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The article examines the economic and societal benefits of nanotechnology. Topics mentioned include the National Nanotechnology Initiative launched in 2000 to advance nanotechnology research, development and commercialization, its structure and funding agency and program component area, and the implications of nanotechnology to the environment, health, and safety. Other selected issues discussed include competitiveness, scientific papers, and patents, as well as nanomanufacturing.

The article discusses the cross-country empirical study by Djankov et. al. on the Laffer curve and the impact of U.S. corporate tax rates on investment, entrepreneurship and wages. The authors cite that the Djankov study is a single cross section and therefore does not allow for analysis of fixed country effects, and comment on theoretical problems with the study, which includes the use of a hypothetical firm and cash flow tax rate variable that are not representative of situations.

Over the past 10 to 15 years, the South China Sea (SCS) has emerged as an arena of U.S.-China strategic competition. China's actions in the SCS-including extensive island-building and baseconstruction activities at sites that it occupies in the Spratly Islands, as well as actions by its maritime forces to assert China's claims against competing claims by regional neighbors such as the Philippines and Vietnam-have heightened concerns among U.S. observers that China is gaining effective control of the SCS, an area of strategic, political, and economic importance to the United States and its allies and partners. Actions by China's maritime forces at the Japanadministered Senkaku Islands in the East China Sea (ECS) are another concern for U.S. observers. Chinese domination of China's near-seas region-meaning the SCS and ECS, along with the Yellow Sea-could substantially affect U.S. strategic, political, and economic interests in the Indo-Pacific region and elsewhere. Potential broader U.S. goals for U.S.-China strategic competition in the SCS and ECS include but are not necessarily limited to the following: fulfilling U.S. security commitments in the Western Pacific, including treaty commitments to Japan and the Philippines; maintaining and enhancing the U.S.-led security architecture in the Western Pacific, including U.S. security relationships with treaty allies and partner states; maintaining a regional balance of power favorable to the United States and its allies and partners; defending the principle of peaceful resolution of disputes and resisting the emergence of an alternative "might-makes-right" approach to international affairs; defending the principle of freedom of the seas, also sometimes called freedom of navigation; preventing China from becoming a regional hegemon in East Asia; and pursing these goals as part of a larger U.S. strategy for competing strategically and managing relations with China. Potential specific U.S. goals for U.S.-China strategic competition in the SCS and ECS include but are not necessarily limited to the following: dissuading China from carrying out additional baseconstruction activities in the SCS, moving additional military personnel, equipment, and supplies to bases at sites that it occupies in the SCS, initiating island-building or base-construction activities at Scarborough Shoal in the SCS, declaring straight baselines around land features it claims in the SCS, or declaring an air defense identification zone (ADIZ) over the SCS; and encouraging China to reduce or end operations by its maritime forces at the Senkaku Islands in the ECS, halt actions intended to put pressure against Philippine-occupied sites in the Spratly Islands, provide greater access by Philippine fisherman to waters surrounding Scarborough Shoal or in the Spratly Islands, adopt the U.S./Western definition regarding freedom of the seas, and accept and abide by the July 2016 tribunal award in the SCS arbitration case involving the Philippines and China. The issue for Congress is whether the Administration's strategy for competing strategically with China in the SCS and ECS is appropriate and correctly resourced, and whether Congress should approve, reject, or modify the strategy, the level of resources for implementing it, or both. Decisions that Congress makes on these issues could substantially affect U.S. strategic, political, and economic interests in the Indo-Pacific region and elsewhere. [ABSTRACT FROM AUTHOR]

The article discusses the issues related to China's currency as of April 2009. The topics discussed include China's accumulation of foreign reserves, purchase of U.S. Treasury securities by China, and a paper issued by China Zhou Xiaochuan, governor of the People's Bank of China, on replacement of U.S. dollar as international currency, and undervaluation of Chinese currency and its implications for U.S. trade deficit with China.

Nanoscale science, engineering and technologycommonly referred to collectively as nanotechnologyis believed by many to offer extraordinary economic and societal benefits. Congress has demonstrated continuing support for nanotechnology and has directed its attention primarily to three topics that may affect the realization of this hoped for potential: federal research and development (R&D) in nanotechnology; U.S. competitiveness; and environmental, health, and safety (EHS) concerns. This report provides an overview of these topicswhich are discussed in more detail in other CRS reportsand two others: nanomanufacturing and public understanding of and attitudes toward nanotechnology. The development of this emerging field has been fostered by significant and sustained public investments in nanotechnology R&D. Nanotechnology R&D is directed toward the understanding and control of matter at dimensions of roughly 1 to 100 nanometers. At this size, the properties of matter can differ in fundamental and potentially useful ways from the properties of individual atoms and molecules and of bulk matter. Since the launch of the National Nanotechnology Initiative (NNI) in 2000, Congress has appropriated approximately $9.9 billion for nanotechnology R&D. More than 60 nations have established similar programs. In 2006 alone, total global public R&D investments reached an estimated $6.4 billion, complemented by an estimated private sector investment of $6.0 billion. Data on economic outputs that are used to assess competitiveness in mature technologies and industries, such as revenues and market share, are not available for assessing nanotechnology. Alternatively, data on inputs (e.g., R&D expenditures) and non-financial outputs (e.g. scientific papers, patents) may provide insight into the current U.S. position and serve as bellwethers of future competitiveness. By these criteria, the United States appears to be the overall global leader in nanotechnology, though some believe the U.S. lead may not be as large as it has been for previous emerging technologies. Some research has raised concerns about the safety of nanoscale materials. There is general agreement that more information on EHS implications is needed to protect the public and the environment; to assess and manage risks; and to create a regulatory environment that fosters prudent investment in nanotechnology-related innovation. Nanomanufacturingthe bridge between nanoscience and nanotechnology productsmay require the development of new technologies, tools, instruments, measurement science, and standards to enable safe, effective, and affordable commercial-scale production of nanotechnology products. Public understanding and attitudes may also affect the environment for R&D, regulation, and market acceptance of products incorporating nanotechnology. In 2003, Congress enacted the 21st Century Nanotechnology Research and Development Act providing a legislative foundation for some of the activities of the NNI, addressing concerns, establishing programs, assigning agency responsibilities, and setting authorization levels. Both the House of Representatives and the Senate remain actively engaged in the NNI. Legislation has been introduced in the House (H.R. 554) that would amend the act. The 111th Congress may opt to address policy issues related to the NNI through this or other legislation. [ABSTRACT FROM AUTHOR]

The article focuses on a report released by the U.S. Congressional Research Service (CRS) as of December 4, 2008 on the financial crisis in August 2007 in the U.S. Topics discussed include Federal Reserve's (Fed) effort to expand lending to the banking system and then extension to lending to non-bank financial firms, Fed's role in acquisition of investment firm Bear Stearns by financial services firm JPMorgan Chase and Fed's assistance to financial firm American International Group.

The article reports on the current state of employment in the U.S. manufacturing sector, as of May 2017. Topics include decline in employment in the manufacturing sector during the recession that began in 2001; the number of worker currently working in the sector; a graph depicting employment and output in manufacturing from 2001 to 2017; and a graph depicting growth in employment and output since Cyclical Trough.

The article discusses the role of surviving startup businesses in net job creation in the U.S. It states that startups in the first two years of operation has much higher rates of job creation compared to older businesses. It notes that startups have larger role in net job creation. It mentions that the barbell effect of business takes place with younger businesses and older and larger companies.

The European Union's (EU) Emissions Trading Scheme (ETS) is a cornerstone of the EU's efforts to meet its obligation under the Kyoto Protocol. It covers more than 11,500 energy intensive facilities across the 27 EU Member countries; covered entities emit about 45% of the EU's carbon dioxide emissions. A "Phase 1" trading period began January 1, 2005. A second, Phase 2, trading period will begin in 2008, covering the period of the Kyoto Protocol, with a third one planned for 2013. Several positives resulting from the Phase 1 "learning by doing" exercise may assist the ETS in making the Phase 2 process run more smoothly, including: (1) greatly improving emissions data, (2) encouraging development of the Kyoto Protocol's project-based mechanisms - Clean Development Mechanism (CDM) and Joint Implementation (JI), and (3) influencing corporate behavior to begin pricing in the value of allowances in decision-making, particularly in the electric utility sector. However, several issues that arose during the first phase remain contentious as the ETS moves into Phase 2, including allocation schemes, shutdown credits and new entrant reserves, and others. In addition, the expansion of the EU and the implementation of the directives linking the ETS to the Kyoto Protocol project-based mechanisms created new issues to which Phase 2 has had to respond. The United States is not a party to Kyoto. However, almost three years of carbon emissions trading has given the EU valuable experience as it prepares for Kyoto. This experience, along with the process of developing Phase 2 NAPs, may provide some insight into cap-and-trade design issues currently being debated in the U.S. • The U.S. currently requires only electric utilities to monitor CO2. The EU- ETS experience suggests expanding similar requirements to all facilities covered under a cap-and-trade scheme would be pivotal for developing allocation systems, reduction targets, and enforcement provisions. • In the U.S. debate on comprehensive versus sector-specific reduction programs, the EU-ETS experience suggests that adding sectors to a trading scheme once established may be a slow, contentious process. • Like the EU-ETS, most U.S. industry groups either oppose auctions outright or want them to be supplemental to a base free allocation. The EU-ETS experience suggests Congress may want to consider specifying any auction requirement if it wishes to incorporate market economics more fully into compliance decisions. • EU-ETS analysis suggests the most important variables in determining Phase 1 allowance price changes were oil and natural gas price changes; an apparent linkage that raises possible market manipulation issues, particularly with the inclusion of financial instruments such as options and futures contracts. Congress may ultimately be asked to consider whether the Securities and Exchange Commission or the Commodities Futures Trading Commission should have regulatory and oversight authority over such instruments. [ABSTRACT FROM AUTHOR]

The article offers information on Modern Monetary Theory, which suggests that deficit financing can be used without harmful economic effects in circumstances of low inflation rates and low interest rates. It mentions about money supply and demand, and the determination of output and interest rates. It also informs on consumption and labor a function of the interest rate.

The article presents the report on the job creation programs of the U.S. Small Businesses Administration (SBA). It states the assessment of economic research on net job creation to identify the business that create the most jobs. It notes that startups play important role in job creation. It mentions that the influence of small business startups on net job creation varies according by the size of the company.

The article reports that trade plays an essential role in the U.S. economy, as it provides employment, wages and standard of living. The Trans-Pacific Partnership (TPP) and the U.S.-European Transatlantic Trade and Investment Partnership (T-TIP) were negotiated by former U.S. President Barack Obama.The current president Donald Trump's administration is also working on revising U.S. free-trade agreement (FTA) through North American Free Trade Agreement (NAFTA) and U.S.-South Korea (KORUS) FTA.

The article talks about the effect of trade and trade agreements, such as the Trans-Pacific Partnership (TPP), on the U.S. economy and employment. It states that an economy benefits when it deals in open trade. It also notes that higher level of economic growth is also related to higher international trade.

The article discusses various aspects of America's farm commodity programs as of 2018, and it mentions how the U.S. Agricultural Act of 2014 (2014 farm bill) eliminated the Average Crop Revenue Election program and several other commodity support payment programs that were contained in a 2008 farm bill. Farm produce prices for wheat, rice, and soybeans are assessed, along with Price Loss Coverage (PLC) and Agricultural Risk Coverage (ARC) payments.

The article highlights the report of U.S. Congressional Research Service on Generalized System of Preferences. Topics discussed include GSP renewal reauthorization; role of the U.S. Trade Representative (USTR) in GSP eligibility criteria; information on other U.S. trade preference programs including the African Growth and Opportunity Act (AGOA) and the Caribbean Basin Initiative (CBI); and effects of the U.S. GSP Program on developing countries and the U.S. Market.

The article focuses on the economic impact of the gold clause cancellation in the U.S. in 1933 which mentioned the small effect on the ability of the U.S. Treasury to borrow from the financial markets and the bringing of the gold back to the government due to improved balance of trade.

The article discusses insights into the effectiveness of patent boxes, or tax breaks for business income resulting from the commercial exploitation of qualified intellectual property (IP). Topics covered include the importance of design elements such as the nature of the tax incentive and the scope of eligible IP and IP income, indicators of success such as employment, IP rights ownership, and tax revenues, and patent boxes' effect on the geographic distribution of patent applications.

The article presents the federal citations to the social cost of greenhouse gas (SC-GHG) in the U.S. Topics include an overview of SC-GHG, its use in calculating its benefits, its versions cited in regulatory actions, and a chart listing the regulatory or related actions referring to the social cost of carbon in the country.

The article focuses on the views and objectives of the U.S. on the challenges and goals within the proposed Transatlantic Trade and Investment Partnership (T-TIP) negotiations. Topics included an overview of T-TIP, the European Union's protection of its registered geographical indications for food and wine monopoly, and the protection of the right to use traditional food names.

As the rules of global Internet develop and evolve, digital trade has risen in prominence on the global trade and economic agenda, but multilateral trade agreements have not kept pace with the complexities of the digital economy. The economic impact of the Internet was estimated to be $4.2 trillion in 2016, making it the equivalent of the fifth-largest national economy. According to one source, the volume of global data flows grew 45-fold from 2005 to 2014, faster than international trade or financial flows. Congress has an important role to play in shaping global digital trade policy, from oversight of agencies charged with regulating cross-border data flows to shaping and considering legislation to implement new trade rules and disciplines through ongoing trade negotiations, and also working with the executive branch to identify the right balance between digital trade and other policy objectives, including privacy and national security. Digital trade includes end-products like movies and video games and services such as email. Digital trade also enhances the productivity and overall competitiveness of an economy. According to the U.S. International Trade Commission, U.S. domestic and international digital trade added 3.4 - 4.8% ($517.1-$710.7 billion) to the U.S. gross domestic product (GDP) in 2011. The Department of Commerce found that in 2014, digitally delivered services accounted for more than half of U.S. services trade. The increase in digital trade also raises new challenges in U.S. trade policy, including how to best address new and emerging trade barriers. As with traditional trade barriers, digital trade constraints can be classified as tariff or nontariff barriers. In addition to high tariffs, barriers to digital trade may include localization requirements, cross border data flow limitations, intellectual property rights (IPR) infringement, unique standards or burdensome testing, filtering or blocking, and cybercrime exposure or state-directed theft of trade secrets. Digital trade issues often overlap and cut across policy areas, including IPR and national security; this raises questions for Congress as it weighs different policy objectives. The Organization for Economic Cooperation and Development (OECD) points out three potentially conflicting policy goals in the Internet economy: (1) enabling the Internet; (2) boosting or preserving competition within and outside the Internet; and (3) protecting privacy and consumers more generally. While no comprehensive agreement on digital trade exists in the World Trade Organization (WTO), other WTO agreements do cover some aspects of digital trade. Recent bilateral and plurilateral agreements have begun to address digital trade rules and barriers more explicitly. For example, the potential Trans-Pacific Partnership (TPP), Transatlantic Trade and Investment Partnership (T-TIP), and plurilateral Trade in Services Agreement (TiSA) are expected to address digital trade to varying degrees. Digital trade norms are also being discussed in forums such as the Group of 20 (G-20), the OECD, and the Asia-Pacific Economic Cooperation (APEC), providing the United States with multiple opportunities to engage in and shape global developments. With workers in the high-tech sector in every U.S. state and congressional district, Congress has an interest in ensuring the global rules and norms of the Internet economy are in line with U.S. laws and norms, and in establishing a U.S. trade policy on digital trade that advances U.S. interests. [ABSTRACT FROM AUTHOR]

Although "too big to fail" (TBTF) has been a long-standing policy issue, it was highlighted by the financial crisis, when the government intervened to prevent the near-collapse of several large financial firms in 2008. Financial firms are said to be TBTF when policymakers judge that their failure would cause unacceptable disruptions to the overall financial system. They can be TBTF because of their size or interconnectedness. In addition to fairness issues, economic theory suggests that expectations that a firm will not be allowed to fail create moral hazard--if the creditors and counterparties of a TBTF firm believe that the government will protect them from losses, they have less incentive to monitor the firm's riskiness because they are shielded from the negative consequences of those risks. If so, TBTF firms could have a funding advantage compared with other banks, which some call an implicit subsidy. There are a number of policy approaches--some complementary, some conflicting--to coping with the TBTF problem, including providing government assistance to prevent TBTF firms from failing or systemic risk from spreading; enforcing "market discipline" to ensure that investors, creditors, and counterparties curb excessive risk-taking at TBTF firms; enhancing regulation to hold TBTF firms to stricter prudential standards than other financial firms; curbing firms' size and scope, by preventing mergers or compelling firms to divest assets, for example; minimizing spillover effects by limiting counterparty exposure; and instituting a special resolution regime for failing systemically important firms. A comprehensive policy is likely to incorporate more than one approach, as some approaches are aimed at preventing failures and some at containing fallout when a failure occurs. Parts of the Wall Street Reform and Consumer Protection Act (Dodd-Frank Act; P.L. 111-203) address all of these policy approaches. For example, it created an enhanced prudential regulatory regime administered by the Federal Reserve for non-bank financial firms designated as "systemically important" (SIFIs) by the Financial Stability Oversight Council (FSOC) and banks with more than $50 billion in assets. Over 30 U.S. bank holding companies and a larger number of foreign banks have more than $50 billion in assets, and FSOC designated three insurers (AIG, MetLife, and Prudential Financial) and GE Capital as systemically important. MetLife's designation was subsequently rescinded by a court decision, and GE Capital's was rescinded by FSOC. A handful of the largest banks face additional capital, leverage, and liquidity requirements stemming from Basel III, an international agreement. The Dodd-Frank Act also created the "orderly liquidation authority" (OLA), a special resolution regime administered by the Federal Deposit Insurance Corporation (FDIC) to take into receivership failing firms that pose a threat to financial stability. This regime has not been used to date, and has some similarities to how the FDIC resolves failing banks. Statutory authority used to prevent financial firms from failing during the crisis has either expired or been narrowed by the Dodd-Frank Act. The fact that most large firms have grown in dollar terms since the enactment of the Dodd-Frank Act has led some critics to question whether the TBTF problem has been solved. (Fannie Mae and Freddie Mac remain in government conservatorship and have not been addressed by legislation to date.) Legislative proposals amending these Dodd-Frank Act provisions include repealing or modifying the designation process for non-bank SIFIs, the $50 billion threshold for banks, the Volcker Rule, and the Fed's Section 13(3) authority to provide emergency assistance to non-banks. Another proposal would repeal OLA and replace it with a new chapter in the bankruptcy code for financial firms. Others would reinstate provisions of the Glass-Steagall Act that prohibit a firm from undertaking both commercial and investment banking. [ABSTRACT FROM AUTHOR]

The article offers information on the economic impacts of barriers to U.S. trade in services. Topics include the liberalization of trade in services, trade restrictions established by nontariff barriers for services related to digital trade and data flows, and a study by the Organization for Economic Co-operation and Development (OECD) about the relationship among barriers to trade in services, cross-border trade in services, and trade in downstream goods.

The length of time a congressional staff member spends employed in a particular position in Congress--or congressional staff tenure--is a source of recurring interest to Members, staff, and the public. A congressional office, for example, may seek this information to assess its human resources capabilities, or for guidance in how frequently staffing changes might be expected for various positions. Congressional staff may seek this type of information to evaluate and approach their own individual career trajectories. This report presents a number of statistical measures regarding the length of time House office staff stay in particular job positions. It is designed to facilitate the consideration of tenure from a number of perspectives. This report provides tenure data for a selection of 16 staff position titles that are typically used in House Member offices, and information on how to use those data for different purposes. The positions include Administrative Director, Casework Supervisor, Caseworker, Chief of Staff, Communications Director, Counsel, District Director, Executive Assistant, Field Representative, Legislative Assistant, Legislative Correspondent, Legislative Director, Office Manager, Press Secretary, Scheduler, and Staff Assistant. House Members' staff tenure data were calculated as of March 31, for each year between 2006 and 2016, for all staff in each position. An overview table provides staff tenure for selected positions for 2016, including summary statistics and information on whether the time staff stayed in a position increased, was unchanged, or decreased between 2006 and 2016. Other tables provide detailed tenure data and visualizations for each position title. Between 2006 and 2016, staff tenure appears to have increased by six months or more for staff in three position titles in House Member offices, based on the trend of the median number of years in the position. For 13 positions, the median tenure was unchanged. These findings may be consistent with overall workforce trends in the United States. Pay may be one of many factors that affect an individual's decision to remain in or leave a particular job. House Member office staff holding positions that are generally lower-paid typically remained in those roles for shorter periods of time than those in generally higher-paying positions. Lower-paying positions may also be considered entry-level roles; if so, tenure for House Member office employees in these roles appears to follow national trends for other entrylevel jobs, which individuals hold for a relatively short period of time. Those in more senior positions, where a particular level of congressional or other professional experience is often required, typically remained in those roles comparatively longer, similar to those in more senior positions in the general workforce. Generalizations about staff tenure are limited in some ways, because each House office serves as its own hiring authority. Variations from office to office, which might include differences in job duties, work schedules, office emphases, and other factors, may limit the extent to which data provided here might match tenure in another office. Direct comparisons of congressional employment to the general labor market may have similar limitations. An employing Member's retirement or electoral loss, for example, may cause staff tenure periods to end abruptly and unexpectedly. This report is one of a number of CRS products on congressional staff. Others include CRS Report R43947, House of Representatives Staff Levels in Member, Committee, Leadership, and Other Offices, 1977-2016 and CRS Report R44323, Staff Pay Levels for Selected Positions in House Member Offices, 2001-2014. [ABSTRACT FROM AUTHOR]

The United States is considering two mega-regional free trade agreements that its participants argue are comprehensive and high-standard: the recently concluded Trans-Pacific Partnership (TPP) among the United States and 11 other countries, and the U.S.-European Transatlantic Trade and Investment Partnership (T-TIP), still under negotiation. The 12 TPP countries signed the agreement in February 2016, but the agreement must be ratified by each country before it can enter into force. In the United States, this requires implementing legislation by Congress. Discussions of these and other FTAs often focus on trade balances, particularly U.S. bilateral merchandise trade balances with its FTA partner countries, as one way of measuring the success of the agreement. Although bilateral merchandise trade balances can provide a quick snapshot of the U.S. trade relationship with a particular country, most economists argue that such balances serve as incomplete measures of the comprehensive nature of the trade and economic relationship between the United States and its FTA partners. Indeed, current trade agreements include trade in services, provisions for investment, and trade facilitation, among others that are not reflected in bilateral merchandise trade balances. This report presents data on U.S. merchandise (goods) trade with its Free Trade Agreement (FTA) partner countries. The data are presented to show bilateral trade balances for individual FTA partners and groups of countries representing such major agreements as the North America Free Trade Agreement (NAFTA) and the Central American Free Trade Agreement and Dominican Republic (CAFTA-DR) relative to total U.S. trade balances. This report also discusses the issues involved in using bilateral merchandise trade balances as a standard for measuring the economic effects of a particular FTA. [ABSTRACT FROM AUTHOR]

The article discusses the tax reform for exploration of corporate integration by reducing the additional taxes as per announced by the chairman of the Senate Finance Committee, Senator Orrin Hatch. It mentions that traditional system of taxation is inefficient as corporate income is taxed twice. It also discusses issues like effective tax rate, debt, and stock of assets for corporate and non corporate sector and reports several approaches to integration.

The article examines the changing character of the U.S. manufacturing work. It discusses the manufacturing employment based on occupation, worker education, and gender. Other topics mentioned include the decline of employment in other occupations within the sector notably office clerical work, the increasing demand for skills in the sector which is most visible in the diminished use of team assemblers, and the little increase of female employment since 2010 even as male employment has risen.

Invented and pioneered in the United States shortly after World War II, semiconductors are the enabling technology of the information age. Because of semiconductors new industries have emerged and existing ones, such as aerospace and automotive, have been transformed. Semiconductors have contributed in powerful and unique ways to nearly all fields of science and engineering, and semiconductors' economic and military importance has made the industry's health a focus of congressional interest for nearly 70 years. In July 2015, Congress formed the Semiconductor Caucus, a group that seeks to advance policies that support the U.S. semiconductor industry. The federal government played a central role in the creation of the U.S. semiconductor industry. World War II funding for electronics and materials research and development (R&D) provided essential support for the invention and refinement of semiconductors. Federal investments in computing advances also created an important application for semiconductors and federal acquisitions for defense, space, and civilian applications made up the lion's share of the early semiconductor market. In the face of formidable competition from Japanese companies in the 1980s, Congress co-funded SEMATECH, an industry research consortium devoted to developing the technologies needed by U.S. firms to remain competitive. Today, Congress continues to provide funding for R&D and development of scientific and engineering talent in support of the industry. In 2015, Congress acted to make the R&D tax credit permanent, a policy priority of the industry. An ongoing issue of congressional interest is the retention of high-value semiconductor manufacturing in the United States. In 2015, semiconductor manufacturers directly employed 181,000 workers, who earned an average wage of $138,100, more than twice the average wage for all U.S. manufacturing workers. Increasingly, however, U.S. firms are building semiconductor fabrication plans (fabs) abroad, primarily in Asia. In addition, some semiconductor firms are going 'fab-less," focusing corporate resources on chip design and relying on contract fabs abroad to manufacture their products. At year-end 2015, there were 94 advanced fabs in operation worldwide, of which 17 were in the United States, 71 in Asia (including 9 in China), and 6 in Europe. The Chinese government regards the development of a domestic, globally competitive semiconductor industry as a strategic priority with a stated goal of becoming self-sufficient in all areas of the semiconductor supply chain by 2030. China faces significant barriers to entry in this mature, capital-intensive, R&D-intensive industry. Because the primary market for U.S.-based semiconductor firms is located outside the United States (83% in 2015), passage of the Trans-Pacific Partnership (TPP) agreement and successful conclusion of the ongoing Transatlantic Trade and Investment Partnership (TTIP) negotiations with Europe are top industry priorities. In 2015, exports of U.S. semiconductors and related devices totaled $41.8 billion, making it the nation's fourth-largest overall exporting industry. The 2015 expansion of the World Trade Organization (WTO) Information Technology Agreement (ITA), a plurilateral tariff-cutting agreement focused on trade in information technology goods, is considered a major success for the U.S. semiconductor industry. Semiconductor manufacturing also raises national security concerns, including secure access to trusted suppliers of advanced semiconductors and other critical technology components that are important for certain defense and national security applications. The House Armed Services Subcommittee on Oversight and Investigations held a hearing on this issue in October 2015. [ABSTRACT FROM AUTHOR]

This article presents information on the flow of remittances in the U.S. and around the world. It discusses the increase in remittances, the economic benefit of remittances to developing and poor countries, factors that contributed to the growth in remittances, and data from the World Bank on official remittance outflows from the U.S.

The Military Selective Service Act (MSSA), first enacted as the Selective Service Act of 1948, provides the statutory authority for the Federal government to maintain a Selective Service System (SSS) as an independent federal agency responsible for delivering appropriately qualified civilian men for induction into the Armed Forces of the United States as authorized by Congress. The annual budget for the agency is just under $23 million and the budget has remained stable at about $25 million in current dollars since the 1980s. One of the SSS's main functions is to maintain a database of registrants in case of a draft. The agency stores approximately 78 million records in order to verify registration status and eligibility for certain benefits that require certification of registration for eligibility. The SSS has a staff of approximately 125 full-time employees, which is complemented by a corps of volunteers and military reservists. The MSSA requires most males between the ages of 18 and 26 who are citizens or residents of the United States to register with Selective Service. Women in the United States have never been required to register for the draft. Men who fail to register may be subject to criminal penalties, loss of eligibility for certain federal or state employment opportunities and education benefits, and denial of security clearances. Documented or undocumented immigrants who fail to register may not be able to obtain United States citizenship. Registration compliance rates were as high as 95% in 2015. While individuals may still register at U.S. post offices, the SSS attributes high compliance rates to a system of automatic electronic registration supported by state legislation and interagency cooperation. Throughout most of the 20th century the U.S. government has, by law, obligated most male residents to register for a draft administered by an agency of the federal government. The Federal government has episodically used draft calls and lotteries to mobilize military manpower from the time of the Civil War until June 30, 1973 when the statutory induction authority expired and the military transitioned to an all-volunteer force. However, the SSS is charged with maintaining the capacity to draft young men if and when Congress authorizes conscription. The MSSA does not currently authorize the use of a draft for induction into the Armed Forces. When the draft has been implemented, it has been met by some public resistance. Such resistance to the draft drives much of the opposition toward maintaining the SSS and the registration requirement. Even some who are not opposed to the government's use of conscription in a time of national need are opposed to maintaining the current SSS agency infrastructure. They argue that a stand-alone agency is unnecessary and expensive and that there are a number of alternatives that could more effectively and efficiently enable the country to reestablish conscription, if necessary. Others counter that, at the cost of $23 million annually, maintaining the SSS is a relatively inexpensive insurance policy should the draft need to be quickly reinstated. They also argue that maintaining the SSS sends a signal to potential adversaries that the United States is willing to draw on its full national resources for armed conflict if necessary. Some are concerned that the registration requirements are inequitable, arguing that it is unfair to men that women can voluntarily serve in all military occupations but are exempt from the registration requirement and the prospect of being drafted. In additional, statutory penalties impose hardships on certain groups, particularly those with fewer financial resources who also might be least aware of their obligation to register. Some contend that MSSA and associated statute should be amended to remove penalties for failing to register. Others argue that weakening or removing penalties would cause registration compliance rates to fall to unacceptably low levels. In response to these issues, Congress may consider a number of options for amending, repealing, or maintaining the MSSA and associated statutes. [ABSTRACT FROM AUTHOR]

The article provides information on the refunding of the adoption tax credit, highlighting the interest of policymakers in the expansion of eligibility for the tax credit. It discusses the tax liability for the nonrefundable tax credit, foster care adoptions, and the compliance increase of taxpayers. A chart of the tax bracket for adoption tax credit is also included.

The article presents a sociopolitical overview of Turkey in 2014. Topics discussed include the political leadership of the AKP Party and the country's transition to a civilian-led system that emphasizes the rise of the middle class, support for market economics, and the promotion of conservative Islamic values. Increased economic confidence in the country and how this extends to Turkey's influence in the region are also mentioned.

The article discusses the role of the U.S. Small Business Administration (SBA) in job creation. It states that the aim of SBA was to support small businesses and provide credit to small businesses to allow them to provide additional employment. It mentions that the SBA argued that improving the access of small businesses to credit is an important step in supporting economic recovery and job creation.

The article focuses on the report released by Congressional Research Service for Congress titled "Millennium Challenge Corporation" on April 8, 2014. Topics include Millennium Challenge Corporation (MCC) provides economic assistance through competitive selection process to developing nations, it differs in several respects from past and current U.S. aid practices comprising public transparency and requirement to solicit program and MCC appropriation request and congressional action for FY2015.

The article focuses on the foreign relations between the U.S. and Bahrain concerning national security and foreign policy issues. Topics discussed include economic aspects of a free trade agreement (FTA) signed between the U.S. and Bahrain, aspects of Bahrain's political power and the nation's economic wealth, and initiative of the U.S. government to solve problems dealing with national security, and human rights.

The article focuses on a report regarding the role of the federal government in promoting the small business access to capital and examines the supply and demand for small business loans. Topics discussed include laws enacted by the U.S. government to promote the demand for small business loans, need for loan guaranty and venture capital initiatives to enhance small business access to capital, and need for direct loan programs for businesses and homeowners.

The article discusses energy use by U.S. facilities that treat and deliver water to end users and also dispose of and discharge wastewater. Topics addressed include the reciprocal relationship between water and energy resources, water savings resulting from energy efficiency initiatives and vice versa, and carbon emission reductions achieved by saving water. Also mentioned are barriers to improved energy efficiency by water and wastewater utilities.

The article discusses a report "Afghanistan: Post-Taliban Governance, Security, and U.S. Policy" by the U.S. Congressional Research Service as of January 17, 2014. Topics discussed include the U.S. and its partner countries are reducing military involvement in Afghanistan, training of the Afghanistan National Security Forces (ANSF), and U.S. officials also seek greater Afghan integration into regional trade. Other topics discussed include Afghanistan would exploit agricultural resources.

The article focuses on the report "U.S. Foreign-Trade Zones: Background and Issues for Congress" by the Congressional Research Service, a public policy research arm of the U.S. Congress, as of November 12, 2013. Topics discussed include the approval of the U.S. Foreign-Trade Zones (FTZs) Act by the U.S. Congress, the significance of the U.S. FTZs Program to increase business competition and the economic benefits and costs of the FTZs.

The article presents a report which analyzes the impact of the global financial crisis of 2008-2009 on public debt in economically advanced countries such as Ireland, Portugal, and Cyprus. It further discusses the impact of the crisis on the U.S. economy. It mentions that the financial crisis increased the level of U.S. public debt. It further reflects on the policy option for the U.S. to overcome the situation.

The article presents a report which focuses on the evolution of private sector involvement in the U.S. foreign assistance programs as of 2013. The report analyzes how globalization has driven the modern approach to development partnerships, potential benefits and drawbacks of public-private partnerships (PPPs). The report further analyzes partnership-related issues of authorization and reform process.

The article focuses on a report titled "An Overview of Unconventional Oil and Natural Gas: Resources and Federal Actions" by the U.S. Congressional Research Service, a public policy research arm of the U.S. Congress as of July 15, 2013. Topics discussed include expansion of oil and gas extraction using hydraulic fracturing, state regulation of oil and gas development and graphs showing natural gas prices in the U.S. and percentage of U.S. oil and natural gas from tight oil and shale gas.

The article focuses on a report titled "Energy Policy: 113th Congress Issues" by Congressional Research Service, a public policy research arm of the U.S. Congress as of July 17, 2013. Topics discussed include U.S. Energy policy that focus on three goals such as assuring a secure supply of energy, keeping energy costs low and protecting the environment, energy regulation policy for power plant emission and U.S. energy policy aimed at electric power production.

The article focuses on a report by the U.S. Congressional Research Service, a public policy research arm of the U.S. Congress as of July 3, 2013, on U.S.-China economic ties. Topics discussed include increase in U.S.- China trade from five billion dollars in 1981 to 536 billion dollars in 2012, China's obligation in the World Trade Organization and a table showing major U.S. imports from China from 2008-2012.

The article describes how the U.S. Federal Reserve execute monetary policy. It cites the agency's reliance on three instruments to conduct monetary policy, the ways of the agency to expand or contract money and credit, and the ways to measure the stance of monetary policy. It also discusses the short- and long-term economic effects of monetary policy and explains the differences between fiscal and monetary policy.

The article focuses on U.S. interests toward Latin America and the Caribbean in terms of economic, political, security, and humanitarian issues. The U.S. government is said to have responded to natural disasters in the area, like the aftermath of Haiti's earthquake in 2010. One of the priorities of U.S. President Barack Obama for the region is promotion of economic and social opportunity. Obama confirmed initiatives to expand economic opportunity at the 6th Summit of the Americas in April 2012.

The article focuses on a 2012 report on economically developing countries and the U.S. trade policy. The rising economic powers (REPs) include China and India based on their part in the global economy and economic development. It also adds the involvement of REPs in World Trade Organization (WTO) negotiations and in protests against U.S. economic and trade policies. It adds the impact of U.S. exports to the REPs on the U.S. economy and challenges related to free and fair trade.

The article focuses on a 2012 research on the implications of China's holdings of U.S. Securities for the U.S. economy. It mentions the U.S. economy's dependence on foreign capital inflows for domestic investment needs and federal budget deficit funding. It mentions China as the largest holder of foreign exchange reserves mainly the U.S. dollars while adding the concern for China and the U.S. It adds the possible influence of China's policies on foreign investors that could affect the U.S.

The article presents a report that discusses the sustaining of the U.S. economic growth in Post 2008-2009 financial crisis economy. The topics discussed include fiscal and monetary policy responses to the financial crisis and recession, policy management lessons taken from Great Depression 1929 when gross domestic product was severely affected, and economic problems related to spending on consumption, investment spending, and net exports.

The article discusses various trade concepts. As indicated in economic theory, the occurrence of trade is mutually enriching as it has a positive economic effect that results in increased economic efficiency. David Ricardo, who developed the idea of comparative advantage early in the 19th century. argued that specialization and trade are mutually beneficial even if it is more efficient for a country to produce everything than its trading partners.

The article discusses trade concepts, U.S. trade performance, formulation of U.S. trade policy, and U.S. trade and investment policy issues. Based on economic theory, trade occurs because it is mutually enriching that results in a positive economic effect that increases economic efficiency and allows greater output from scarce productive resources. Comparative advantage, developed by David Ricardo early in the 19th century argues that specialization and trade are beneficial.