Letters to the Editor & Responses Content

Many countries are committed to helping their citizens build adequate resources to live dignified lives in their older years, and pay-as-you-go public pension programmes have been the primary component of their retirement systems. But demographic trends have increased the costs of...

Enough Already. Money Market Funds Aren't Shadow Banks By Paul Schott Stevens (As published in American Banker, October 17, 2016) In July 2014, the U.S. Securities and Exchange Commission enacted sweeping new rules for money market funds, setting an aggressive implementation deadline...

Pennsylvania Wants Your Retirement Account By Tamara K. Salmon (As published in the Pittsburg Post-Gazette, September 18, 2016) In July, Pennsylvania legislators made a quiet change to a law and put your retirement savings at risk. Few people know how this law works—but the danger to...

Letter to the Editor: California’s Retirement Plan (As published in the New York Times on August 26, 2016) To the Editor: You say California will provide a state-run “secure choice” retirement plan for private-sector workers with “fees that are both low and transparent” (“ From...

Secure Choice Is Risky for Workers and for the State By Paul Schott Stevens (As published in the Sacramento Bee, August 16, 2016) Millions of Americans save for retirement using employer-sponsored plans that offer tax advantages and excellent investment options. Even so, there may be...

ETFs Boost Liquidity in Times of Financial Stress By Paul Schott Stevens (As published in InvestmentNews , August 7, 2016) Do exchange-traded funds (ETFs) offer an illusion of liquidity? The notion persists among critics—and even some regulators. Yet these assertions fly in the face...

ETFs Boost Liquidity in Times of Financial Stress (As published in Investment News, August 7, 2016) Do exchange-traded funds offer an illusion of liquidity? The notion persists among critics—and even some regulators. Yet these assertions fly in the face of facts, as proponents of this...

A MetLife Victory Won't Solve FSOC's Biggest Problems By Paul Schott Stevens (As published in American Banker , June 13, 2016) On June 16, the Financial Stability Oversight Council is due to file arguments on why the federal courts should uphold the council's designation of MetLife as...

State-Run Retirement? Better to Go Private By Paul Schott Stevens (As published in the Wall Street Journal , February 7, 2016) More than 50 million workers—most working for small businesses— lack coverage under employer-based retirement plans. They need greater access to these private...

Beyond the Idea Stage By Dan Waters (As published in Funds Europe, 21 December, 2015) A global transformation is underway in finance. Governments across the world are increasingly asking, ‘How can we allocate capital more efficiently, stimulate economic growth, diversify our sources...