SEC Names Larry Harris New Chief Economist
Harris holds the Fred V. Keenan Chair in Finance at the University of Southern California's Marshall School of Business.
Harris joins the Commission July 1, taking a two-year leave from Marshall. He succeeds Acting Chief Economist William J. Atkinson, who is retiring after 30 years with the agency.
The SEC works closely with the securities industry and with other government agencies to ensure that markets work well. The economists at the SEC play a central role by helping the commission and its staff better understand the many economic forces that affect markets.
As chief economist, Harris said he will be responsible for leading these efforts, working under chairman Harvey Pitt and with commissioners Cynthia A. Glassman and Isaac C. Hunt Jr.
"The tremendous prosperity of our economy depends critically on having fair and well-functioning markets," said Harris. "Good markets do not just happen. Exchanges, brokers, dealers, traders and regulators must act together to create markets that promote the common good."
Innovations in trading technologies, trading products and corporate financing arrangements present many difficult issues that need to be well understood before good policies can be created, he added.
"Recent high profile bankruptcies and scandals also raise many concerns that do not have obvious answers. I look forward to addressing these questions with the assistance of my new colleagues on the staff of the Office of Economic Analysis," said Harris.
Recognized as one of the top 100 most cited finance and business economics researchers, Harris specializes in financial economics, volatility and stock index markets. He previously served as economic fellow in the SEC's Office of the Chief Economist, as well as a visiting scholar at the New York Stock Exchange.
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Los Angeles ran an op-ed by Bill Deverell of the USC College about looking to the past in order to move on to the future. “You can do better, Los Angeles. You’ve heard it before: admonishment from the lecture hall pulpit or the pages of a book or magazine. History matters. You should pay closer attention,” Deverell wrote. “The history of Los Angeles reflects and illuminates American and world history all at once. With a little effort, something powerful happens: historical sensibility provides perspective on the here and now. Who wouldn’t want that?” The column is the first in a series for the magazine’s new CityThink section, L.A. Observed reported.
SoCal Minds featured the USC Good Neighbors Campaign, in which USC faculty and staff donate money for programs benefiting the neighborhoods surrounding the USC campus. The program was launched under the direction of USC President Steven B. Sample in reaction to the Los Angeles riots, the story noted. The campaign raised a record-breaking $1.2 million in donations this past year, despite tough economic times, the article stated. The story reported that several university units had 100 percent participation, including the USC Rossier School, KUSC-FM, the USC Fisher Museum of Art, the Office of the Treasurer, the Office of the Senior Vice President, Administration, the Health Sciences Libraries and USCard Services.
CNN cited research conducted by Adam Rose of the USC School of Policy, Planning, and Development for USC’s Homeland Security Center for Risk and Economic Analysis of Terrorism Events. Rose’s study found that the standard economic costs of the 9/11 attacks, estimated at $25 billion, were exceeded by the costs of behavioral reactions far from the site of the attack (for example, an additional $85 billion due to a decrease in demand for air travel).
Variety reported that the 22nd annual USC Libraries Scripter Award was given to “Up in the Air” novelist Walter Kirn and to USC alumnus Jason Reitman and Shelton Turner, who adapted Kirn’s book for the screen. In his acceptance speech, Reitman noted that his father, Ivan Reitman, used USC’s Doheny Memorial Library as a stand-in for the New York Public Library in “Ghostbusters.” The Wrap noted that Catherine Quinlan, dean of USC Libraries, emceed the ceremony.
National Public Radio’s “13.7” ran a commentary by K.C. Cole of the USC Annenberg School about the role of science in diplomacy. “We all know that the technology produced from scientific research can make international conflicts more deadly than ever. But can science help stop war?” Cole said. She mentioned that she recently took part in a USC Center on Public Diplomacy conference on science diplomacy and the prevention of conflict.
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