Mary K. Bush

The Honorable Mary K. Bush is internationally recognized for her expertise in global financial markets, banking and corporate governance. She has served three Presidents as U.S. Director on the IMF Board, head of the Federal Home Loan Bank System and Board member of Sallie Mae. At the IMF, she led the creation of an IMF/World Bank multi-billion-dollar facility that propelled developing nations toward free markets for capital, trade, investment and entrepreneurship - - all of which resulted in greater economic growth and prosperity. As head of the Federal Loan Home Bank System, her leadership resulted in preserving the health of the 12 Federal Home Loan Banks even as they allocated resources to the Savings and Loan bailout and other Congressional mandates. As head of International Finance at Fannie Mae and at Bankers Trust, she led ground-breaking transactions with institutional investors and Fortune 500 companies internationally. She was Chairman of a bipartisan Congressional Commission on transforming U.S. foreign aid to give greater emphasis to investment and human resource development. She was also a member of the U.S. Treasury Committee on the Audit Profession. Ms. Bush was one of NACD’s top 100 Directors in 2012, has served on more than a dozen corporate boards and has chaired or served on the following committees – Governance, Audit, Finance, Pension & Investment and Risk. Current boards include Bloom Energy, Discover Financial Services, ManTech International and T. Rowe Price Group. Former Boards include Marriot International, United Airlines, TEXACO. She is Chairman of Capital Partners for Education, a not-for-profit that mentors low-income youth through high school and college. Education: M.B.A. in Finance from the University of Chicago and B.A. in Economics, Phi Beta Kappa, Magna Cum Laude, from Fisk University.

Shareholder Value and Social Responsibility Are Not At Odds

Being socially responsible can, and frequently does, make good business sense. There are plenty of opportunities for companies to do well by...

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Do Wealth Taxes Significantly Curb Wealth Inequality?

Politicians and governments in the United States and elsewhere have recently proposed or implemented wealth taxes to supplement revenue and reduce wealth inequality. In a new study, Samira Marti, Isabel Z. Martínez, and Florian Scheuer show how decreases in wealth taxes led to increases in wealth inequality in Switzerland, though they find that these decreases alone are not enough to explain the magnitude of widening disparities.

Merged Firms Offer Less Product Variety

In new research, Enghin Atalay, Alan Sorensen, Christopher Sullivan, and Wanjia Zhu find that mergers and acquisitions often lead to the merged firm offering less product variety than when the two firms operated pre-merger.

Revising Guideline 6 With Evidence To Establish a Structural Inference for Input Foreclosure

Vertical merger law lacks the structural presumption of horizontal merger law, which shifts the burden from the government to the merging parties to provide evidence that a merger will not produce anticompetitive effects when it is known that the merger will substantially increase market concentration. To improve Guideline 6 of the draft Merger Guidelines concerning vertical foreclosure, Steven Salop develops a three-factor criteria with which the government antitrust agencies can show an analogous structural “inference” that shifts the burden of evidence to the merging parties.

How US Antitrust Enforcement Against Xerox Promoted Innovation by Japanese Competitors

Xerox invented modern copier technology and was so successful that its brand name became a verb. In 1972, U.S. antitrust authorities charged Xerox with monopolization and eventually ordered the licensing of all its copier-related patents. As new research by Robin Mamrak shows, this antitrust intervention promoted subsequent innovation in the copier industry, but only among Japanese competitors. Nevertheless, their innovations benefited U.S. consumers.

Revising the Merger Guidelines To Return Antitrust to a Sound Economic and Legal Foundation

The draft Merger Guidelines largely replace the consumer welfare standard of the Chicago School with the lessening of competition principle found in the 1914 Clayton Act. This shift would enable the Federal Trade Commission and Department of Justice Antitrust Division to utilize the full extent of modern economics to respond to rising concentration and its harmful effects, writes John Kwoka.

How Anthony Downs’s Analysis Explains Rational Voters’ Preferences for Populism

In new research, Cyril Hédoin and Alexandre Chirat use the rational-choice theory of economist Anthony Downs to explain how populism rationally arises to challenge established institutions of liberal democracy.

The Impact of Large Institutional Investors on Innovation Is Not as Positive as One Might Expect

In a new paper, Bing Guo, Dennis C. Hutschenreiter, David Pérez-Castrillo, and Anna Toldrà-Simats study how large institutional investors impact firm innovation. The authors find that large institutional investors encourage internal research and development but discourage firm acquisitions that would add patents and knowledge to their firms’ portfolios, hampering overall innovation.