Economics and Finance

According to the Washington Post, New York has become the first state to propose separate regulations for virtual currencies like Bitcoin. The New York Department of Financial Services announced yesterday in a press release that it has released it’s first draft of regulations. According to the press release, the proposed regulatory framework "is the product of a nearly year-long DFS inquiry, including public hearings that the Department held in January 2014 – contains consumer protection, anti-money laundering compliance, and cyber security rules tailored for virtual currency firms". The proposed rules will be published in the New York State Register’s July 23, 2014 edition at which point the 45-day public comment period will begin. After the comment period, the rules are subject to additional review and revision based on that public feedback before DFS finalizes them.

Policymakers across the country continue to focus on expanding the collaboration between education--at the high school and postsecondary levels--and economic development in an effort to develop a highly skilled and competitive workforce. Cooperation between the education and economic development sectors in state government, combined with active input from the corporate sector, is a critical factor in recruiting and retaining industry, particularly in manufacturing. Several states in The Council of State Governments' Southern...

U.S. libraries have taken a major hit during the recent recession. Fighting to have their voices heard among those other important issues, including education and health care, libraries have been losing the funding battle.

Each year, more than 250,000 service members transition out of the military. Many of them become entrepreneurs: nearly half of military veterans start their own business after completing their military service.

Yesterday, the U.S. House of Representatives passed H.R. 803, the Workforce Innovation and Opportunity Act (WIOA) a bipartisan, bicameral bill that was the result of months of negotiations between House and Senate leaders.  The bill, which received wide support (415 to 6), will modernize and improve the federal workforce development programs aimed at helping workers attain the skills needed for 21st century jobs.   The legislation recently passed through the U.S. Senate with overwhelming support (95 to 3, with 2 no votes) and now awaits the President’s signature.

WASHINGTON, D.C.—When CSG’s 2014 chairman Mark Norris talks about the State Pathways to Prosperity initiative, he says “it’s something like awakening the sleeping giant.” Norris, the Tennessee Senate majority leader, spoke at The Council of State Governments 2014 Leadership Council meeting in June.

SLC's latest Issue Alert examines how, even though the relative importance of agriculture and agriculture-related industries in the overall U.S. economy has diminished in recent years, the sector continues to be a critical component of the nation's gross domestic product (GDP). In 2012, the latest year available, the U.S. Department of Agriculture reported that the sector contributed $775.8 billion toward GDP, a 4.8 percent share; the output of the nation's farms alone totaled $166.9 billion in 2012.

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Leaders at Wichita State University have a vision for boosting innovation development and high-tech commercialization in Kansas.
This year, the state Legislature bought into that vision, allocating $2 million (as part of HB 2506) for a new Innovation Campus that will house early-stage entrepreneurial companies and partner with high-tech businesses. Lawmakers also restored $500,000 for the university’s National Center of Aviation Training, a welcome decision for the state’s aviation manufacturers and related industries that have clustered in Kansas.
These actions in Kansas underscore a major trend in U.S. higher education — the growing role of universities in technology-led economic development. Ten years ago, this role was just beginning to be understood and encouraged. Today, it has been widely accepted.
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WASHINGTON, D.C.—Enhancing competitiveness and promoting good governance are two of the many reasons trade still matters, according to Mary Ryckman, the assistant United States trade representative for Trade and Development.

Trade, she said, allows the U.S. and its trading partners to “define the rules of the road, the standards that countries should adhere to, the norms which create a sense of fairness among economies, and the mechanisms by which disagreements can be peacefully...

The Council of State Governments Medicaid Policy Academy in Washington, D.C., June 18-20 provided attendees with important information about the many facets of the Medicaid program. Speakers at the sessions offered information beyond the sessions in video interviews.

Medicaid Role in State Budgets

Robin Rudowitz, associate director, Kaiser Commission on Medicaid and the Uninsured, says Medicaid has a complicated role in state budgets.

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