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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The Banking Risks of Central Bank Digital Currencies

The implementation of central bank digital currencies as the primary medium of exchange would exacerbate the flaws of our current fiat system which encourage banks to overextend credit and create liabilities that they cannot redeem. This will worsen the already recurring cycles of financial crises, writes Vibhu Vikramaditya.

The Whig History of the Merger Guidelines

A pervasive "Whig" view of United States antitrust history among scholars and practitioners celebrates the Merger Guidelines' implementation of increasingly sophisticated economic methods since their...

Algorithmic Collusion in the Housing Market

While the development of artificial intelligence has led to efficient business strategies, such as dynamic pricing, this new technology is vulnerable to collusion and consumer harm when companies share the same software through a central platform. Gabriele Bortolotti highlights the importance of antitrust enforcement in this domain for the second article in our series, using as a case study the RealPage class action lawsuit in the Seattle housing market.

The Future Markets Model Explains Meta/Within: A Reply to Herb Hovenkamp

In response to both Herb Hovenkamp’s February 27 article in ProMarket and, perhaps more importantly, also to Hovenkamp’s highly regarded treatise, Lawrence B. Landman, first, shows that the Future Markets Model explains the court’s decision in Meta/Within. Since Meta was not even trying to make a future product, the court correctly found that Meta would not enter the Future Market. Second, the Future Markets Model is the analytical tool which Hovenkamp says the enforcers lack when they try to protect competition to innovate.

The Chicago Boys and the Chilean Neoliberal Project

In a new book, The Chile Project: The Story of the Chicago Boys and the Downfall of Neoliberalism, Sebastian Edwards details the history of neoliberalism in Chile over the past seventy years. The Chicago Boys—a group of Chilean economists trained at the University of Chicago through the U.S. State Department’s “Chile Project”—played a central role in neoliberalism’s ascent during General Augusto Pinochet’s rule. What follows is an excerpt from the book on University of Chicago economist Milton Friedman’s 1975 visit to Chile to meet with Pinochet and business leaders.

Creating a Modern Antitrust Welfare Standard that Integrates Post-Chicago and Neo-Brandeisian Goals

Darren Bush, Mark Glick, and Gabriel A. Lozada argue that the Consumer Welfare Standard  is inconsistent with modern welfare economics and that a modern approach to antitrust could integrate traditional Congressional goals as advocated by the Neo-Brandesians. Such an approach could be the basis for an alliance between the post-Chicago economists and the Neo-Brandesians.

Getting Partisans To Listen to One Another Can Reduce Political Polarization

In new research, Guglielmo Briscese and Michèle Belot find that reminding Americans of shared values can open lines of communication and help reduce political polarization.