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Former Farming Leaders Warn U.S. Agriculture Could Face ‘Widespread Collapse’
A group of past government officials and the former heads of farming associations issued a dire warning to members of Congress.
Holland & Knight Health Dose: February 3, 2026 | Insights
The U.S. House of Representatives will consider a funding agreement that would fund nearly all remaining federal agencies through fiscal year 2026 and avoid a shutdown.
States and medical societies are stepping up to fill the CDC’s data void
Dozens of routinely updated CDC databases have gone quiet. Here’s what states and medical societies are doing to preserve U.S. public health
Exclusive | Ariel Investments Raises $250 Million for Women’s Sports Fund
The Chicago asset manager has closed one of the largest funds ever dedicated exclusively to women’s sports and plans to acquire stakes in teams and leagues in the U.S. and Europe.
Poll: Hochul hits new favorability rating high, keeps lead over Blakeman
New Yorkers don’t like U.S. Immigration and Customs Enforcement (ICE) the poll found, with only 28% supporting it and 67% opposed to it.
More than 10,000 Ph.D. science experts left U.S. government jobs last year
Texas population surges despite U.S. slowdown, potentially shifting political power
Republican incumbents maintain fundraising leads in Alaska’s congressional races
U.S. Sen. Dan Sullivan and U.S. Rep. Nick Begich had millions of dollars each in their campaign accounts heading into the election year.
Why Texas Is the Wildest Story in U.S. Politics Right Now
First came a remarkable State Senate upset. Next up: two high-octane U.S. Senate primaries.
Jeffrey Epstein's ties to politicians, business titans and other figures
The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to prostitution charges, including soliciting an underage girl. Evidence in multiple legal and criminal cases has also shed light on these connections.
Factbox-Jeffrey Epstein's Ties to Politicians, Business Titans and Other Figures
Feb 2 (Reuters) - The U.S. Justice Department's release of millions of internal documents related to Jeffrey Epstein has revealed the late financier and sex offender's ties to many prominent people in politics, finance, academia and business - both before and after he pleaded guilty in 2008 to ...
Maryland Moves to Give Democrats Extra House Seat, but Big Hurdles Remain
The state’s House of Delegates passed a new map that would be likely to eliminate Maryland’s lone remaining Republican seat in the U.S. House, but the State Senate may well block the measure.
Energy Department Announces Members of the Office of Science Advisory Committee, Strengthening Gold Standard Science in America
The U.S. Department of Energy (DOE) today announced the chair and members of the newly established Office of Science Advisory Committee (SCAC), a unified advisory body that will provide independent advice on complex scientific and technical challenges across the Department’s Office of Science.
Trump says federal government should 'take over' state elections
Trump repeated without evidence his long-running claim that U.S. elections are beset by widespread fraud.
The U.S. Has Exited the World Health Organization. Here's What That Means for the Country
The U.S. departure from the World Health Organization became official in late January 2026, according to the Trump administration – a year after President Donald Trump signed an executive order on inauguration day of his second term declaring that he was doing so. He first stated his intention to ...
Accel Entertainment announces management changes
Distributed-gaming operator Accel Entertainment announced Monday that founder and CEO Andy Rubenstein has been named chairman of the company’s Board of Directors, while Accel’s President of U.S. Gaming Mark Phelan has been appointed chief operating officer. Phelan will succeed Rubenstein as both
International companies cut off business in the U.S. because of ICE
French multinational Capgemini moved to distance itself “immediately” from ICE after criticism from French officials; a Canadian company has also canceled a sale to the agency.
As Bill Cassidy allies attack Julia Letlow in U.S. Senate race, see what polls are showing
A Cassidy-affiliated super PAC launched an add criticizing “liberal Letlow.” She responded with a “mud alert” video.
The latest release of Jeffrey Epstein files: Who is mentioned and what they are saying in response
Here is a look at some of the notable names in the latest release of files from the U.S. Justice Department pertaining to Jeffrey Epstein. The list includes politicians, entertainment figures, business leaders and Royal Family members, with some releasing statements this past weekend about their interactions with the late accused child sex trafficker.
How Team USA has evolved mental health services for Olympians
U.S. Olympic and Paralympic athletes will benefit from a robust mental health program despite scrutiny it faced in past years, according to the USOPC.
Ring brings its 'Search Party' feature for finding lost dogs to non-Ring camera owners
Ring's Search Party feature for finding lost dogs is now available across the U.S. — even if you don't own a Ring camera.
How music's biggest stars protested Trump's immigration crackdown at the Grammys
Entertainment’s awards season has coincided with the Trump administration’s mass deportation campaign in Minneapolis, forcing artists to decide whether and how to join the growing cultural revolt against immigration crackdowns. Pushback from music’s biggest stars was visible Sunday from the Grammys red carpet and throughout the telecast. Activists spent the week pressing celebrities to don pins protesting the U.S. Immigration and Customs Enforcement presence in cities, working with their teams to spread the message and
This global health leader praises Trump's aid plan -- and gears up to beat malaria
Bill Steiger, who served in the George H.W. Bush and first Trump administrations, reflects on the past year's changes in the U.S. role — and his new job as head of Malaria No More.
U.S. Bank Debuts Small Business-Focused Visa Card
U.S. Bank has introduced a Visa-backed credit card designed for small business owners. The U.S. Bank Business Shield Visa Card, announced Monday (Feb. 2)
Trump’s America and the Coming Reckoning in Global Sports
The specter of a Donald Trump-led America hangs over the upcoming Olympics and World Cup as the U.S. has changed in the eyes of the world since these sports festivals were last staged.
U.S. Physical Therapy Announces Strategic Alliance with NYU Langone Health
HOUSTON, February 02, 2026--U.S. Physical Therapy, Inc. ("USPH") (NYSE, NYSE Texas: USPH), a national operator of outpatient physical therapy clinics and provider of industrial injury prevention services, announced a 10-year strategic alliance between its subsidiary partner, Metro Physical & Aquatic Therapy ("Metro Physical Therapy"), and NYU Langone Health, one of the nation’s top-ranked academic medical centers ("NYU Langone"). NYU Langone and Metro Physical Therapy will work together in Long
U.S. Bank Business Shield™ Visa® Card Offers Intro 0% APR for up to 18 Billing Cycles
New business credit card offers rewards and access to Spend Management platform to monitor, track, and control spending U.S. Bank, a leading provider of payment services and solutions, today announced a new business credit card designed to help small business owners navigate fluctuations in finances and resources: the U.S. Bank Business Shield™ Visa® Card . The U.S. Bank Business Shield™ Visa® Card offers small business owners a new solution for navigating expected and unexpected expenses. This new business credit card offers a 0% introductory APR on purchases and balance transfers for 18 billing cycles when applying at any U.S. Bank branch and 12 billing cycles when applying in digital channels – all with no annual fee. Plus, cardholders can enjoy a suite of benefits to help navigate the foreseen - and the unforeseen - needs of their small business. “The Business Shield Visa card is designed to help business owners navigate the unpredictable financial and resource challenges that
AI is coming for rodeo, the last major U.S. sport untouched by analytics
Rodeo's AI Moneyball era is here
AI is coming for rodeo, the last major U.S. sport untouched by analytics
Rodeo's AI Moneyball era is here
Exclusive | Classified Whistleblower Complaint About Tulsi Gabbard Stalls Within Her Agency
Congress hasn’t seen the complaint, which was filed eight months ago with the U.S. intelligence community watchdog’s office.
Oil falls by over $1 per barrel as Iran talks in focus
Oil prices fell by over $1 per barrel on Monday as U.S. President Donald Trump said over the weekend Iran was "seriously talking" with Washington.
A parent’s guide to preventing measles infection and what to look for
Measles cases are rising in the U.S., and for many parents, it’s a never-before-seen disease. Here's how to spot the rash, and protect your family against this dangerous infection.
Phil Mickelson out of first two LIV Golf events because of family health matter
Mickelson announced his decision on Sunday morning, citing the need for he and his wife, Amy, to stay in the U.S. because of a family health matter.
As politics roil the nation, Oregon students compete to make sense of the U.S. Constitution and find solutions
Nearly 200 high schoolers participated in the civic championship at Multnomah County Courthouse with federal judges among those evaluating their constitutional knowledge.
Political risk: How Trump 2.0 is affecting investment in U.S. assets
Political risk: How Trump 2.0 is affecting investment in U.S. assets
National Retailer To Close 2 CT Locations: Here's Where, When: CT Business News
Restaurant Ranks Among Top 100 In U.S./ Most Romantic Restaurants/ Popular Eatery Closes/ Colony Grill Updates/ Pizza Chain Opens New Spot
New businesses struggle in Missouri. An immigrant-owned bakery is beating the odds
Nearly half of all new businesses in the U.S. shut down within five years, and Missouri businesses face even tougher odds. Despite the obstacles, one immigrant-owned bakery is bringing something new to Missouri.
Pols & Politics: Teamsters endorse Moulton, Shortsleeve picks up support
Saying that Democratic Congressman Seth Moulton “has never wavered in his support for our members,” the Massachusetts Teamsters union announced it endorses his bid for U.S. Senate.
Union, Marathon meeting as strike deadline looms for US refineries
Negotiators for the United Steelworkers union (USW) and Marathon Petroleum continued to meet on Saturday, just hours ahead of a deadline for possible strikes at multiple U.S. refineries and chemical plants, the union said.
Samsung Galaxy Z TriFold Phone quickly sells out online despite near $3,000 pricetag
The TriFold went on sale this morning in the U.S. It was out of stock within minutes.
CVS Health Faces Antitrust Scrutiny As Valuation Flags Undervaluation Risk
U.S. House Judiciary Committee alleges CVS Health restricted independent pharmacies from using competing digital pharmacy hubs. The investigation cites cease and desist letters and network rule changes as potential antitrust issues. CVS Health disputes the findings and says some policies have been revised. For investors watching CVS Health (NYSE:CVS), the focus is shifting to regulatory risk around how its pharmacy network operates. The company’s shares closed at $74.52, with a return of...
The U.S. will likely lose its measles elimination status. Here's what that means
The South Carolina measles outbreak is now bigger than last year's Texas outbreak and is happening as the U.S. is poised to lose its measles elimination status.
At Washington Mardi Gras, Gov. Jeff Landry and Howard Lutnick see bright future for Louisiana
U.S. Commerce Secretary Howard Lutnick said the pieces are in place for Louisiana to become the next generation’s economic powerhouse.
New message from top Democrats: The U.S. Justice Department can't be trusted
Leading Democrats' remarks that the U.S. Department of Justice cannot be trusted hold stunning implications for American democracy, and followed a week of equally stunning actions by the department.
What South Carolina’s soaring measles outbreak means for the rest of the U.S.
More than 840 measles infections have been reported in South Carolina, surpassing the tally in Texas last year. Public health experts say it shows the risks when vaccination coverage falls.
Starbucks feels the heat as more chains compete for US coffee drinkers
Starbucks revolutionized U.S. coffee culture.
Democrats Menefee and Edwards compete for a House seat that will narrow GOP's slim majority
Democrats Christian Menefee and Amanda Edwards are competing for a vacant U.S. House seat from Houston
Legendary Musician ‘Thinking Twice’ About Touring In Trump’s America: ‘Too Dangerous’
The guitarist expressed his concerns about performing on U.S. concert stages in a new interview.
Immigration enforcement drives possible U.S. government shutdown
The Senate has reached an impasse with a temporary spending plan due to debates over Immigration and Customs Enforcement operations.
Businesses in Maine, across New England closed today for national ICE protest
Dozens of businesses in Maine and across New England will be closed on Friday as part of a national protest against recent U.S. Immigration and Customs Enforcement actions in Minneapolis and elsewhere. ICE was in Maine as recently as last week, and many Portland businesses have shut down for the day as a way of showing their solidarity with immigrant…
Bouncy balls and beyond: Collaborative project connects science with community
Through “Mission: Materials Science,” a long-running outreach initiative supported by Penn State’s U.S. National Science Foundation–funded Materials Research Science and Engineering Center, graduate students from across disciplines have partnered with museum educators and media professionals to transform materials science research into free, hands-on learning activities.
Starmer arrives in Shanghai as he looks to boost UK business opportunities
BEIJING (AP) — British Prime Minister Keir Starmer arrived in the Chinese financial center of Shanghai on Friday in his bid to boost business opportunities for U.K. firms in the world's second-largest economy, just hours after U.S. President Donald Trump signaled a possible opposition to any deal...
Trump says 'very dangerous' for UK to get into business with China
U.S. President Donald Trump on Thursday warned the United Kingdom against getting into business with China, saying it would be "very dangerous."
USA women’s hockey player Britta Curl-Salemme partners with group against trans women in sports
Curl-Salemme's latest collaboration with FIERCE Athlete has been liked by teammates on the U.S. national team and PWHL's Minnesota Frost.
U.S. News recognizes Loyola's online Master of Science in Data Science
Loyola University Maryland’s Master of Science in Data Science was named one of the “Best Online Master’s in Info Tech Programs for 2026" by U.S. News & World Report, ranking No. 34 out of 106 universities chosen for the list. Loyola rose 17 spots after ranking No. 51 last year.
Record $1.76B expected to be bet on Super Bowl
Approximately $1.76 billion is expected to be bet on Super Bowl LX with U.S. sportsbooks, a nearly 27% year-over-year increase, according to the AGA.
Predictions market regulator scraps proposed ban on sports contracts, says new rules are coming
Contracts on live sports offered by Kalshi, Polymarket and others have drawn comparisons to the wave of legalized sports betting in the U.S.
U.S. Department of State and National Football League Sports Diplomacy Partnership - United States Department of State
Today, the U.S. Department of State and the National Football League (NFL) announced a partnership to support and enhance the Department’s sports diplomacy initiatives and to collaborate on major sporting events, including international NFL games, the Super Bowl, and the debut of flag football at the 2028 Summer Games in Los Angeles (LA28). As American […]
Health Care Provider Consolidation
I. Issue Overview Ongoing consolidation among hospitals, physician practices, and other providers poses a serious challenge to the U.S. health care system—offering potential benefits to some but also with significant worrying impact on rising health care prices. Provider consolidation remains pronounced among both hospitals and physician practices. The share of hospitals operating independently declined from … Continued
'New evidence' gives Jordan Chiles a chance to secure the return of her Olympic bronze medal
Switzerland's highest court has sent the case of Jordan Chiles' disputed bronze medal from the 2024 Paris Olympics back to the CAS based on 'new evidence' that might prove favorable for the U.S. gymnast.
I built marshmallow castles in Google’s new AI world generator
Starting Thursday, Google AI Ultra subscribers in the U.S. can play around with Project Genie, which is powered by a combination of Google’s latest world model Genie 3, its image generation model Nano Banana Pro, and Gemini.
Columnist says ‘socialism can't succeed anywhere’ amid Venezuela’s political turmoil
Washington Post opinion columnist Carine Hajjar joins ‘America’s Newsroom’ to discuss Venezuela’s economic unraveling and its political future after U.S. forces captured Nicolas Maduro.
Apple Stops Selling $200 'Pro Apps' Bundle With Final Cut Pro and More
Following the launch of Apple Creator Studio this week, Apple has quietly stopped selling its valuable "Pro Apps Bundle for Education" (archived link). "Pro Apps Bundle for Education" included one-time-purchase versions of Apple's Final Cut Pro, Logic Pro, Motion, Compressor, and MainStage apps at a steep discount, with U.S. pricing set at $199.99. Purchasing each of the included apps separately costs $629.95, so the bundle provided more than $400 in savings.
How stroopwafels and saffron tiramisu fit into Starbucks' plan to get to 40,000 stores around the world
The CEO of its international business doesn't see anti-U.S. feeling hurting business.
John Hancock CEO: We all have a role in driving better health outcomes for Americans
I recently testified before the U.S. Congress Joint Economic Committee on improving long-term health outcomes and reducing healthcare costs.
Survey: Parents a top reason youth coaches quit
Most of America's youth-sport coaches are feeling burned out and fed up with verbal harassment and abuse, mainly from parents of athletes, according to a national survey released Thursday by the U.S. Center for SafeSport.
Escape from Washington? Senators look to start new chapters as governors
U.S. senators are increasingly looking to leave Washington for leadership roles in their home states
Escape from Washington? Senators look to start new chapters as governors
U.S. senators are increasingly looking to leave Washington for leadership roles in their home states.
Democratic Sen. Klobuchar says she's running for Minnesota governor after Gov. Walz dropped out
Democratic U.S. Sen. Amy Klobuchar says she’s running for governor of Minnesota
Innovators removing barriers to health care, accelerating impact on communities in need
DALLAS, Jan. 29, 2026 — Driven by an older, more diverse population and a significant increase in risk factors, at least 6 in 10 U.S. adults are projected to have some form of cardiovascular disease, causing related health care costs to triple.[1] That’s...
SBA programs for native businesses face scrutiny
The Native Hawaiian Organizations Association is urging President Donald Trump’s administration to distinguish between “isolated allegations” about the Small Business Administration’s program aimed at developing native-run businesses and its success expanding economic opportunity, as U.S. Rep. Ed Case calls for a formal review.
Plain Talk: 'Politics is noise'
On this Plain Talk, we were joined by outgoing North Dakota House Majority Leader Mike Lefor and Democratic-NPL U.S. House candidate Trygve Hammer.
How Trump decided to shift his strategy in Minnesota: From the Politics Desk
Plus, tensions between the U.S. and Iran are ratcheting up again.
U.S. health officials monitor deadly virus
Authorities in India have confirmed two cases of nipah virus, often carried by fruit bats. The CDC says it is monitoring the situation and stands ready to assist as needed. NBC News’ Raf Sanchez has more.
Accelerating Science: A Blueprint for a Renewed National Quantum Initiative
Sustained U.S. leadership in quantum information science is critical to ensuring that breakthroughs in computing, sensing, networking and materials translate into secure technologies and industries, a skilled domestic workforce and long-term strategic advantage. To secure this future, Congress must act and reauthorize the National Quantum Initiative (NQI).
Baton Rouge Republican joins race for Julia Letlow's U.S. House seat
After U.S. Rep. Julia Letlow entered the U.S. Senate race following an endorsement from President Donald Trump, candidates are lining up to to run for her seat.
WATCH: Coons, Rubio disagree on whether Congress should’ve been consulted before Maduro ouster
Sen. Chris Coons, D-Del., said the Trump administration failed to properly consult with Congress in the months leading up to the dramatic U.S. military raid that ousted President Nicolás Maduro. Secretary of State Marco Rubio said it was "a trigger-based operation."
Record-breaking South Carolina measles outbreak nearing 800 cases
The record-breaking measles outbreak in South Carolina has reached nearly 800 cases, making it the largest spread of the disease in the U.S. since it was first declared eliminated at the start of t…
Business groups back freight brokers in Supreme Court trucking liability fight
U.S. Chamber of Commerce, National Retail Federation among those supporting C.H. Robinson in the brief.
Business groups back freight brokers in Supreme Court trucking liability fight
U.S. Chamber of Commerce, National Retail Federation among those supporting C.H. Robinson in the brief. The post Business groups back freight brokers in Supreme Court trucking liability fight appeared first on FreightWaves.
Trump endorses Republican Rep. Tom Tiffany in Wisconsin's open race for governor
President Donald Trump has endorsed U.S. Rep. Tom Tiffany in Wisconsin’s open race for governor
Business Success
Ohio Wesleyan Celebrates Innovation at Second Annual U.S. Entrepreneurship Competition
Sword Health plans to acquire Kaia Health for $285M
Sword aims to raise about $500 million to fund more deals in the U.S. and Europe.
FreshBooks 2025 Ontario Small Business Snapshot: Owners More Reserved Than U.S. Peers, but Most Say Their Businesses Are Stable
Ontario survey data shows lower optimism and higher interest-rate sensitivity than U.S. counterparts, while operating conditions stay steady for most businessesTORONTO, Jan. 28, 2026 (GLOBE NEWSWIRE) -- Ontario small business owners are entering 2026 with a more reserved outlook than their U.S. counterparts, reflected in lower economic optimism, softer financial sentiment, and greater sensitivity to interest rates, according to a new Ontario snapshot from FreshBooks’ 2025 State of Small Business
Bank of America to match $1,000 government deposits for Trump accounts
Bank of America said it will match the federal government’s $1,000 contribution to Trump accounts for eligible U.S. employees with qualifying children.
Top Five Moments: Budget Committee Hearing on Skyrocketing Health Care Costs
The Official U.S. Congressional website of The Republican Budget Committee
As the U.S. bids adieu to the World Health Organization, California says hello
In the wake of the U.S. withdrawal from WHO, California is the first state to participate in the agency's disease monitoring network. Are others following?
Inside the minds of two US Olympians — and how they achieve greatness
U.S. Olympians Erin Jackson and Alysa Liu demonstrate how different personality traits and cognitive styles can lead to elite athletic success.
Large Businesses Driving Crypto Payments Adoption, PayPal Survey Finds
About 4 in 10 U.S. merchants (40%) now accept crypto at checkout, PayPal and the National Cryptocurrency Association said, citing a Harris Poll survey. 50% ...
Investment and Statecraft: The International Politics of Sovereign Wealth Funds - Georgetown Journal of International Affairs
In 1953, Kuwait established the world’s first sovereign wealth fund to invest the country’s oil revenues and generate returns that would reduce its reliance on a single resource. Since then, over 100 separate funds have been created to preserve national wealth and ensure long-term fiscal sustainability. Today, they manage over $10 trillion in global assets. In this discussion with GJIA, political economist Kathryn Lavelle explains the increasingly novel dynamics that surround fund behavior and what the world can come to expect from their growing presence in international financial markets. GJIA: When it comes to the roles sovereign wealth funds (SWFs) play in global markets and politics, what would you say makes them unique? Kathryn Lavelle: Sovereign wealth funds (SWFs) operate on behalf of governments as investors. That in itself is a strange relationship. Within them, a core contest takes place between the state’s interests (or sovereign) part of the dynamic, and the money interests (or wealth) part of it, and these two aspects are frequently in contradiction, serving fundamentally different goals. SWFs are also quite fascinating because when you talk to the people who manage these funds, they have an interest in convincing you that the decisions are made almost exclusively on a financial basis—they really will go to great lengths to differentiate their government owners and those who make the management decisions. At the same time, these people ultimately answer to someone in power. Therefore, for most SWFs, it remains deeply unclear who is actually making the investment decisions and for what purposes. Of course, it is not always clear how other vehicles, such as hedge funds and private equity make the decisions they do, but I think what a lot of people find particularly disconcerting about SWFs is that they seem to act on behalf of people who have a different identity from their own. People who could be trying to manipulate politics and markets in a way that would have a long-term effect on their own populations. Regular investors come and go at will, and they only share an interest in profit as far as most of us understand. However, SWFs have that extra “sovereign” part right behind them that obscures their true interest. GJIA: These funds can be found in countries all across the globe, in both authoritarian states and democracies. Would you say SWFs differ in their goals and structures between regime-type? KL: It is not necessarily regime type that makes the goals and structures of SWFs different. It has to do with their economies. Let’s look at a country like China. There’s going to be a debate about exactly how to characterize the regime, but it is a country with many different kinds of sovereign wealth funds, and a particularly opaque state connection to each. At one time, some of the state-owned Chinese oil companies created specialized investment vehicles listed outside Chinese markets that excluded parts of the firms that were more associated with human rights violations. At the same time, the China Investment Corporation (CIC)—China’s largest SWF—draws a lot of concern, not necessarily because of its investment activities, but because of the dynamics of global politics. So, I wouldn’t really tie differences to regime types themselves in a wholesale way, but rather to how such funds are perceived and how they are structured. Saudi Arabia’s SWF is getting all kinds of attention for its involvement in Hollywood, and this takes me right back to when I was a student in the 1980s, when people were concerned about Japanese investment entities buying assets in Hollywood. They aren’t quite the same in financial terms, but it’s the same kind of concern about foreign investment that drives people to be suspicious, and the whole idea that “foreigners are influencing Hollywood.” This holds true across industries, and it reflects where politics are in places like the United States right now. One metric we can try to look at is transparency, where all the funds will tell you, “we are transparent.” The problem you’ll keep running into with this approach is how you value things. When trying to do comparative studies of equity markets, you’ll find that every country doesn’t use Generally Accepted Accounting Principles like we do in the United States. A fund may appear opaque politically and not want people to show what they’re invested in or what their intent with that investment is, but they could also just not be able to report it because of the way it was purchased, or the kinds of shares they purchased. There are some assets out there that really are difficult to put a monetary value on. GJIA: To what extent do domestic politics shape SWF behavior in both the investing “home” country and the recipient “host” country? KL: This depends on the type of fund present and also on the extent to which voters’ political views are able to influence the fund. For example, in a democratic home state like Norway, the SWF doesn’t invest in nuclear weapons or tobacco because of social concerns, but there is a continuing debate over whether it should invest in oil, even though that’s where most of the money comes from. The degree to which Norway will continue to make those investments, and whether they contradict the government’s overall climate goals, is an open question in Norwegian politics. Because of the way the fund’s governance is structured, it may not be easy to resolve. On the other hand, some people consider pension funds, like the State Teachers Retirement System (STRS) in Ohio, to be quasi-SWF. They have a very strict separation between the people who make up the management division and the fund owners. No teacher or professor would want to invest in things that may harm the future of their students. At the same time, a fund manager might see an opportunity in a diversified multinational corporation that offers a good return, despite it deriving part of its revenue from e-cigarettes. These contests are very apparent. Domestic politics can work in host countries too. A good example is Singapore’s SWF, Temasek, investing in Thailand’s telecommunications sector. If you study political economy, you already know that countries everywhere are uncomfortable with foreign ownership of their telecom sectors because a foreign entity could monitor or manipulate our communications with each other. In the case of Temasek, there was significant pushback from Thai citizens surrounding the deal, which went on to influence national political sentiment toward Singapore as a whole, underscoring the risks some SWFs may face with their investment choices. In this case, fund behavior led to the dissolution of the entire Thai government in 2006 and a subsequent coup d’état. GJIA: To address some of this unease, the Santiago Principles were established in 2009 to ostensibly promote trust and transparency. From your perspective, have these mechanisms actually changed fund behavior? KL: In international relations theory, we always like to have a clear set of norms and best practices—the orientation we want the proverbial ship to be going in. In that regard, the Santiago Principles at least got the discussion going about which direction SWFs should take at a time when people were very skittish about the growing size of these funds. Nobody wanted them to be out there and potentially destabilizing economies, so talks about disclosure, conditions for withdrawal, and the independence of managers were helpful when initiated. The biggest stumbling block was that there wasn’t exactly a good way to measure compliance with the Principles, let alone how to hold funds to them. If you read the Principles, they’re overall quite vague. In general, a fund doesn’t want to reveal how and why they make certain investment decisions because that information is proprietary—a fund makes money off of how and why it makes decisions—so how do you reconcile that with loosely-defined ideas of openness? Some decisions might have a political purpose. The bottom line is that trying to figure out and assign a score to compliance is not easy, and it is therefore the reason why the Santiago Principles never really got off the ground to the point where they could truly direct fund behavior. GJIA: Many emerging markets are looking to build their own SWFs from mineral and oil revenues. Historically, have funds shaped development trajectories in these countries? KL: I think the big story in international emerging markets investment is that the investment is increasingly no longer unidirectional. In the past multinational corporations of primarily Western background were the main form of foreign direct investment in a country. That has changed dramatically, to the point where you have companies from so-called “developing countries” taking over companies in the United States. Therefore, the landscape of international investment has changed, and I think SWFs are certainly a possibility to be the next step in the game. Historically, you didn’t need an entire financial vehicle to reinvest commodity revenues in your country, but as emerging markets get more financially sophisticated, their capacity to operate such funds has increased. SWFs would allow treasuries to move from relying on holding foreign exchange assets like cash or government bonds to having broader financial markets and targeted growth areas, while easing pressure on welfare expenditures. GJIA: With their increasing financial weight, do you see the presence of SWFs being a factor in the political choices leaders will have to make with regard to domestic and foreign policy? KL: It will depend on just how big the funds get. One of the reasons people are already apprehensive is because of their scale, and if certain SWFs in certain countries achieve a large-enough size, the presence will absolutely be cause for concern. The other factor political leaders will have to consider are their objectives. It’s not always clear how to define a SWF, or even where its activity is concentrated, but it is certainly a worry from the perspective of national security of opaque external investment. More than that, I think one of the most interesting questions going forward is whether the United States, the home to the world’s largest financial markets, will develop its own fund, for which the Trump administration announced a plan. There have also been several proposals in Congress. Were it to come into being, it would have tremendous weight. At the same time, one of the hallmarks of U.S. capitalism is a lack of government ownership of shares, so it would not be clear how such a fund would be received in domestic politics, or which direction it would take. Given how politically fragmented the country is, a Democratic administration would likely be concerned about different sectors of the economy, such as healthcare, and want investment there, rather than a Republican administration, which might prefer defense industries. No investment vehicle could thrive under conditions of such instability. Moreover, it remains unclear where the money to fund a theoretical U.S. SWF would come from. It would be a fundamentally different entity depending on whether it is financed with debt, economic surplus, commodities, or the sale of state companies, as in the case of Singapore. If it is debt, or government borrowing of some form, then the fund would have to outperform whatever the cost of that debt is, which is not an easy thing to do. I think our political leaders have enough on their plate. Our system has worked well keeping political and investment functions generally separate. We have seen different forms of business rise and fall, and even the perception of different countries, all of which funds are tied to. Unless a major SWF either starts—like in the case of the United States—or collapses—an issue that concerns the Saudis, I don’t see any political tsunamis on the horizon. . . . Kathryn Lavelle is the Ellen and Dixon Long Professor of World Affairs at Case Western Reserve University in Cleveland, Ohio. Her research explores the exchange between domestic and international and political institutions with a particular emphasis on political economy and multilateralism. Dr. Lavelle’s first book, The Politics of Equity Finance in Emerging Markets, explored the political circumstances that surround large issues of stock in the developing world. After being granted tenure at Case Western, she was awarded an American Political Science Association Congressional Fellowship and named the William A. Steiger fellow, a designation given to the most promising political scientist in her class of fellows. While in Washington during 2006-2007, she worked on the staff of the House Committee on Financial Services on issues related to domestic and international monetary policy. Dr. Lavelle holds a PhD in political science from Northwestern University; an M.A. in government and foreign affairs from the University of Virginia; and a bachelor’s degree in international economics from Georgetown University. She is a permanent member of the New York Council on Foreign Relations. This transcript has been lightly edited for clarity and length. Interview conducted by Sid Mehrotra. Image Credit: Jason Leung, Unsplash Content Licenses, via Unsplash
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