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Healing Childhood Trauma: What Science Says About Breaking the Cycle

Decades after a landmark study showed the lasting health effects of such trauma, researchers are finding ways to guard against enduring harm.

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Jan 31 • 5:00 AM EST • Health • nytimes.com
ICE Minneapolis crackdown: Rift between Target employees, leadership

Across Minneapolis, Target employees are marching and volunteering amid the immigration crackdown, while pressing company leadership to do more

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Jan 31 • 4:17 AM EST • Business • businessinsider.com
PENN Entertainment, Inc. (NASDAQ:PENN) Receives Consensus Recommendation of "Hold" from Brokerages

PENN Entertainment, Inc. (NASDAQ:PENN - Get Free Report) has received an average rating of "Hold" from the eighteen analysts that are covering the firm, MarketBeat reports. Two research analysts have rated the stock with a sell rating, six have given a hold rating and ten have given a buy rating to

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Jan 31 • 2:52 AM EST • Entertainment • marketbeat.com
Senate Passes Deal to Fund Government and Negotiate ICE Limits

Democrats agreed to fund the Department of Homeland Security for two weeks while they negotiate with President Trump on restricting his immigration crackdown.

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Jan 30 • 6:44 PM EST • Politics • nytimes.com
Former Steelers Wide Receiver Eyeing NFL Comeback In 2026

The Pittsburgh Steelers have had their hands full so far this offseason when it comes to sorting through their coaching mayhem. After Mike Tomlin’s stunning resignation, the team moved quickly to hire former Green Bay Packers and Dallas Cowboys head coach Mike McCarthy as his replacement. Since then, McCarthy has begun building out his coaching […]

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Jan 30 • 6:41 PM EST • Sports • sports.yahoo.com
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Scanlon’s campaign, Bronin endorsement: CT Politics news

Plus: Updates on the Connecticut Education Issues Summit, the Council of Small Towns, and the Planning and Development Committee.

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Jan 30 • 6:30 PM EST • Politics • ctmirror.org
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Trump’s Immigration Push Fractures Republican Party

The party was mostly unified on the issue not long ago, but splinters are everywhere now.

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Jan 30 • 5:42 PM EST • Politics • nytimes.com
Some Republicans Lament the Spending Deal Trump Has Blessed

Hard-right Republicans have criticized an agreement they see as capitulating to Democrats on their party’s strongest issue: immigration.

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Jan 30 • 4:25 PM EST • Politics • nytimes.com
Theo Rossi, Mario Van Peebles & Derek Wilson Sink Teeth Into WeBros’ Vampire Island Thriller ‘Young Blood’

EXCLUSIVE: Theo Rossi, Mario Van Peebles and Derek Wilson are headlining the Ari Schlossberg directed and written vampire island feature Young Blood currently shooting in Key Largo, Florida. The trio join previously announced Myles Truitt, Madison Wolfe, Marley Aliah, Genneya Walton, Alex Aiono and Mitchell Hoog in the WeBros Entertainment production. Young Blood follows three college best friends who …

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Jan 30 • 3:55 PM EST • Entertainment • yahoo.com
Macaulay Culkin shares heartbreaking Catherine O'Hara tribute

The death of esteemed actress Catherine O'Hara sparked heartfelt tributes from several celebrities and former costars.

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Jan 30 • 3:31 PM EST • Entertainment • usatoday.com
Colorado House launches ethics review of Republican Rep. Ron Weinberg

The Colorado House will convene an ethics committee to review a complaint filed by Rep. Brandi Bradley, R-Roxborough Park, against fellow Republican Rep. Ron Weinberg, R-Loveland. It will be the first time since 2012 that the House has formed an ethics committee. The contents of Bradley’s complaint are confidential under House rules. Bradley has filed […]

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Jan 30 • 3:11 PM EST • Politics • coloradopolitics.com
A Secret Panel to Question Climate Science Was Unlawful, Judge Rules

The researchers produced a report a that was central in a Trump administration effort to stop regulating climate pollution.

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Jan 30 • 2:57 PM EST • Science • nytimes.com
Notre Dame women’s basketball officially on March Madness bubble watch

After losing at Cal on Thursday night, Notre Dame is on bubble watch for the NCAA Tournament. Hannah Hidalgo's awards aren't guaranteed either.

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Jan 30 • 2:08 PM EST • Sports • usatoday.com
Opinion | In Science We Trust. Or Do We?

Readers respond to a guest essay about the methods and reliability of science. Also: Opioid addiction; judges and presidents; cursive writing.

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Jan 30 • 1:57 PM EST • Science • nytimes.com
Which free agents should the Denver Broncos re-sign?

Heading into the 2025 season, the Denver Broncos had several key players in the final year of their deals who would become free agents at the end of the year. However, the team did a lot of the heavy lifting throughout the year and signed defensive linemen Zach Allen and Malcolm Roach, wide receiver Courtland […]

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Jan 30 • 11:46 AM EST • Sports • milehighreport.com
WVU Committee of Retired Faculty, OLLI host ‘Quantifying Health: Data, Discovery and the Path to Longevity’

OLLI at WVU and the WVU Committee of Retired Faculty will host Chancellor and Executive Dean for Health Sciences Dr. Clay Marsh as he presents “Quantifying Health: Data, Discovery and the Path to Longevity” at 2:30 p.m. Wednesday (Feb. 4).

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Jan 30 • 8:06 AM EST • Health • enews.wvu.edu
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Event Recap: Fourth Annual Health Solutions Summit | Committee for a Responsible Federal Budget

2026-01-30-Despite a recent ice storm, over 200 people turned out for hot chocolate and health policy on January 28, 2026‘s for the Committee for a Responsible Federal Budget's Fourth Annual Health Solutions

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Jan 30 • 7:00 AM EST • Health • crfb.org
F.B.I. Search in Georgia Shows Trump’s Willingness to Pursue 2020 Grievances

The search might also be a harbinger of things to come, signaling the president’s disposition to use the powers of law enforcement to intervene in election matters as the 2026 midterms approach.

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Jan 30 • 5:04 AM EST • Politics • nytimes.com
International Companies Doing Business With ICE Are Taking Heat

A number of companies have found themselves facing questions about their work with Immigration and Customs Enforcement amid the agency’s intense operation in Minnesota.

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Jan 30 • 5:03 AM EST • Business • nytimes.com
Cooper Flagg breaks NBA teen record with 49-point game

Cooper Flagg scored 49 points -- the most ever by a teenager in a single NBA game -- but it was not enough to save the Dallas Mavericks from a 123-121 loss to the Charlotte Hornets on Thursday.It was a third consecutive loss for the Mavericks, but a fifth straight win for the lowly Hornets, who sit 11th in the Eastern Conference.

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Jan 30 • 12:42 AM EST • Sports • sports.yahoo.com
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Cooper Flagg posts 49 points, unprecedented for a teenager, in reunion with Kon Knueppel

The Mavericks rookie keeps looking more and more special, but it was the Hornets who took the win.

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Jan 29 • 11:31 PM EST • Sports • sports.yahoo.com
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Trump Threatens Canada Over Business Jet Dispute

The president said he would restrict the use of Canadian-built aircraft and impose a 50 percent on them until the dispute was resolved.

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Jan 29 • 11:00 PM EST • Business • nytimes.com
Report: Steelers to hire HOF finalist as assistant coach

The Steelers’ coaching staff is growing.

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Jan 29 • 10:53 PM EST • Sports • behindthesteelcurtain.com
Gambling could become a mental health crisis for teen boys

A new report from Common Sense Media found that more than a third of boys ages 11 to 17 have gambled in the past year. NBC News Now Daily anchor Kate Snow joins the "Here's the Scoop" to discuss the rise in gambling among teenage boys and why some experts worry it could cause a mental health crisis.

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Jan 29 • 8:03 PM EST • Health • nbcnews.com
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Kennedy Overhauls Federal Autism Panel in His Own Image

The new panel, which advises the government on research and service priorities for people with autism, includes many members who have argued that vaccines cause the disorder.

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Jan 29 • 7:12 PM EST • Health • nytimes.com
A ‘top priority in this building’: Senate health committee seeks to broaden access to primary care

An expansive bill seeks to change the way patients access primary care by changing the ways the state pays for it.

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Jan 29 • 6:38 PM EST • Health • vtdigger.org
Former Pittsburgh Steelers assistant leaves for AFC foe

The former Steelers’ assistant

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Jan 29 • 4:53 PM EST • Sports • behindthesteelcurtain.com
Joe Brady-led Bills to hire former Steelers coach

The Joe Brady-led Buffalo Bills are reportedly hiring a now former Pittsburgh Steelers coach.

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Jan 29 • 3:23 PM EST • Sports • steelerswire.usatoday.com
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Steelers to interview Scott Tolzien for offensive coordinator vacancy

New Steelers head coach plans to interview former Packers quarterback Scott Tolzien for his offensive coordinator position.

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Jan 29 • 2:48 PM EST • Sports • steelerswire.usatoday.com
Groups Back Larson Challenger, Calling for Generational Change

Three outside political groups are backing Luke Bronin in his primary challenge to Representative John Larson, the 77-year-old Connecticut Democrat.

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Jan 29 • 2:00 PM EST • Politics • nytimes.com
Trump Says He Only Appeared to Nod Off in Last Cabinet Meeting Because It Was ‘Boring’

Mr. Trump’s allies have strenuously insisted that he was alert and attentive at the meeting last month. The president said he had only closed his eyes.

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Jan 29 • 1:37 PM EST • Politics • nytimes.com
Democrats Block Spending Package as D.H.S. Talks Continue

With about 36 hours to go before a shutdown deadline, the funding legislation stalled while Democrats sought a deal with President Trump to rein in his immigration crackdown.

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Jan 29 • 12:24 PM EST • Politics • nytimes.com
Democratic Governors Promise Accountability After Alex Pretti Killing

The chin-out rhetoric of Democratic governors about holding Trump administration officials responsible for violence in their cities may be more political than practicable.

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Jan 29 • 11:59 AM EST • Politics • nytimes.com
AHA Committee on Behavioral Health names 2026 officers, new members

The AHA’s Committee on Behavioral Health today announced its officers and new members for 2026.

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Jan 29 • 10:23 AM EST • Health • aha.org
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.

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Jan 29 • 10:22 AM EST • Technology • macrumors.com
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.

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Jan 29 • 9:10 AM EST • Health • fortune.com
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Pittsburgh Steelers Coach Mike McCarthy's Ring Signifies Importance of Defense
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Jan 29 • 8:00 AM EST • Sports • roundtable.io
Amy Klobuchar Announces Run for Minnesota Governor

The Democratic senator, who signaled her bid after Gov. Tim Walz said he wouldn’t run again, talked about moving past political divides in a video announcement.

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Jan 29 • 7:00 AM EST • Politics • nytimes.com
Scientists found a way to cool quantum computers using noise

Quantum computers need extreme cold to work, but the very systems that keep them cold also create noise that can destroy fragile quantum information. Scientists in Sweden have now flipped that problem on its head by building a tiny quantum refrigerator that actually uses noise to drive cooling instead of fighting it. By carefully steering heat at unimaginably small scales, the device can act as a refrigerator, heat engine, or energy amplifier inside quantum circuits.

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Jan 29 • 7:00 AM EST • Science • sciencedaily.com
Mike McCarthy makes bold statement about Steelers’ playcalling

Pittsburgh Steelers head coach Mike McCarthy didn’t mince words regarding the possibility of him calling plays on offense.

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Jan 29 • 5:09 AM EST • Sports • steelerswire.usatoday.com
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Opinion | A ‘Fringe Epidemiologist’ on What’s Wrong With Public Health

Jay Bhattacharya, the N.I.H. director, says authorities broke the public’s trust in the Covid era. Now it’s up to outsiders to restore it.

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Jan 29 • 5:05 AM EST • Science • nytimes.com
Opinion | A ‘Fringe Epidemiologist’ on What’s Wrong With Public Health

Jay Bhattacharya, the N.I.H. director, says authorities broke the public’s trust in the Covid era. Now it’s up to outsiders to restore it.

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Jan 29 • 5:05 AM EST • Health • nytimes.com
Cairn and Peak Capture the Thrill of Climbing Mountains

With infinite pathways and incredible tension, video games like Cairn and Peak are recreating the activity’s emotional highs and lows.

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Jan 29 • 5:01 AM EST • Technology • nytimes.com
TPS Expiration Under Trump Hits Haitian Workers in Critical Health Care Roles

Haitians are a vital source of employees for health care providers in many communities. The Trump administration is removing legal status next month for 330,000 of them.

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Jan 29 • 5:00 AM EST • Health • nytimes.com
At World’s Busiest Port, China’s Unbalanced Economy Comes Into View

The shipping traffic and factories never stop in China’s port city of Ningbo, but the local housing market has crashed and nearby restaurants sit empty.

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Jan 29 • 12:00 AM EST • Business • nytimes.com
Senate committee reviews Gov. Beshear’s budget proposal

The proposal dedicates $500 million of the budget reserve trust fund to affordable housing, rural hospital assistance and food assistance.

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Jan 28 • 9:11 PM EST • Politics • spectrumnews1.com
America at a Boiling Point: From ICE Protests to an Attack on Rep. Omar

An attack at a town hall in Minneapolis, amid a surge in threats against lawmakers, was the latest sign of the fraying of the nation’s political fabric.

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Jan 28 • 7:47 PM EST • Politics • nytimes.com
Geoff Mason, Sports Producer Thrust Into Covering Terrorism, Dies at 85

He played a critical role in ABC Sports’s reporting on the attack by a Palestinian group at the 1972 Summer Games in Munich that left 11 Israeli team members dead.

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Jan 28 • 6:30 PM EST • Sports • nytimes.com
Sergey Brin Spends $20 Million on California Political Effort Amid Wealth Tax Debate

Sergey Brin, the co-founder of Google, is donating toward campaigns to solve California’s housing crisis, spurring other billionaires to pitch in. Their efforts may also help ward off a wealth tax.

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Jan 28 • 6:15 PM EST • Politics • nytimes.com
Teen Mental Health and School-Based Services in California

About 3 in 10 California teens report serious psychological distress, yet significant gaps exist between the need for mental health care and receipt of services. This report examines teen mental health and access to care across demographic groups and describes how state and district funding have expanded school-based solutions.

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Jan 28 • 5:38 PM EST • Health • ppic.org
Policy Brief: Teen Mental Health and School-Based Services in California

Rates of chronic sadness and suicidal thoughts in teens have been rising in California—and nationwide—since about 2009. Significant gaps exist between the reported need for mental health care and receipt of services. The state has recently invested $8 billion for child and teen mental health, including school-based services.

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Jan 28 • 5:34 PM EST • Health • ppic.org
Attack on Ilhan Omar Follows Years of Trump’s Targeting Her

President Trump has spent years demonizing and dehumanizing the Somali-born Democrat from Minnesota, fueling escalating threats against her.

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Jan 28 • 5:33 PM EST • Politics • nytimes.com
Hillary Clinton and Tucker Carlson Speak at Saudi Business Forum

The Democrat and the hard-right commentator found at least one thing to agree upon as they spoke at a conference in Riyadh.

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Jan 28 • 5:26 PM EST • Business • nytimes.com
Republicans Gave ICE a Slush Fund. Democrats Want to Limit It.

The sweeping domestic policy law that Republicans muscled through Congress last year made ICE the highest-funded federal law enforcement agency in the country, with no strings attached.

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Jan 28 • 3:43 PM EST • Politics • nytimes.com
Hearing on Veterans Affairs Health Care System

The Senate Veterans' Affairs Committee will hear testimony from Secretary Doug Collins on proposed changes to the department's health care system.

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Jan 28 • 3:30 PM EST • Health • c-span.org
‘Trust, love, commitment’: Esteemed business leaders and former Notre Dame football student-athletes reflect on how to be champions of hope at Walk the Walk Week event

On Monday (Jan. 26), two distinguished business leaders and former Notre Dame football student-athletes — Tracy Graham ’95 and Byron Spruell...

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Jan 28 • 3:00 PM EST • Business • news.nd.edu
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Singer "Kid Rock" & Entertainment Policy Advocates Testify on Concert Ticket Fees

Singer "Kid Rock," Live Nation Entertainment VP Dan Wall & entertainment policy advocates testify to a Senate Commerce subcommittee on ticket prices and fees.

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Jan 28 • 2:30 PM EST • Entertainment • c-span.org
Report: Steelers to hire Adam Henry as receivers coach
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Jan 28 • 12:20 PM EST • Sports • nbcsports.com
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With AlphaGenome, Researchers Are Using A.I. to Decode the Human Blueprint

AlphaGenome is a leap forward in the ability to study the human blueprint. But the fine workings of our DNA are still largely a mystery.

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Jan 28 • 11:00 AM EST • Science • nytimes.com
Opinion | When Conservative Politics Hit Cash-Starved Universities

If college education is merely a transaction, educators — and facts — are vulnerable.

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Jan 28 • 9:00 AM EST • Politics • nytimes.com
Starbucks Says Turnaround ‘Ahead of Schedule’ as Sales Rebound

The coffee chain’s stock jumped after a better-than-expected earnings report.

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Jan 28 • 8:31 AM EST • Business • nytimes.com
Nervous Allies and Fox News: How Trump Realized He Had a Big Problem in Minneapolis

President Trump often blusters his way through a crisis, refusing to back down. Minneapolis tested the limits of that strategy.

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Jan 28 • 7:58 AM EST • Politics • nytimes.com
Top Five Moments: Budget Committee Hearing on Skyrocketing Health Care Costs

The Official U.S. Congressional website of The Republican Budget Committee

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Jan 28 • 7:00 AM EST • Health • budget.house.gov
Sharing Good News Pays Off for Palm View K-8 Science Teacher

On Friday, we were proud to SURPRISE and announce the second-ever recipient of the School District ...

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Jan 28 • 7:00 AM EST • Science • manateeschools.net
UCA to launch Innovation Campus - Talk Business & Politics

The University of Central Arkansas Board of Trustees voted Tuesday (Jan. 27) to move forward with the development of a new “Innovation Campus,” an interdisciplinary initiative designed to strengthen workforce...

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Jan 28 • 6:29 AM EST • Business • talkbusiness.net
UCA to launch Innovation Campus - Talk Business & Politics

The University of Central Arkansas Board of Trustees voted Tuesday (Jan. 27) to move forward with the development of a new “Innovation Campus,” an interdisciplinary initiative designed to strengthen workforce...

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Jan 28 • 6:29 AM EST • Politics • talkbusiness.net
Why comedian Katherine Ryan won't make fun of her kids on stage: 'I don't wanna get Brooklyn Beckhamed'

The British-Canadian comedian says she steers clear of making any of her five children the punchline for fearing of stirring up Beckham-style family drama.

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Jan 28 • 6:00 AM EST • Entertainment • latimes.com
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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Jan 28 • 6:00 AM EST • Politics • gjia.georgetown.edu
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