available at: http://www.parliament.uk/business/lords Committee staff The current staff of the committee are Michael Torrance (Clerk), Ava Mayer (Policy Analyst) and Dan Weedon (Committee Assistant). -
National Resource Center for American Indian, Alaska Native, and Native Hawaiian Elders
National Resource Center for American Indian, Alaska Native, and Native Hawaiian Elders Year 2: Qualitative Report Alaska Native Elders and Abuse: Creating Harmony by Voicing Traditions of Listening Prepared by Kathleen Graves, Ph.D. Louise Shavings, BSW Elizabeth Rose Stacy L. Smith, MFA (Editor) Cheryl Easley, Ph.D. Dean, College of Health and Social Welfare University of Alaska Anchorage Kanaqlak (George P. Charles), Ph.D. Center Director October 2005 Funding for this project is provided by a grant, No. 90AM2752, from the Administration on Aging (AoA), Department of Health and Human Services, Washington, DC. The information in this paper does not reflect the opinion of the Administration on Aging. Also supported in part by the Alaska Native Science Research Partnerships for Health under Grant No. R24 MD000499-01, 02, 03 National Institutes of Health, National Center from Minority Health and Health Disparities. 1 January 2006 Dear Reader: The National Resource Center for American Indian, Alaska Native, and Native Hawaiian Elders (NRC) at the University of Alaska Anchorage (UAA) has completed its second year and is pleased to send you its four papers: (1) Alaska Native Elders and Abuse: Creating Harmony by Voicing Traditions of Listening; (2) Achieving Best Practices in Serving Alaska Native and American Indian Elders; (3) Achieving Best Practices in Long Term Care for Alaska Native and American Elders; and (4) Boarding School: Historical Trauma among Alaska’s Native People. These papers are intended to provide information to decision makers on all levels in the Alaska Native community statewide and regionally, to the State of Alaska, to various federal offices in Washington, D.C., to all Title VI programs and to all the federally recognized tribes so that culturally appropriate Elder health care services and programs can be designed and implemented with input from the Elders themselves. -
Chapter IX — Report of the International: Sixty-Eighth Session
A/71/10 Chapter IX Jus cogens A. Introduction 97. At its sixty-seventh session (2015), the Commission decided to include the topic “Jus cogens” in its programme of work and appointed Mr. Dire Tladi as Special Rapporteur for the topic.1288 The General Assembly subsequently, in its resolution 70/236 of 23 December 2015, took note of the decision of the Commission to include the topic in its programme of work. B. Consideration of the topic at the present session 98. At the present session, the Commission had before it the first report of the Special Rapporteur (A/CN.4/693), which sought to set out the Special Rapporteur’s general approach to the topic and, on that basis, to obtain the views of the Commission on its preferred approach, and to provide a general overview of conceptual issues relating to jus cogens (peremptory norms of international law). 99. The Commission considered the first report at its 3314th to 3317th, and 3322nd and 3323rd meetings, from 4 to 8, and 18 and 19 July 2016. 100. At its 3323rd meeting, on 19 July 2016, the Commission referred draft conclusions 1 and 3, as contained in the Special Rapporteur’s first report, to the Drafting Committee. 101. At its 3342nd meeting, on 9 August 2016, the Chairperson of the Drafting Committee presented an interim report of the Drafting Committee on “Jus cogens”, containing the draft conclusions it provisionally adopted at the sixty-eighth session. The report was presented for information only, and is available on the Commission’s website.1289 1. -
COVID-19: Implementation of Easements
COVID-19: Implementation of Easements This resource has been prepared for tri.x customers. Its purpose is to support practitioners and managers on the frontline when the local authority has decided to implement some or all of the easements to the Care Act 2014 set out in sections 14 and 15 of the Coronavirus Act 2020. It provides information about carrying out revised adult care and support duties and functions, and which procedures this is likely to have an impact upon. Use the Contents list on the following page to find the information you are looking for. Updated 13.10.20 NOTE: If your local authority is managing to sustain all duties under the Care Act this guidance does not apply. Key decision makers should see Care Act easements: guidance for local authorities for guidance on deciding whether/when to apply the easements. Contents 1. Making Decisions-key section to be read by all 2. General Responsibilities of the Care Act 3. Safeguarding and Risk Assessment 4. Referrals and Assessment 5. Eligibility 6. Meeting Needs 7. Review/Revision of Plans 8. Transition 9. Financial Assessment & Charging 10. NHS Continuing Healthcare 11. Hospital Discharge 12. Continuity of Care Arrangements 13. Protecting Moveable Property and Belongings 14. End of Life 15. No Recourse to Public Funds 16. AHMP Appendix 1: Government Guidance Links 1. Making Decisions Local authorities will still be expected to do as much as they can to comply with their powers to meet needs during any period of easement and the duty of care they have towards an individual’s risk of serious neglect or harm still remains. -
William Wragg MP Chairman Public Administration and Constitutional Affairs Committee House of Commons 26 August 2020
Edward Argar MP Minister of State for Health 39 Victoria Street London SW1H 0EU 020 7210 4850 William Wragg MP Chairman Public Administration and Constitutional Affairs Committee House of Commons 26 August 2020 Dear William, Thank you for your letter of 16 July with some follow-up questions, further to the appearance of the Paymaster General and myself, along with senior officials from the Department of Health and Social Care and the Cabinet Office before your committee on 14 July. May I apologise for the delay in responding to your letter, however, there were a number of detailed questions within it, and we have used the time to give you answers which are as detailed as possible. I have provided a response to your further points below, covering the matters for which my Department are responsible. I understand The Paymaster General has replied separately. Ministerial responsibilities I know that Paymaster General has responded to your question about ministerial responsibilities across government as a whole. In addition to the strategic direction provided by the Secretary of State, I have attached a list of DHSC ministers’ Covid and non-Covid ministerial responsibilities at Annex A. Exercise Cygnus Question 103 was about Exercise Cygnus which as the committee will be aware was conducted in 2016, with its findings circulated to relevant Ministers in 2017. The release of the Exercise Cygnus report is currently under review and Ministers will be making a decision shortly – for this reason, I am not currently able to share a copy with the committee. I can, however, confirm that Government accepted the lessons identified by Exercise Cygnus which, along with learning from previous pandemics, infectious disease outbreaks and incidents, and other preparedness exercises, continue to inform work undertaken by Government and a range of stakeholders, including expert advisory groups and local emergency planners. -
The Impact of the Pandemic on Disabled People
Prynhawn da - Good afternoon!1 The impact of the pandemic on disabled people So much more than Covid-19 Ann N.James 2 Crossing the Rubicon(1) ➢ 30th January 2020 WHO declares Public Health Emergency of International Concern ➢ 3rd March 2020 Covid Plan published by UK Government and Devolved adminsitrations (1) Increasingly apparent – UK Nations are not equipped for a pandemic ➢ Weak Public Health Services - Decimated by austerity and organisational changes - Essential Equipement for a Respiratory Virus not available - Depleted NHS workforce - Fragmented Social Care workforce 3 Crossing the Rubicon(2) “We prepared for the wrong pandemic”(2) Jeremy Hunt Former Secretary of State for Health and Social Care, UK. 4 Crossing the Rubicon(3) Welsh Government in lockstep with UK Government Divergence limited by devolution settlement and geography Consequently, Covid-19 impact similar across the nations of the UK Highest death rates per 100,000 5 Crossing the Rubicon(4) UK Strategy one of containment and delay not suppression Strategy exacerbated by indecisiveness Results in catastrophic loss of life and illness Death rates from SE Asia, New Zealand and Australia tell us this was not inevitable 6 Legislating for Coronavirus Coronavirus Act 2020 receives Royal Assent on the 25th March Four nations suspend a raft of legilslative duties and powers Described as the ‘most draconian legislation in peace time’(3) In relation to social care, it allows for the relaxing of duties and powers relating to assessment, and meeting needs for care and -
Local Authority Byelaws
BRIEFING PAPER Number 01817, 1 March 2016 By Mark Sandford Local authority byelaws Inside: 1. Introduction 2. Making byelaws 3. Confirming authorities 4. Reform of byelaw procedure: England 5. Reform of byelaw procedure: Wales www.parliament.uk/commons-library | intranet.parliament.uk/commons-library | [email protected] | @commonslibrary Number 01817, 1 March 2016 2 Contents Summary 3 1. Introduction 4 2. Making byelaws 6 2.1 The purposes of byelaws 6 2.2 The original procedure 6 2.3 The new procedure 7 2.4 Model byelaws 8 3. Confirming authorities 9 3.1 Byelaws falling within DCLG’s responsibility 9 3.2 DEFRA 10 3.3 Department for Transport 10 3.4 DCMS 10 3.5 Department of Health 10 3.6 Home Office 11 4. Reform of byelaw procedure: England 12 4.1 Policy background to the 2015 reforms 12 4.2 Proposed new arrangements under the Labour government 12 4.3 Coalition Government proposals 13 5. Reform of byelaw procedure: Wales 15 Contributing Authors: Mark Sandford Cover page image copyright: Other mechanical contrivances by Tim Green. Licensed under CC BY 2.0 / image cropped. 3 Local authority byelaws Summary Local authorities and certain other bodies have powers under various Acts of Parliament to make byelaws, which are essentially local laws designed to deal with local issues. At present, byelaws must be approved by central government before they can be brought into force. Their revocation also requires the intervention of central government and they are enforced through the magistrates’ courts. Powers over byelaw procedure are devolved to Scotland, Wales and Northern Ireland.