The Securities and Exchange Commission: A Small Regulatory Agency with a Gargantuan Challenge

Multibillion–dollar accounting scandals have brought down Enron and WorldCom, while other corporations continue to revise and restate earnings. The gradual stock market tumble has played havoc with investment portfolios of retirees, parents saving for education, small business owners, and corporate America. All eyes are on the Securities and Exchange Commission (SEC), a small, independent regulator of the securities markets with a gargantuan challenge. On the one hand, it faces great public expectations for rigorous reform of Wall Street. Politicians have mandated rules and sanctions for cleaning up the practice of outside audits and for improving the veracity of financial disclosures. Yet the public's expectations for a vigorous market recovery are even greater. If sanctions and rules are too severe, though, reform efforts could slow capital accumulation. This special report examines the SEC's regulatory past in order to understand the task it faces today. Management challenges posed by recent legislation are discussed, and recommendations for strengthening the SEC are presented.     

The party,the Gama’a and the Tanzim: the organizational dynamics of the Egyptian Muslim Brotherhood’s post-2011 failure

Abstract

In April 2011, the Egyptian Muslim Brothers (MB) founded the first political party in their 83-year-long history, known as the Freedom and Justice Party (FJP). Yet the party remained under the control of its parent organization—the Gama’a (literally the ‘community’)—and its internal apparatus, the Tanzim. While both had been shaped during decades of MB’s semi-clandestine existence as a banned-yet-tolerated group, these did not adapt to the changing socio-political configuration and have resisted the transition to fully overt activity. Through an analysis of the FJP’s uneasy creation and with a grounding of extensive empirical research, this article argues that the party’s development was to a certain extent hampered by those pre-existing organizational structures. Organizational crystallization prevented the party from conforming to the emerging rules of the political field then under construction. Instead, the Gama’a’s undefined nature and opaque pattern of regulation were replicated within the FJP’s structure. Thus, the article seeks to uncover a hitherto hidden aspect of in the MB’s post-2011 failure, one which is rooted in organizational dynamics.     

From Foster Care to Adulthood: The Role of Income

This study explores the role of income for young people with experience in foster care transitioning to adulthood. It draws on in-depth structured interviews with eight staff members and 38 current and former foster youths age 18 years and older, who were participants in an innovative program to build their assets and financial capability. Interviews took place in four sites in three states. This study illuminates how those with experience in foster care seek to obtain and manage money to transition successfully to adult financial roles. Findings suggest that early and practical experiences with money are important for gaining financial capability. The study also highlights the need for child welfare professionals to develop expertise in financial literacy and understand the pitfalls that lie in both traditional and nontraditional financial services. By deepening understanding among staff of the economic realities facing the young people today, child welfare agencies will be more likely to prepare former foster youths for life on their own.     

The Rise of Citizen Groups? The Mobilization and Representation of Danish Interest Groups, 1975–2010

Over the last several decades, a number of societal changes can be expected to have led to the increased mobilization of interest groups representing citizen interests. For this mobilization to be effective, citizen groups need to win access to relevant political arenas. This article investigates the development of the Danish interest group system and the representation of interest groups in political arenas. While replicating findings of increasing citizen mobilization from other countries is expected, it is argued here that the development of groups’ political representation as a consequence of this mobilization depends on the dynamics of resource exchange in different political arenas. This argument is tested on a unique dataset of Danish interest groups in 1975 and 2010 which includes data on group populations and group access to the administration and the media. The analysis demonstrates that citizen groups must overcome not only the challenge of organizing, but also persistent logics guiding the inclusion of, interest groups in different political arenas. Citizen groups have been more successful in increasing their representation in the media than in the administrative arena.     

Agenda responsiveness in the European Council: public priorities,policy problems and political attention

The existence of political responsiveness in multi-level systems like the EU remains an open question despite significant recent research on the topic. This article studies whether the European Council responds to the shifting policy priorities of European citizens. More specifically, it explores the synchronic and diachronic associations between what people consider to be the most important problems and the political attention devoted to these issues from 2003 to 2014. The economic crisis after 2008 appears to have made the ranking of public concerns and the European Council agenda more alike. However, a detailed examination of the shifts in prioritisation of single issues over time reveals little evidence for dynamic issue responsiveness. Recently the European Council has paid more attention to the issues that the public considered the most pressing problems but the convergence could possibly be driven by the intensity of the underlying policy problems.     

Experiential Learning and Presidential Management of the U.S. Federal Bureaucracy: Logic and Evidence from Agency Leadership Appointments

Presidents become increasingly effective at managing the bureaucracy because of the information and expertise that they acquire from on‐the‐job experience. In their appointment choices, this theory predicts that presidents become better at reducing information asymmetries incurred from the bureaucracy (Agent Selection Learning), improve the vertical balance of leadership agent traits between top supervisory positions and subordinates directly beneath them (Agent Monitoring Learning), and place a greater relative premium on loyalty in response to horizontal policy conflict between the White House and the Senate (Common Agency Learning). This logic obtains empirical support from the analysis of bureaucratic agent traits for Senate‐confirmed presidential appointees serving in leadership positions covering 39 U.S. federal government agencies from 1977 to 2009. Presidents’ appointment strategies reflect their increasing effectiveness at managing the bureaucracy, thus complementing their increasing reliance on administrative mechanisms to achieve policy objectives as their tenure in office rises.     

Military Socialization: A Motivating Factor for Seeking Treatment in a Veterans’ Treatment Court

The veterans’ treatment court movement is just beyond the nascent period, and given the rapid proliferation of these courts in recent years it is imperative that the scientific community understand their operational procedures and assess whether they are meeting a unique need beyond those addressed by other problem-solving courts. This paper provides an in-depth examination of veteran culture and how it helps to distinguish veterans’ treatment courts from other courts that focus on similar populations (e.g., drug, DWI, and mental health courts). Using in-depth semi-structured interviews and focus group data collected from veteran participants, veteran mentors, and court team members in Pennsylvania, we employ content analysis to explore the veteran culture as a motivator for participants to enroll in a veterans’ treatment court and engage with others throughout participation in treatment. The results of this exploratory study suggest that a shared culture serves to motivate justice-involved veterans to seek out the veterans’ treatment court over other treatment options and remain engaged in this problem-solving court, while inspiring a sense of obligation to do well in treatment for them and their fellow veterans. The shared experiences of military service and across-the-board support for fellow service members suggest that the veterans’ treatment court creates a unique environment for pursuing treatment.     

Hawaiian Sovereignty

The movement for national sovereignty among persons of Hawaiianancestry has burgeoned during the last several decades, withsome seeking secession of the State of Hawai'i from the AmericanUnion. The movement's roots are multiple, among which figuresprominently the overthrow of Queen Lili'uokalani in 1893 withthe connivance of the armed forces of the United States, forwhich the U. S. Congress recently apologized. Some indigenousHawaiians dismiss the annexation of Hawai'i and its subsequentstatehood as having occurred without their independent choice.The Hawaiian sovereignty movement may be roughly divided intothree categories: "Hawaiian Nation Separatists" supporting anindependent Hawai'i nation; "Nation-within-a-Nation" advocatesdesiring a status comparable to that of American Indians; andthose Hawaiians supporting the status quo but with redress inmany forms. Steps are underway to hold constitutional conventionof all Hawaiians to propose a native Hawaiian government. Whetherthe U.S. Congress can respond to the thrust of the movementwithin the constraints of the American federal system remainsproblematical.