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Lessons Learned: Jenni Lecompte, Mercedes Cardona

Journal of Financial Crises

Jenni LeCompte was deputy assistant secretary in charge of public affairs operations at the Treasury Department during the Global Financial Crisis and later became assistant secretary, public affairs. She coordinated communications, served as a spokesperson, and advised Secretary Timothy Geithner during the crisis. This “Lessons Learned” is based on an interview with Ms. LeCompte.

Editorial, Teresa R. Behrens

The Foundation Review

No abstract provided.

Walking The Talk On Sustainable Development Goals: The Case Of Community Foundations In Canada, Marta Rey-Garcia, Rosane Dal Magro

The Foundation Review

The United Nations 2030 Agenda creates an opportunity for philanthropic foundations to become more collaborative and transformative in their work toward global goals. Thus, since 2016, the extent to which foundations adopt the Sustainable Development Goals framework in their functioning has become a topic of interest. Although survey- and case-based research shows increased rates of self-reported adoption and several tools are available to help foundations to act toward the goals, there is a lack of systematic evidence about the purposes of and processes for adopting the goals among foundations.

This void is particularly relevant for community foundations, as they have …

Where To Start? A Tool For Thinking About The Sdgs And Community Foundation Work, Katie Leone, Tessa Lesage

The Foundation Review

The merits of advancing the United Nations Sustainable Development Goals are widely agreed upon by the global community, but designing and applying strategies to do so at the local level can be challenging. This article aims to support community foundations in moving the 2030 Agenda for Sustainable Development forward in practical ways by exploring the use of a point-of-entry wheel to create a shared language that can help community foundations align their local efforts with the global goals.

Since 2012, Collaboratory has been exploring the potential for integrating sustainability — encompassing economic, social, and environmental pillars — as a strategic …

Executive Summaries

The Foundation Review

No abstract provided.

Full Issue

The Foundation Review

No abstract provided.

A Case Study On The Use Of The Sdgs With A Collective Impact Initiative In Southwest Florida, Tessa Lesage, Aysegul Timur, Dakota Pawlicki

The Foundation Review

The United Nations Sustainable Development Goals can be a useful framework on which to design, evaluate, and communicate collective impact initiatives. Using as a case study the FutureMakers Coalition, a collective impact initiative launched by the Southwest Florida Community Foundation to transform its region’s workforce, the field can gain insights into how the goals can strengthen collective impact work locally and nationally.

This article will discuss how the foundation facilitated the setting of a common agenda and the use of the Sustainable Development Goals to help build consensus among 251 active partners on how to measure progress toward the coalition’s …

Back Matter

The Foundation Review

No abstract provided.

Doing Philanthropy At The Time Of The Sustainable Development Goals: The Case Of Fondazione Compagnia Di San Paolo, Fulvio Bersanetti, Filippo Candela, Paolo Mulassano

The Foundation Review

This article outlines how strategic philanthropy can align its mission with the United Nations 2030 Agenda for Sustainable Development by describing the experience of the most important foundation of banking origin in Italy. Fondazione Compagnia di San Paolo marked a milestone in 2020 in aligning with the Agenda, applying the Sustainable Development Goals as a rigorous, internationally shared methodological framework and restructuring its operations to focus on three programmatic efforts — Planet, People, and Culture — aligned with those goals.

To complete our examination of this transformation, we conducted a benchmark analysis involving nine case studies of foundations in Europe …

De La Promesa De Los Objetivos De Desarrollo Sostenible A La Acción: El Caso De Las Fundaciones Comunitarias En Canadá, Marta Rey-Garcia, Rosane Dal Magro

The Foundation Review

La Agenda 2030 de las Naciones Unidas crea una oportunidad para que las fundacionesfilantrópicas sean más colaborativas ytransformadoras en su trabajo hacia los objetivosglobales. Así, desde 2016, el grado en que lasfundaciones adoptan el marco de los Objetivos de Desarrollo Sostenible en su funcionamiento se ha convertido en un tema de interés. Aunque lasinvestigaciones basadas en encuestas y casosmuestran un aumento de las tasas de adopción por parte de las fundaciones y existen variasherramientas para ayudarlas a actuar en pro delos objetivos, faltan pruebas sistemáticas sobrelos propósitos y los procesos de adopción de losODS entre las fundaciones.

Este vacío es …

Front Matter

The Foundation Review

No abstract provided.

Localizing The 2030 Agenda With Community Data: Lessons From The Community Foundations Of Canada’S Vital Signs Program, Beth Timmers, Alison Sidney

The Foundation Review

Drawing on case studies in Canada, this article analyzes the critical role that community indicators can play in philanthropy’s ability to localize the United Nations 2030 Agenda for Sustainable Development and the associated Sustainable Development Goals to address complex societal and environmental challenges.

Measurement is an integral component of Agenda 2030, and communities are increasingly using indicators to align their plans, inform granting decisions, and track equity and sustainability outcomes. Canada’s most extensive community-driven indicator program, Vital Signs, uses different types of data to measure the vitality of a community and support action toward improving collective quality of life; and …

The Transformative Power Of The 2030 U.N. Sustainable Development Goals, Anna Wasescha, Christa Otteson, Sarah Casey

The Foundation Review

West Central Initiative, a mostly rural community foundation and regional development organization in Minnesota, integrated the United Nations 17 Sustainable Development Goals into its strategic plan in 2019. This article explores how aligning the U.N. goals with the foundation’s “nested strategy” of local, regional, and global goals has aligned and energized the disparate functions of the organization.

This article describes the strategic planning process that led to adoption of the goals, articulates how they have helped evolve the interplay of economic development and philanthropy, and identifies lessons learned from the first two years of working with the goals.

Focusing on …

Broken Nest: Deterring China From Invading Taiwan, Jared M. Mckinney, Peter Harris

The US Army War College Quarterly: Parameters

Deterring a Chinese invasion of Taiwan without recklessly threatening a great-power war is both possible and necessary through a tailored deterrence package that goes beyond either fighting over Taiwan or abandoning it. This article joins cutting-edge understandings of deterrence with empirical evidence of Chinese strategic thinking and culture to build such a strategy.

Sherman And His Historians: An End To The Outsized Destroyer Myth?, Mitchell G. Klingenberg

The US Army War College Quarterly: Parameters

For years, scholars have viewed the career of William Tecumseh Sherman in light of an antiquated destroyer myth and neglected his memoirs, which were written as a military textbook. This essay reviews Sherman’s legacy and literature, both of which contributed to the advancement of modern military thought. His experiences may serve as a prescriptive text to servicemembers, providing critical lessons on military warfare and philosophy still relevant today.

The Air Littoral: Another Look, Maximilian K. Bremer, Kelly A. Grieco

The US Army War College Quarterly: Parameters

Assessing threats to the air littoral, the airspace between ground forces and high-end fighters and bombers, requires a paradigm change in American military thinking about verticality. This article explores the consequences of domain convergence, specifically for the Army and Air Force’s different concepts of control. It will assist US military and policy practitioners in conceptualizing the air littoral and in thinking more vertically about the air and land domains and the challenges of domain convergence.

Lessons Learned: Matthew Kabaker, Yasemin Esmen

Journal of Financial Crises

During the Global Financial Crisis of 2007-09, Matthew Kabaker was senior adviser to Treasury Secretary Timothy F. Geithner and Treasury deputy assistant secretary, capital markets. He helped design the Treasury’s policy response to the financial crisis; design and implement the Dodd-Frank financial reforms; and address housing finance reform, including reforms at Fannie Mae and Freddie Mac. Mr. Kabaker also served on the Treasury’s Financial Stability Policy Council and Housing Policy Council. This Lessons Learned summary is based on an interview with Mr. Kabaker.

Lessons Learned: William “Bill” Dudley, Sandra Ward

Journal of Financial Crises

William “Bill” Dudley was the executive vice president of the Federal Reserve Bank of New York’s Markets Group from 2007–09 and vice chairman of the Federal Open Market Committee from 2009 to 2018. In January 2010, Dudley was named the 10th president of the New York Fed, succeeding Timothy Geithner. This Lessons Learned summary is based on an interview with Mr. Dudley.

The Us Supervisory Capital Assessment Program (Scap) And Capital Assistance Program (Cap), Aidan Lawson

Journal of Financial Crises

Due to continued stress during the Global Financial Crisis, the US Treasury released a series of additional measures in February 2009 that included a mandatory stress test for major U.S. bank holding companies (BHCs), backed by government capital. The stress test, known as the Supervisory Capital Assessment Program (SCAP), tested the capital adequacy of the 19 U.S. BHCs that had more than $100 billion in assets. A large interagency team of regulators and other experts estimated losses and income under two hypothetical scenarios for the group of BHCs: a baseline that reflected the consensus belief about the course of the …

Us Capital Purchase Program, Aidan Lawson, Adam Kulam

Journal of Financial Crises

During the fall of 2008, the US government was faced with a financial crisis of unprecedented scope. Having already exercised the authority to put Fannie Mae and Freddie Mac into conservatorship in September, the stage was set for the US government to intervene more broadly in strained financial markets. This intervention would ultimately come in the form of the Emergency Economic Stabilization Act of 2008 (EESA), which was passed on October 3, 2008. The main provision of EESA was the Troubled Asset Relief Program, or TARP, a $700 billion program initially designed to purchase troubled assets off the balance sheets …

Us Reconstruction Finance Corporation: Preferred Stock Purchase Program, Aidan Lawson

Journal of Financial Crises

By March 1933, the early collateralized lending programs of the Reconstruction Finance Corporation (RFC) had failed to prevent the recurrence of bank runs and panic in US financial markets. These conditions forced newly elected President Franklin Delano Roosevelt to call for a nationwide bank holiday from March 6 to March 9. On the final day of the holiday, a special session of Congress passed the Emergency Banking Act (EBA), which gave the RFC the power to make investments via preferred equity of distressed institutions. Under the EBA, the RFC could subscribe to and make loans on cumulative non-assessable preferred stock …

Uk Bank Recapitalisation Scheme, Alec Buchholtz

Journal of Financial Crises

Following the collapse of Lehman Brothers and the ensuing global credit crunch in late 2008, Her Majesty’s Treasury (HMT) announced a large economic package to provide support to the UK banking sector. As part of the package, the eight largest banks committed themselves to raising their total Tier 1 capital by £25 billion through either private fundraising or government assistance. Thus, the economic package featured a new Bank Recapitalisation Scheme to invest up to £50 billion in capital into UK banking and credit institutions that could not raise their assets in the private sector. Government capital was invested into either …

Thailand Capital Support Facilities 1998, Adam Kulam

Journal of Financial Crises

After the floatation of the baht on July 2, 1997, the Thai economy endured a financial crisis from massive currency devaluation, exchange rate losses, and non-performing loans (NPLs). In response, the Thai government employed two types of restructuring programs: (1) the alleviation of NPLs and distressed assets, (2) the correction of financial institution insolvency and capital inadequacy. To help recapitalize private institutions with public funds, the government introduced tier-1 and tier-2 capital support facilities. The tier-1 facility aimed to attract private capital, and the tier-2 facility aimed to stimulate lending and corporate debt restructuring. Capital injections took the form of …

Sweden 1991 Bank Support Authority (Bankstödsnämnden), Natalie Leonard

Journal of Financial Crises

Sweden’s economic downturn and growing unemployment in the early 1990s led to increased uncertainty about banks’ risks. Turbulence in foreign exchange markets and speculation against the Swedish krona caused significant problems in the housing paper market. The ensuing banking crisis affected six of the seven largest Swedish banks. Loan losses peaked in 1992 at nearly SEK 80 billion while the banking sector recorded an operating loss of almost SEK 50 billion. In the fall of 1992, the government guaranteed all banks’ liabilities, took over two of the largest banks, and announced it would create the Bank Support Authority to manage …

Spain – Fondo De Reestructuración Ordenada Bancaria (Frob) Capital Injections, Priya Sankar

Journal of Financial Crises

The Spanish government created the Fondo de Reestructuración Ordenada Bancaria (FROB), known in English as the Fund for Orderly Bank Restructuring (FROB) in 2009 to perform temporary capital injections that facilitated the restructuring and mergers and acquisitions of struggling institutions. The FROB used preferred shares, ordinary shares, and contingent convertible bonds to recapitalize struggling Spanish credit institutions. The FROB injected a total of €54.4 billion of capital in three rounds. FROB I in 2010 injected capital to support the mergers of 25 insolvent regional savings banks, or cajas, into seven larger, more solvent banks through the subscription of convertible preferred …

Russian Bank Capital Support Program, Sean Fulmer

Journal of Financial Crises

At the start of 2014, the Russian Federation had experienced several years of decelerating growth rates as a result of weak investment, poor governance, and failed structural reforms. During 2014, the dual shocks of rapidly declining oil prices and increasingly stringent international sanctions led to significant financial instability, as Russian firms lost access to international markets and net capital outflows accelerated. As part of the response to this crisis, the Russian government unveiled a RUB 1 trillion (US $17.2 billion) bank capital support program, which it later revised down to RUB 838 billion. The program, operated by the Deposit Insurance …

Polish Fundusz Pomocy Instytucjom Kredytowym, Junko Oguri

Journal of Financial Crises

Between September and December 1925, the Second Polish Republic faced a so-called twin-crisis: the złoty, the Polish currency, collapsed, and the financial system faced bank runs and flights of deposits. On November 28, 1925, the Polish Government established Polish Fundusz Pomocy Instytucjom Kredytowym (FPIK), injecting over PLN 60 million capital through Bank Gospodarstwa Krajowego (BGK), a national development bank. The government-led capital injection scheme kept supporting the unstable Polish financial system during the inter-war period. Furthermore, in the 1930s, the FPIK served not only the large banks but also smaller financial institutions, and sometimes, non-financial companies. While the FPIK successfully …

Norwegian State Finance Fund (Gfc), Natalie Leonard

Journal of Financial Crises

Following the Lehman Brothers bankruptcy in September 2008, Norway’s banking system experienced a significant liquidity squeeze. Norwegian banks had relied extensively on short-term funding from foreign funding markets and as the financial crisis evolved, foreign funding dried up. To alleviate pressure, Norwegian authorities responded with a number of emergency programs. In early 2009, the government created the State Finance Fund (SFF) to recapitalize banks. The SFF was capitalized with a NOK 50 billion ($7.07 billion) equity investment from the Finance Ministry. In total, 34 banks applied for capital injections totaling NOK 6.7 billion. By the end of 2009, six banks …

Norway – Gbif/Sbif (Nordic Crisis 1991), Priya Sankar

Journal of Financial Crises

Privately owned banks had funded the Savings Bank Guarantee Fund (SBGF) and Commercial Bank Guarantee Fund (CBGF) between 1921-1938 to provide guarantees and capital injections to struggling banks. Bank legislation in 1961 made participation in such guarantee funds compulsory for all Norwegian banks, and they were reorganized according to that law. However, after banks began to struggle in the late 1980s, the two funds quickly ran out of resources. The Norwegian Parliament (Storting) created the Government Bank Insurance Fund (GBIF) in March 1991 to loan money to the two funds. They both quickly incurred unsustainable amounts of debt to the …

Asset Management Corporation Of Nigeria (Amcon) Capital Injection, Pascal Ungersboeck, Corey N. Runkel

Journal of Financial Crises

Nigeria experienced the Global Financial Crisis as a dramatic decline in the price of crude oil and a burst stock market bubble. These losses were compounded by a high level of margin lending, resulting in large numbers of nonperforming loans (NPLs) for Nigerian banks. The government established the Asset Management Corporation of Nigeria (AMCON) in July 2010 to purchase NPLs and inject capital into insolvent banks. AMCON injected a total of ₦2.3 trillion (US$15.3 billion) in capital into eight different financial institutions. Five capital injections were designed to bring failing banks to zero net asset value and allow them to …