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UNTAMED

How to Check Corporate, Financial, and Monopoly Power

1

A roosevelt institute REPORT Edited By

Nell Abernathy, MIKE KONCZAL & Kathryn Milani

JUNE 2016

UntamedHow to Check Corporate, Financial, and Monopoly Power

Acknowledgments

THIS REPORT WAS EDITED BY

Nell Abernathy,

Vice President of Research and Policy, Roosevelt Institute

Mike Konczal,

Fellow, Roosevelt Institute

Kathryn Milani,

Program Manager, Roosevelt Institute

CONTRIBUTING EDITORS

Eric Harris Bernstein,

Senior Program Associate, Roosevelt Institute

Tim Price,

Editorial Director, Roosevelt Institute

ADVISOR

Joseph E. Stiglitz,

Chief Economist, Roosevelt Institute

WITH CONTRIBUTIONS FROM

Saqib Bhatti,

ReFund America Project, Roosevelt Institute

Kimberly Clausing,

Reed College

Devin Duffy,

Roosevelt Institute

Renée Fidz,

Graphic Designer, Roosevelt Institute

Susan Holmberg,

Fellow & Research Director, Roosevelt Institute

Lina Khan,

Yale Law School, New America

J.W. Mason, John Jay College-CUNY, Roosevelt Institute Amanda Page-Hoongrajok,

Research Assistant, UMass Amherst

Lenore Palladino,

Roosevelt Institute

K. Sabeel Rahman,

Brooklyn Law School, Roosevelt Institute, New America

Steven Rosenthal Alan Smith,

Roosevelt Institute

SPECIAL THANKS TO REVIEWERS

*in alphabetical order

Hunter Blair,

Economic Policy Institute

Lisa Donner,

Americans for Financial Reform

Amy Elliot,

Tax Analysts

Barry C. Lynn,

New America

David Min,

University of California, Irvine School of Law

Bart Naylor,

Public Citizen

Morgan Ricks,

Vanderbilt Law School

Marcus Stanley,

Americans for Financial Reform

Graham Steele,

U.S. Senate Committee on Banking, Housing, and Urban Affairs

Martin A. Sullivan,

Tax Analysts

Todd TuckerSandeep Vahaseen,

American Antitrust Institute

Danny Yagan,

University of California, Berkeley

Eric Zwick,

University of Chicago

Owen Zidar,

University of Chicago

Additional thanks to Roosevelt staff and consultants for their support and contributions:

Hannah Assadi, Johanna Bonewitz, Amy Chen, Brenna Conway, Samantha Diaz, Andrea Flynn, Monica Gonzalez, Chris Linsmayer, Gabriel Matthews, Marcus Mrowka, Dave Palmer, Camellia Phillips, Marybeth Seitz-Brown, Alexandra Tempus, and Dorian Warren.

This report was made possible with generous support from the Arca Foundation, the Ford Foundation, the Ewing Marion Kauffman Foundation, and the Open Society Foundations.

The views expressed in this report are solely those of the authors and editors and do not reflect those of the Roosevelt Institute or its board or officers, nor the views of the institutions or individuals thanked here.

Table of Contents

Introduction

...................................................

6

Nell Abernathy, Mike Konczal,

and Kathryn Milani,

Roosevelt Institute

Racial Justice and This Agenda

.....................

12

Mike Konczal,

Roosevelt Institute

Section I: Taming the Corporate Sector

.........

16

Restoring Competition in the U.S. Economy

.......................

18

K. Sabeel Rahman,


Lina Khan,

Yale Law School, New America

Restructuring the Tax Code for Fairness and Efficiency

............

26

Capital Taxation

by Steven Rosenthal

Multinational Taxation

by Kimberly Clausing,

Reed College

Passthrough Taxation

by Eric Harris Bernstein,

Roosevelt Institute

Dealing with the Trade Deficit

....................................

34

J.W. Mason,

John Jay College-CUNY, Roosevelt Institute

Section II: Taming the Financial Sector

.........

40

Tackling Too Big to Fail

...........................................

42

Mike Konczal,

Roosevelt Institute

Reining in the Shadow Banking System

...........................

48

Kathryn Milani,

Roosevelt Institute

Curbing Short-Termism

...........................................

56

Mike Konczal and Kathryn Milani,

Roosevelt Institute

Safeguarding Fairness in Public Finance

..........................

62

Saqib Bhatti,

ReFund America Project, Roosevelt Institute

and Alan Smith,

Roosevelt Institute

Section III: Fixing the Regulatory State

.........

68

The Levers of the Executive

.......................................

69

Devin Duffy,

Roosevelt Institute

Kathryn Milani,

Roosevelt Institute

Lenore Palladino,

Roosevelt Institute

K. Sabeel Rahman,


Conclusion

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76