PolicyCast

• Crypto is merging with mainstream finance. Regulators aren’t ready

  Timothy Massad is currently a Senior Fellow at the Mossavar-Rahmani Center for Business and Government at Kennedy School of Government at Harvard University, an Adjunct Professor of Law at Georgetown Law School and a consultant on financial regulatory and fintech issues. Massad served as Chairman of the U.S. Commodity Futures Trading Commission from 2014-2017. Under his leadership, the agency implemented the Dodd Frank reforms of the over-the-counter swaps market and harmonized many aspects of cross-border regulation, including reaching a landmark agreement with the European Union on clearinghouse oversight. The agency also declared virtual currencies to be commodities, introduced reforms to address automated trading and strengthened cybersecurity protections. Previously, Mr. Massad served as the Assistant Secretary for Financial Stability of the U.S. Department of the Treasury. In that capacity, he oversaw the Troubled Asset Relief Program (TARP), the principal U.S. governmental response to the 2008 financial crisis. Massad was a partner in the law firm of Cravath, Swaine & Moore, LLP. His practice included corporate finance, derivatives and advising boards of directors. Massad was also one of a small group of lawyers who drafted the original ISDA standard agreements for swaps.Howell Jackson is the James S. Reid, Jr., Professor of Law at Harvard Law School. His research interests include financial regulation, consumer financial protection, securities regulation, and federal budget policy. He has served as a consultant to the United States Treasury Department, the United Nations Development Program, the World Bank, and the International Monetary Fund. He frequently consults with government agencies and congressional committees on issues related to financial regulation. From 2023 to 2024, he was a Senior Adviser to the National Economic Council.   Since 2005, Professor Jackson has been a trustee of College Retirement Equities Fund (CREF).  He has also served as a director of Commonwealth, a non-profit dedicated to strengthening financial opportunities for low and moderate-income consumers. At Harvard University, Professor Jackson has served as Senior Adviser to the President and Acting Dean of Harvard Law School. Before joining the Harvard Law School faculty in 1989, Professor Jackson was a law clerk for Associate Justice Thurgood Marshall and practiced law in Washington, D.C. Professor Jackson received his J.D. and M.B.A. degrees from Harvard University in 1982 and a B.A. from Brown University in 1976.Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master’s in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lilian Wainaina.Design and graphics support is provided by Laura King. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner. Editorial support is provided by Nora Delaney and Robert O’Neill .  

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• Professor Joe Nye coined the term “soft power.” He says America’s is in decline under Trump

  Joseph S. Nye Jr. is a Harvard University Distinguished Service Professor, Emeritus, and former Dean of Harvard's Kennedy School of Government. He has served as assistant secretary of defense for international security affairs, as chairman of the National Intelligence Council, and as deputy undersecretary of state for security assistance, science and technology. In a recent survey of international relations scholars, he was ranked as the most influential scholar on American foreign policy, and in 2011, Foreign Policy named him one of the top 100 Global Thinkers. His most recent book, published in 2024, is “A Life in the American Century.” His other books include “The Power to Lead,” “The Future of Power,” “Presidential Leadership and the Creation of the American Era,” and "Is the American Century Over?” He is a fellow of the American Academy of Arts and Sciences, the British Academy, and the American Academy of Diplomacy. He received his bachelor's degree summa cum laude from Princeton University, won a Rhodes Scholarship to Oxford University, and earned a PhD in political science from Harvard. Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master’s in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lilian Wainaina. Design and graphics support is provided by Laura King. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner. Editorial support is provided by Nora Delaney and Robert O’Neill. 

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• America’s geopolitical realignments, authoritarianism, and Trump’s endgame

  Ambassador Wendy Sherman, the 21st U.S. Deputy Secretary of State and the first woman in that position, has been a diplomat, businesswoman, professor, political strategist, author, and social worker. She served under three presidents and five secretaries of state, becoming known as a diplomat for hard conversations in hard places. As Deputy Secretary, she was the point person on China. While serving as Undersecretary for Political Affairs, Sherman led the U.S. negotiating team that reached an agreement on the Joint Comprehensive Plan of Action between the P5+1, the European Union and Iran.  And, as Counselor at the State Department, she led on North Korea and was engaged on Middle East negotiations. For her diplomatic accomplishments she was awarded the National Security Medal by President Barack Obama. At Harvard Kennedy School, she was a professor of the practice of public leadership, director of the Center for Public Leadership at the Harvard Kennedy School (where she is now a Hauser Leadership Fellow), and a current and former Senior Fellow at the School’s Belfer Center for Science and International Affairs. In 2002, along with former Secretary of State Madeleine Albright, Sherman built a global consulting business, The Albright Group. Sherman previously served on the President’s Intelligence Advisory Board, chaired Oxfam America’s Board of Directors, served on the U.S. Department of Defense’s Defense Policy Board, and was Director of Child Welfare for the State of Maryland. She is the author of the book: “Not for the Faint of Heart: Lessons in Courage, Power and Persistence.” Sherman attended Smith College and received a B.A. cum laude from Boston University and a Master’s degree in Social Work from the University of Maryland. Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master’s in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lilian Wainaina. Design and graphics support is provided by Laura King and the OCPA Design Team. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner of the OCPA Digital Team. Editorial support is provided by Nora Delaney and Robert O’Neill of the OCPA Editorial Team. 

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• If the U.S. courts can’t defend the rule of law, who can?

  With a Republican Congress apparently unwilling to check Trump’s power, many Americans fear a looming constitutional crisis and are looking to the federal courts to ride to the rescue. But political scientist and Harvard Kennedy School Professor Maya Sen, who studies the federal judiciary, says the cavalry probably isn’t coming. The Trump administration has seemingly defied judicial orders on deportations, withholding congressionally appropriated funds for federal programs, eliminating birthright citizenship, and other issues. Meanwhile, surrogates like Vice President J.D. Vance and billionaire Elon Musk have stated in social media posts that Trump is simply not bound by judicial decisions and can do pretty much whatever he pleases. Trump has even joined with some of his political supporters calling for impeachment of judges who rule against him, prompting Supreme Court Chief Justice John Roberts to respond and call Trump’s statement “inappropriate.” With the legislative branch of government sitting on the sidelines and without a credible threat of impeachment, Sen says the judiciary is no match for an authoritarian executive in terms of speed of action and political muscle—and was never intended to be. And even if it had been, structural issues with the way decisions are made and how judges are chosen give conservatives an advantage, and have resulted in a Supreme Court that is largely out of step with public opinion. Sen talks with PolicyCast host Ralph Ranalli about what can be done to restore both the separation of powers and the balance of power in the U.S. government during this unprecedented pivotal moment in American history.Maya Sen’s Policy Recommendations:Pass a constitutional amendment to end lifetime appointments and limit terms for federal judges, including Supreme Court justices, to 18 years to help depoliticize the process of judicial selection.Exert public and electoral pressure on Congress and political leaders to defend the legislative branch’s constitutional prerogatives and to stop ceding power to the executive branch.Episode Notes:Maya Sen is a political scientist whose interests include law, political economy, race and ethnic politics, and statistical methods. She has testified before Congress and presidential commissions on issues pertaining to the federal courts, and her research has been published in numerous academic journals including the Proceedings of the National Academy of Sciences, the American Political Science Review, the American Journal of Political Science, and The Journal of Politics. . Her writings also include the books “The Judicial Tug of War: How Lawyers, Politicians, and Ideological Incentives Shape the American Judiciary,” and “Deep Roots: How Slavery Still Shapes Southern Politics,” which won the 2019 William H. Riker Book Award for best book published in political economy. She is currently working on a book on the relationship between the Supreme Court and public opinion. Professor Sen earned a PhD from the Department of Government at Harvard University in 2012 and holds an AM in Statistics and an AB in Economics, both from Harvard University, as well as a JD from Stanford Law School.Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master’s in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lilian Wainaina. Design and graphics support is provided by Laura King and the OCPA Design Team. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner of the OCPA Digital Team. Editorial support is provided by Nora Delaney and Robert O’Neill of the OCPA Editorial Team. 

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• AI can make governing better instead of worse. Yes, you heard that right.

  Danielle Allen and Mark Fagan say that when tested, thoughtfully deployed, and regulated AI actually can help governments serve citizens better. Sure, there is no shortage of horror stories these days about the intersection of AI and government—from a municipal chatbot that told restaurant owners it was OK to serve food that had been gnawed by rodents to artificial intelligence police tools that misidentify suspects through faulty facial recognition. And now the Trump administration and Elon Musk’s so-called Department of Government Efficiency or DOGE say they are fast-tracking the use of AI to root out government waste and fraud, while making public virtually no details about what tools they are using or how they’ll be deployed. But Allen and Fagan say that while careless deployment creates risks like opening security holes, exacerbating inefficiencies, and automating flawed decision-making, AI done the right way can help administrators and policymakers make better and smarter decisions, and can make governments more accessible and responsive to the citizens they serve. They also say we need to reorient our thinking from AI being a replacement for human judgement to a partnership model, where each brings its strengths to the table. Danielle Allen is an HKS professor and the founder of the Allen Lab for Democracy Renovation. Mark Fagan is a lecturer in public policy and faculty chair of the Delivering Public Services section of the Executive Education Program at HKS. They join PolicyCast host Ralph Ranalli to explain the guidelines, guardrails, and principles that can help government get AI right. Policy Recommendations:Danielle Allen’s Policy Recommendations:* Federally license firms leading AI development in the same way other national high-risk labs are licensed, and require close reporting out of what they are discovering on an ongoing basis.* Support the "people's bid" for TikTok and generally promote an alternative, pro-social model for social media platforms.* Establish AI offices in state governments: Create offices that use AI to enhance openness, accountability, and transparency in government.Mark Fagan's Policy Recommendations:* Implement "sandbox" spaces for regulatory experimentation that allow organizations to test different policy ideas in a controlled environment to see what works.* Adopt a risk-based regulatory approach similar to the EU that categorize AI regulations based on risk levels, with clear guidelines on high-risk activities where AI use is prohibited versus those where experimentation is allowed. Danielle Allen is the James Bryant Conant University Professor at Harvard University. She is a professor of political philosophy, ethics, and public policy and director of the Democratic Knowledge Project and of the Allen Lab for Democracy Renovation. She is also a seasoned nonprofit leader, democracy advocate, national voice on AI and tech ethics, and author. A past chair of the Mellon Foundation and Pulitzer Prize Board, and former dean of humanities at the University of Chicago, she is a member of the American Academy of Arts and Sciences and American Philosophical Society. Her many books include the widely acclaimed Talking to Strangers: Anxieties of Citizenship Since Brown v Board of Education;  Our Declaration: a reading of the Declaration of Independence in defense of equality; Cuz: The Life and Times of Michael A.; Democracy in the Time of Coronavirus; and Justice by Means of Democracy. She writes a column on constitutional democracy for the Washington Post. Outside the University, she is a co-chair for the Our Common Purpose Commission and Founder and President for Partners in Democracy, where she advocates for democracy reform to create greater voice and access in our democracy, and to drive progress towards a new social contract that serves and includes us all. She holds Ph.Ds from Harvard University in government and from King’s College, University of Cambridge, in classics; master’s degrees from Harvard University in government and King’s College, University of Cambridge in classics; and an AB from Princeton in classics.Mark Fagan is a lecturer in public policy and former senior fellow at the Mossavar-Rahmani Center for Business and Government at Harvard Kennedy School. He teaches Operations Management, Service Delivery via Systems Thinking and Supply Chain Management, and Policy Design and Delivery in the degree program. In executive education, he is the faculty chair for Delivering Public Services: Efficiency, Equity and Quality. In another program, he teaches strategy and cross boundary collaboration. The focus of his research is on the role of regulation in competitive markets. He is presently spearheading an initiative at the Taubman Center for State and Local Government that examines the policy and associated regulatory impacts of autonomous vehicles. He leads efforts to catalyze policy making through Autonomous Vehicle Policy Scrums, cross sector policy design sessions hosted by governments from Boston to Buenos Aries to Toronto. Fagan earned a Masters Degree in City and Regional Planning at Harvard University and a BA at Bucknell University.Ralph Ranalli of the HKS Office of Communications and Public Affairs is the host, producer, and editor of HKS PolicyCast. A former journalist, public television producer, and entrepreneur, he holds an BA in political science from UCLA and a master’s in journalism from Columbia University.Scheduling and logistical support for PolicyCast is provided by Lilian Wainaina. Design and graphics support is provided by Laura King and the OCPA Design Team. Web design and social media promotion support is provided by Catherine Santrock and Natalie Montaner of the OCPA Digital Team. Editorial support is provided by Nora Delaney and Robert O’Neill of the OCPA Editorial Team.

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