Public Administration Commons^™

The Soft Stuff Doesn’T Have To Be Hard: Foundation Investments In Grantee Workers Are Necessary, Valuable, And Measurable, Rusty Stahl

The Foundation Review

There is an urgent need for funder investments in the ability of grantee nonprofit organizations to support their staff. Such investments, when done well, can yield significant value for individuals, organizations, and fields of work or movements. Furthermore, the value of these investments can be evaluated and communicated.

This article explores the reasons for and implications of the inadequate response by funders, offers a path forward for designing investments in grantee staff, and documents how funders can capture and communicate the value of these “talent investments.”

Powerful myths serve as barriers to widespread funder investment in grantee staff, and the …

Book Review: In Defence Of Philanthropy, Nabih Haddad

The Foundation Review

No abstract provided.

Back Matter

The Foundation Review

No abstract provided.

Executive Summaries

The Foundation Review

No abstract provided.

Learning As We Go: How Emergent Process Supports Sustainable Community And Philanthropic Change, Elizabeth Myrick, Rachel Mosher-Williams, Laurie Zierer

The Foundation Review

Beginning in 2014, PA Humanities, one of 56 state and territorial humanities councils across the country, drew upon the work of Orton Family Foundation to deploy the Community Heart & Soul method, which centers community planning and civic engagement around connecting people to each other, and to the many assets of the places they live, through individual storytelling and collective narrative building.

Between 2015 and 2018, PA Humanities awarded matching grants to three locations in Pennsylvania — Greater Carlisle, Meadville, and Williamsport — to pilot PA Heart & Soul, a humanities-based, resident-driven community planning process that cultivates a shared sense …

Tfr 14.3 Full Issue

The Foundation Review

No abstract provided.

Editorial, Teresa R. Behrens

The Foundation Review

No abstract provided.

Running For Office 101, William Sullivan Jd

The Journal of the Michigan Dental Association

The pull-out section presents the MDA resources and support available from the MDA for members considering public service. It discusses the importance of having dentists in the Michigan Legislature and provides a guide to encourage dentists to run for public office. Running for public office is a significant decision, and the guide "Running for Office 101," offers information and insights for potential candidates.

Lessons Learned: Zeti Akhtar Aziz, Maryann Haggerty

Journal of Financial Crises

Zeti Akhtar Aziz, a Malaysian economist, was governor of Bank Negara Malaysia, her nation’s central bank, from 2000 to 2016; prior to that, she was acting governor and deputy governor. Dr. Zeti was a key leader in Malaysia’s response to the Asian financial crisis of 1997¬-98, as well as the financial sector restructuring that followed. This “Lessons Learned” summary is based on a 2022 interview with Dr. Zeti. At the time of the interview, she was co-chair of the board of governors of the Asia School of Business in Kuala Lumpur, which is a partnership between Bank Negara and the …

Lessons Learned: Mark Van Der Weide, Matthew A. Lieber

Journal of Financial Crises

With more than two decades of continuing service at the Federal Reserve Board, Mark Van Der Weide brings a unique insider perspective on central bank policymaking before, during, and after the Global Financial Crisis (GFC), including the Fed’s response to the COVID-19 pandemic in 2020. From 1998 to 2009, Van Der Weide served in the Fed’s legal division. De-tailed to the Treasury Department in 2009, he helped draft the Dodd-Frank Wall Street Re-form and Consumer Protection Act of 2010. Back at the Fed in 2010, Van Der Weide served for eight years in the Division of Supervision and Regulation, where …

Lessons Learned: David Wilcox, Mercedes Cardona

Journal of Financial Crises

David Wilcox was the deputy director of the Division of Research and Statistics of the Federal Reserve Board of Governors during the Global Financial Crisis of 2007-¬09. He assisted in developing the Federal Reserve policy response that ultimately stabilized the economy by providing insight into the economic and financial outlook to the Federal Open Market Committee (FOMC) prior to each of its policy-setting meetings. Wilcox became director of the division in 2011 and served in that role through 2018, acting as the division’s chief economist, manager, and the senior adviser to three Fed chairs. After leaving the Fed, he joined …

Lessons Learned: Brooksley Born, Maryann Haggerty

Journal of Financial Crises

Brooksley Born, a lawyer with decades of experience in derivatives law, served as chair of the Commodity Futures Trading Commission (CFTC) from 1996 to 1999. At the CFTC, she advocated for federal regulation of the over-the-counter derivatives (OTC) market, but legislation failed to pass. The OTC derivatives market had a central role in the Global Financial Crisis of 2007-09. Born, who returned to private practice after her CFTC term, served as a commissioner on the US Financial Crisis Inquiry Commission, which investigated the causes of the crisis and issued its report in January 2011. This “Lessons Learned” is based on …

Lessons Learned: Michael Silva, Mercedes Cardona

Journal of Financial Crises

Michael Silva was chief of staff to then-President of the Federal Reserve Bank of New York (FRBNY) Timothy Geithner from 2006 to 2009, including the early stages of the Global Financial Crisis (GFC). As such, Silva was critical in the coordination of personnel and information during the GFC, specifically during the period when the FRBNY was addressing liquidity stresses in the bank sector, including the bailout of Bear Stearns, the failure of Lehman Brothers, and the rescue of American International Group. When Geithner became President Barack Obama’s Treasury Secretary in 2009, Silva became chief of staff to his successor at …

United States: Main Street Lending Program, Steven Kelly

Journal of Financial Crises

In March 2020, as the COVID-19 pandemic caused slowdowns and disruptions to economic activity, businesses faced disruptions to their revenues and experienced increased demand for credit. Yet, as the pandemic worsened the economic outlook, banks tightened credit. Starting on March 17, the Federal Reserve rolled out several emergency programs aimed at capital markets. Most of these programs tended to benefit relatively large companies. On March 23, the Fed said it would introduce a program targeting small and mid-sized companies. On April 9, 2020, the Federal Reserve announced its first design iteration of the novel Main Street Lending Program (MSLP). The …

Lessons Learned: Scott G. Alvarez, Esq., Part 2, Steven Kelly

Journal of Financial Crises

Scott G. Alvarez was general counsel of the Federal Reserve Board during the Global Financial Crisis (GFC). He met with the Yale Program on Financial Stability (YPFS) to discuss a litany of legal aspects related to the Fed’s interventions under its emergency liquidity provision authority under Section 13(3) of the Federal Reserve Act. We summarize some highlights from our interview with Mr. Alvarez. The transcript of this interview, conducted in April 2022, and one from an earlier Lessons Learned interview, in December 2018

United States: Paycheck Protection Program Liquidity Facility, Steven Kelly

Journal of Financial Crises

In the early days of the COVID-19 pandemic, the US Congress passed and funded the Paycheck Protection Program (PPP) to help small businesses facing business disruptions keep workers on their payrolls and meet other expenses. The PPP, signed into law on March 27, 2020, provided a mechanism for authorized lenders to extend concessionary, forgivable loans guaranteed by the Small Business Administration (SBA). Lenders ultimately extended approximately $800 billion in PPP loans. The SBA distributed the funds when the loan either defaulted or met the law's terms for SBA forgiveness. To buttress lenders' ability to fund PPP loans, the Federal Reserve …

United States: Municipal Liquidity Facility, Steven Kelly

Journal of Financial Crises

In March 2020, the COVID-19 pandemic caused severe financial stress for state and local municipalities. Municipalities' public health responses led to material increases in expenditures. At the same time, many municipalities faced revenue delays and declines due to extended tax deadlines and disruptions in taxable economic activity. Institutional investors also put heavy selling pressure on municipal bonds. In response to stresses in the municipal financing market, the Federal Reserve invoked its Section 13(3) emergency lending authority and created the Municipal Liquidity Facility (MLF). The Fed created the facility to backstop municipal entities' access to capital markets to help them manage …

United States: Primary Dealer Credit Facility, Carey K. Mott

Journal of Financial Crises

In March 2020, the uncertain outlook for the United States in the face of the COVID-19 pandemic prompted extremely high demand for cash and near-cash assets. Amid intense selling pressure from investors, securities dealers were unable to fully absorb the high volume of trade orders into their inventory due to balance sheet capacity and funding constraints. As dealer capacity declined and demand for liquidity continued rising, volatility spread to the critical and normally highly liquid market for US Treasury securities, prompting the Federal Reserve to increase open market operations (March 12) and begin historically large purchases of US Treasuries (March …

United States: Term Asset-Backed Securities Loan Facility Ii, Lily S. Engbith

Journal of Financial Crises

The outbreak of the COVID-19 pandemic in early 2020 caused widespread economic uncertainty, prompting government officials to act swiftly to combat potentially severe fallout. On March 23, 2020, the Federal Reserve announced a series of monetary policy measures and established several emergency lending facilities to assist the US economy. Among these, the Fed revived the Term Asset-Backed Securities Loan Facility (TALF), a Global Financial Crisis (GFC)-era facility that used a special purpose vehicle (SPV) to encourage the issuance of asset-backed securities (ABS). Its main purpose was to restore the flow of credit to households and businesses. TALF II made $100 …

United States: Money Market Mutual Fund Liquidity Facility, Carey K. Mott, Mallory Dreyer

Journal of Financial Crises

At the onset of the COVID-19 pandemic in March 2020, prime and tax-exempt money market funds (MMFs) faced increased demands for redemption. Meeting redemptions required MMFs to sell assets into increasingly illiquid markets. Using the emergency authority outlined in Section 13(3) of the Federal Reserve Act, the Board of Governors of the Federal Reserve established the Money Market Mutual Fund Liquidity Facility (MMLF), a facility similar in structure and purpose to a program that the Fed implemented in 2008 amidst the Global Financial Crisis (GFC). The MMLF extended nonrecourse loans to banks and their affiliates for the purchase from some …

United States: Commercial Paper Funding Facility Ii, Lily S. Engbith

Journal of Financial Crises

The outbreak of the COVID-19 pandemic in early 2020 caused widespread economic uncertainty, prompting government officials to act swiftly to combat potentially severe fallout. On March 17, 2020, the Board of Governors of the Federal Reserve announced the revival of the Commercial Paper Funding Facility (CPFF), a program that the government had utilized during the Global Financial Crisis (GFC) to provide a liquidity backstop to domestic issuers of commercial paper (CP). As with the first iteration of the program, the Federal Reserve Bank of New York (FRBNY) funded a special purpose vehicle (SPV) to purchase highly rated, US dollar-denominated CP, …

United States: Primary Market Corporate Credit Facility And Secondary Market Corporate Credit Facility, Natalie Leonard

Journal of Financial Crises

The COVID-19 pandemic reached a critical stage in early 2020 causing severe distress and disruption in financial markets, and the United States government declared a federal state of emergency in the second week of March. As institutional investors including mutual funds, pension funds, and insurance companies withdrew from corporate bond markets and funding options for large US businesses dried up, the Federal Reserve became concerned that solvent businesses might have difficulty financing their operations. On March 23, the Federal Reserve Board invoked Section 13(3) of the Federal Reserve Act, creating two novel emergency lending facilities to support the corporate bond …

United Kingdom: Covid Corporate Financing Facility, Adam Kulam

Journal of Financial Crises

During the COVID-19 crisis, sterling-denominated money markets froze, and otherwise-healthy companies were shut out of short-term, wholesale funding markets. To unfreeze these markets, the UK government announced a series of corporate funding measures. One of the measures was the Covid Corporate Financing Facility (CCFF), which enabled the Bank of England (BoE), acting on behalf of Her Majesty's Treasury's, to purchase commercial paper (CP) on primary and secondary markets from eligible dealers. The purpose of the CCFF was to provide stopgap wholesale funding to large, financially healthy firms while preserving British banks' capacity to serve small and medium-sized companies. Under the …

Thailand: Bond Stabilization Fund, Corey N. Runkel

Journal of Financial Crises

Early in the COVID-19 crisis, non-financial businesses grew concerned that they would be unable to roll over their maturing bonds. To calm corporate debt markets, the Bank of Thailand (BOT) announced the Bond Stabilization Fund (BSF) on March 22, 2020. The BSF planned to purchase newly issued commercial paper from viable companies that could not roll over their maturing bonds. However, the program was not used. The BOT, seeking to avoid public criticism for directly supporting large corporations, imposed restrictions that made the program less attractive to borrowers. The main deterrent to participation was the requirement that borrowers must have …

United Kingdom: Asset Purchase Facility, Adam Kulam

Journal of Financial Crises

The global outbreak of COVID-19 spurred investors to sell the British gilt in a synchronized fashion, which caused dysfunction in primary and secondary gilt markets. Yield spreads spiked, and primary dealers temporarily stepped back from dealing in gilts during a trading session on March 19, 2020. Liquidity premia were also high in non-gilt, fixed-income markets. That same day, the Bank of England (BoE) announced GBP 200 billion (USD 234 billion) of asset purchases through the Asset Purchase Facility (APF) to preserve liquidity in both gilt and corporate bond markets as part of larger efforts to prevent an undesirable tightening of …

Sweden: Corporate Bond Purchases, Carey K. Mott

Journal of Financial Crises

In the spring of 2020, corporate revenues in Sweden felt the direct effects of the coronavirus pandemic and the resulting public health measures. With future cash flows in question, many investors sold corporate debt for safe assets. Sweden's corporate bond market-particularly vulnerable to stress due to its heterogeneity, fragmentation, and lack of transparency-saw diminished liquidity. On March 19, 2020, the Sveriges Riksbank (Riksbank) announced it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme, announced three days earlier, that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article …

Sweden: Commercial Paper Purchases, Carey K. Mott

Journal of Financial Crises

In March 2020, governments took measures to curb the spread of the COVID-19 pandemic that significantly impacted corporate revenues. The uncertainty surrounding the pandemic drove investors out of corporate securities and into safe assets, complicating the ability of Swedish nonfinancial corporations to finance their operations. As the volume of commercial paper issuance dropped, the Sveriges Riksbank (Riksbank) announced on March 19, 2020, it would purchase commercial paper and corporate bonds as part of a much larger bond-buying scheme that included Swedish government, municipal, and covered bonds. It authorized the program under Chapter 6, Article 5 of the Sveriges Riksbank Act. …

South Korea: Corporate Liquidity Support Organization, Lily S. Engbith

Journal of Financial Crises

The spread of the COVID-19 pandemic in the early months of 2020 strained liquidity in short-term corporate funding markets around the world. In response, the Korean government enacted a variety of direct and indirect measures to promote the smooth flow of credit to households and businesses. Most of these measures focused on highly rated companies. Recognizing the need to extend assistance to lower-rated issuers, the Bank of Korea (BoK) invoked its authority under Article 80 of the Bank of Korea Act to establish and fund the Corporate Liquidity Support Organization, Co., Ltd., a special-purpose vehicle (SPV) authorized to purchase up …

Israel: Corporate Bond Purchase Program, Natalie Leonard

Journal of Financial Crises

By March 2020, the quickly spreading novel coronavirus began disrupting business activity and industry, generating uncertainty throughout the global economy. As financial panic spread, Israeli investors fled to liquidity, impacting equities, corporate bonds, and even Israeli treasury securities. As short-term horizon mutual funds experienced high withdrawals in the first few weeks of March, they were forced to sell corporate bonds. This increase in supply pushed corporate bond prices down, and yields spiked. Between March and May, domestic rating agencies downgraded 23 companies (12% of all rated companies), and by July 2020, yields remained in the double-digits for 23% of corporate …

Japan: Special Funds-Supplying Operations, Sharon M. Nunn

Journal of Financial Crises

The Bank of Japan responded to the COVID-19 economic downturn in March 2020 with several financial stability interventions. The Special Funds-Supplying Operations to Facilitate Financing in Response to the Novel Coronavirus (COVID-19) (SFSO) offered interest-free loans of up to one year in maturity to eligible financial institutions in an attempt to encourage broader lending to Japanese businesses and households. Counterparties could pledge as collateral a broad range of corporate and private debt, including corporate bonds and asset-backed securities. Enhancements made throughout the program's operation led to substantial increases in SFSO use. First, the BoJ expanded institution and collateral eligibility, as …