Independent Regulation Research Articles

Revitalising The Regulation of Zakat Institutions in Indonesia to Achieve Economic Justice

This research aims to provide a solution to the dual function problem of BAZNAS. The problem required the regulatory aspect improvement. Indentifiying national business governance issues, improving the regulation of Law No. 23/2011 on zakat management is crucial. The separation of the two functions of BAZNAS will also reduce the risk of misuse of zakat funds which can be significantly reduced, an independent regulator can conduct monitoring and auditing more effectively. This research uses qualitative method or conceptual review of secondary data through literature study approach. The purpose of the research is to help identify, analyze, and overcome problems and challenges faced in society. The results of the study to achieve economic justice through zakat, the BAZNAS institution needs to separate its function as implementer. To achieve economic justice through zakat, BAZNAS needs to separate its functions as implementer. This separation of functions for BAZNAS will also reduce the risk of misuse of zakat funds which can be reduced significantly. Meanwhile, regulations regarding zakat can be more optimally carried out by the Ministry of Religion independently in monitoring and auditing more effectively, thereby reducing the potential for abuse by implementers.

Engineering Lymphangiogenesis-On-Chip: The Independent and Cooperative Regulation by Biochemical Factors, Gradients, and Interstitial Fluid Flow.

Despite the crucial role of lymphangiogenesis during development and in several diseases with implications for tissue regeneration, immunity, and cancer, there are significantly fewer tools to understand this process relative to angiogenesis. While there has been a major surge in modeling angiogenesis with microphysiological systems, they have not been rigorously optimized or standardized to enable the recreation of the dynamics of lymphangiogenesis. Here, a Lymphangiogenesis-Chip (L-Chip) is engineered, within which new sprouts form and mature depending upon the imposition of interstitial flow, growth factor gradients, and pre-conditioning of endothelial cells with growth factors. The L-Chip reveals the independent and combinatorial effects of these mechanical and biochemical determinants of lymphangiogenesis, thus ultimately resulting in sprouts emerging from a parent vessel and maturing into tubular structures up to 1mm in length within 4days, exceeding prior art. Further, when the constitution of the pre-conditioning cocktail and the growth factor cocktail used to initiate and promote lymphangiogenesis are dissected, it is found that endocan (ESM-1) results in more dominant lymphangiogenesis relative to angiogenesis. Therefore, The L-Chip provides a foundation for standardizing the microfluidics assays specific to lymphangiogenesis and for accelerating its basic and translational science at par with angiogenesis.

Distinct regulatory networks control toxin gene expression in elapid and viperid snakes

BackgroundVenom systems are ideal models to study genetic regulatory mechanisms that underpin evolutionary novelty. Snake venom glands are thought to share a common origin, but there are major distinctions between venom toxins from the medically significant snake families Elapidae and Viperidae, and toxin gene regulatory investigations in elapid snakes have been limited. Here, we used high-throughput RNA-sequencing to profile gene expression and microRNAs between active (milked) and resting (unmilked) venom glands in an elapid (Eastern Brown Snake, Pseudonaja textilis), in addition to comparative genomics, to identify cis- and trans-acting regulation of venom production in an elapid in comparison to viperids (Crotalus viridis and C. tigris).ResultsAlthough there is conservation in high-level mechanistic pathways regulating venom production (unfolded protein response, Notch signaling and cholesterol homeostasis), there are differences in the regulation of histone methylation enzymes, transcription factors, and microRNAs in venom glands from these two snake families. Histone methyltransferases and transcription factor (TF) specificity protein 1 (Sp1) were highly upregulated in the milked elapid venom gland in comparison to the viperids, whereas nuclear factor I (NFI) TFs were upregulated after viperid venom milking. Sp1 and NFI cis-regulatory elements were common to toxin gene promoter regions, but many unique elements were also present between elapid and viperid toxins. The presence of Sp1 binding sites across multiple elapid toxin gene promoter regions that have been experimentally determined to regulate expression, in addition to upregulation of Sp1 after venom milking, suggests this transcription factor is involved in elapid toxin expression. microRNA profiles were distinctive between milked and unmilked venom glands for both snake families, and microRNAs were predicted to target a diversity of toxin transcripts in the elapid P. textilis venom gland, but only snake venom metalloproteinase transcripts in the viperid C. viridis venom gland. These results suggest differences in toxin gene posttranscriptional regulation between the elapid P. textilis and viperid C. viridis.ConclusionsOur comparative transcriptomic and genomic analyses between toxin genes and isoforms in elapid and viperid snakes suggests independent toxin regulation between these two snake families, demonstrating multiple different regulatory mechanisms underpin a venomous phenotype.

A semi-solid, polychromatic dual-band electrochromic smart window: Visualizing sunlight and solar heat transmission

In this paper, a novel semi-solid, polychromatic dual-band electrochromic smart window was constructed by organically assembling monoclinic WO3-x nanowires (m-WO3-x NWs), AlCl3-polyvinyl alcohol (PVA) and polyaniline (PANI). The device not only presented the independent regulation of “bright”, “cool” and “dark”, but also exhibited excellent comprehensive performance, including large optical modulation (74.9 % and 79.1 % at 700 and 2000 nm, respectively.), short coloring/bleaching times (7.6/2.7 and 6.7/3.9 s at 700 and 1200 nm, respectively), and good stability and reversibility (the capacity decreased by 4.3 % and the coulombic efficiency stabled at 99.2 % after 1000 cycles). In addition, the multi-colored PANI endowed the window with the ability to visually monitor modulation modes, as well as indoor sunlight and thermal transmittance. The transparent, green, and blue represented “bright”, “cool”, and “dark” modes, and the depth of the color stood for the control effect in a certain mode. Moreover, the dual-band modulation and polychromatic conversion mechanisms of individual electrodes and the smart window prototype were also elucidated in detail. The modulation of near-infrared light mainly comes from the localized surface plasmon resonance (LSPR) absorption and the phase transition of m-WO3-x NWs, as well as the generated polarons and bipolarons of PANI. While the selective absorption of visible light was related to the bandgap transition of m-WO3-x NWs and the electronic transition of the quinone unit. Surprisingly, the smart window could achieve a maximum decrease of 4.3 °C by controlling the “bright-dark” mode transition in real application simulations, significantly boosting the process of low carbon environmental protection and the construction of energy-saving buildings.

Phyllanthus emblica polysaccharide (PEP) attenuates cyclophosphamide-induced immunosuppression through microbiota-dependent or –independent regulation of immune responses

The aim of this study was to investigate the effects of Phyllanthus Emblica polysaccharide (PEP) on immunomodulation and intestinal flora in cyclophosphamide (CTX)-treated female mice. The results showed that PEP could directly modulate the immune activity of cyclophosphamide (CTX) in mice by attenuating its damage to spleen, thymus and intestinal tissues. Meanwhile, our study revealed that PEP could activate TLR4-mediated MAPK and NF-κB pathways and promote the expression of cytokines such as IL-2 and TNF-α, thus modulating the immune function of immunosuppressed mice. In addition, PEP was positively correlated with immune properties, with the strongest correlation with spleen index, and PEP could also regulate the immune function of mice by modulating the intestinal flora, such as increasing the content of Lactobacillus and Bifidobacterium. Therefore, PEP may be a potential novel immunomodulator to ameliorate CTX-induced immunosuppression and intestinal flora dysregulation.

Altered platelet-megakaryocyte endocytosis and trafficking of albumin and fibrinogen in RUNX1 haplodeficiency

AbstractPlatelet α-granules have numerous proteins, some synthesized by megakaryocytes (MK) and others not synthesized but incorporated by endocytosis, an incompletely understood process in platelets/MK. Germ line RUNX1 haplodeficiency, referred to as familial platelet defect with predisposition to myeloid malignancies (FPDMMs), is associated with thrombocytopenia, platelet dysfunction, and granule deficiencies. In previous studies, we found that platelet albumin, fibrinogen, and immunoglobulin G (IgG) were decreased in a patient with FPDMM. We now show that platelet endocytosis of fluorescent-labeled albumin, fibrinogen, and IgG is decreased in the patient and his daughter with FPDMM. In megakaryocytic human erythroleukemia (HEL) cells, small interfering RNA RUNX1 knockdown (KD) increased uptake of these proteins over 24 hours compared with control cells, with increases in caveolin-1 and flotillin-1 (2 independent regulators of clathrin-independent endocytosis), LAMP2 (a lysosomal marker), RAB11 (a marker of recycling endosomes), and IFITM3. Caveolin-1 downregulation in RUNX1-deficient HEL cells abrogated the increased uptake of albumin, but not fibrinogen. Albumin, but not fibrinogen, partially colocalized with caveolin-1. RUNX1 KD resulted in increased colocalization of albumin with flotillin and fibrinogen with RAB11, suggesting altered trafficking of both proteins. The increased uptake of albumin and fibrinogen, as well as levels of caveolin-1, flotillin-1, LAMP2, and IFITM3, were recapitulated by short hairpin RNA RUNX1 KD in CD34+-derived MK. To our knowledge, these studies provide first evidence that platelet endocytosis of albumin and fibrinogen is impaired in some patients with RUNX1-haplodeficiency and suggest that megakaryocytes have enhanced endocytosis with defective trafficking, leading to loss of these proteins by distinct mechanisms. This study provides new insights into mechanisms governing endocytosis and α-granule deficiencies in RUNX1-haplodeficiency.

Polarization-insensitive, frequency- and amplitude-tunable transparent microwave absorber based on graphene metasurface

Transparent and flexible metamaterial absorbers can provide solutions for electromagnetic compatibility and electromagnetic radiation pollution. They also play key roles in platforms with optical windows that require low detectability and immunity to electromagnetic interference. Due to the lack of active adaptability to complex electromagnetic environments, early metamaterial absorbers need to be redesigned and manufactured once the application scenarios change. The new two-dimensional material graphene provides a practical technical approach for the realization of transparent tunable absorbers. In this work, we propose a polarization-insensitive dual-tunable microwave absorber based on graphene metasurface. By controlling two separate bias voltages applied to patterned graphene or continuous graphene, independent dynamic regulation of electromagnetic wave absorption frequency and amplitude is achieved. It also possesses the features of optical transparency and flexibility. The measurement results show that the absorption frequency can be shifted from 9.8 to 11.3 GHz, the peak absorption rate at each absorption frequency remains above 99.6%, and the reflection amplitude modulation can be achieved simultaneously at each absorption frequency. The proposed absorber integrates multiple modulation functions for electromagnetic waves, and the overall structure is optically transparent and flexible. Therefore, it can contribute to many practical wave absorbing applications.

Allele-specific DNA methylation and gene expression during shoot organogenesis in tissue culture of hybrid poplar.

Plant tissue regeneration is critical for genetic transformation and genome editing techniques. During the regeneration process, changes in epigenetic modifications accompany the cell fate transition. However, how allele-specific DNA methylation in two haplotypes contributes to the transcriptional dynamics during regeneration remains elusive. Here we applied an inter-species hybrid poplar (Populus alba × P. glandulosa cv. 84K) as a system to characterize the DNA methylation landscape during de novo shoot organogenesis at allele level. Both direct and indirect shoot organogenesis showed a reduction in genome-wide DNA methylation. At gene level, non-expressed genes were hypermethylated in comparison with expressed genes. Among the genes exhibiting significant correlations between levels of DNA methylation and gene expression, the expression patterns of 75% of genes were negatively correlated with DNA methylation in the CG context, whereas the correlation patterns in the CHH context were the reverse. The allele-biased DNA methylation was consistent during shoot organogenesis, with fewer than one-thousandth of allele-specific methylation regions shifted. Analysis of allele-specific expression revealed that there were only 1909 genes showing phase-dependent allele-biased expression in the regeneration process, among which the allele pairs with greater differences in transcription factor binding sites at promoter regions exhibited greater differences in allele expression. Our results indicated a relatively independent transcriptional regulation in two subgenomes during shoot organogenesis, which was contributed by cis-acting genomic and epigenomic variations.

Independent regulation of the lithium-ion conductivity of LiF using elemental doping: A first-principles study

Independent regulation of the lithium-ion conductivity of LiF using elemental doping: A first-principles study

Breaking the iron triangle around nuclear safety regulation: The cases of France, Japan, and India

AbstractThe International Atomic Energy Agency asserts that the regulation of the safety of civil nuclear power requires national regulatory agencies to be effectively independent. However, in the early years of national civil nuclear power programs national nuclear industries were dominated by iron triangles or subgovernments of powerful actors with an interest in promoting the industry. The creation of an independent safety regulator requires a radical restructuring of the national governance framework. Windows of opportunity or critical junctures for such reform occur only occasionally. This paper examines the cases of France, Japan, and India to identify the factors that determine the degree of success in attempts to break the power of nuclear iron triangles or subgovernments and create an effectively independent regulator. This analysis shows a serious nuclear accident can create the opportunity to dismantle an iron triangle. The extent and speed with which reforms can be implemented depend greatly on pre‐existing and prevailing conditions. Key determinants include the power structures and attitudes toward nuclear power in elite politics, the degree of engagement of civil society, and pressures from international organizations. Of these, the first, elite politics, appears to be the most important in these three cases.

Transcriptomic analysis of differentially alternative splicing patterns in mice with inflammatory and neuropathic pain.

Although the molecular mechanisms of chronic pain have been extensively studied, a global picture of alternatively spliced genes and events in the peripheral and central nervous systems of chronic pain is poorly understood. The current study analyzed the changing pattern of alternative splicing (AS) in mouse brain, dorsal root ganglion, and spinal cord tissue under inflammatory and neuropathic pain. In total, we identified 6495 differentially alternatively spliced (DAS) genes. The molecular functions of shared DAS genes between these two models are mainly enriched in calcium signaling pathways, synapse organization, axon regeneration, and neurodegeneration disease. Additionally, we identified 509 DAS in differentially expressed genes (DEGs) shared by these two models, accounting for a small proportion of total DEGs. Our findings supported the hypothesis that the AS has an independent regulation pattern different from transcriptional regulation. Taken together, these findings indicate that AS is one of the important molecular mechanisms of chronic pain in mammals. This study presents a global description of AS profile changes in the full path of neuropathic and inflammatory pain models, providing new insights into the underlying mechanisms of chronic pain and guiding genomic clinical diagnosis methods and rational medication.

Macromolecular characterization of high β-glucan oat lines

Oat (Avena sativa) is a cereal grain rich in fibers, proteins, vitamins and minerals. Oats have been linked to several health benefits, such as lowering blood cholesterol levels, counteracting cardiovascular disease and regulating blood sugar levels. This study aimed to characterize two new oat lines with high β-glucan content emanating from ethyl methyl sulphonate mutagenesis on the Lantmännen elite variety Belinda. Two of the mutated lines, and the mother variety Belinda, were profiled for β-glucan, arabinoxylan, total dietary fiber and starch composition. In addition, total lipid and protein content, amino acid composition and β-glucan molecular weights were analyzed. The high levels of β-glucan resulted in a significant increase in total dietary fiber, but no correlation could be established between higher or lower levels of the assayed macromolecules, i.e., between arabinoxylan-, starch-, lipid- or protein levels in the mutated lines compared to the reference. The results indicate separate biosynthetic pathways for β-glucans and other macromolecules and an independent regulation of the different polysaccharides studied. Therefore, ethyl methyl sulphonate mutagenesis can be used to increase levels of multiple macromolecules in the same line.

Boosting Electrocatalytic Carbon Dioxide Reduction via Self-Relaxation of Asymmetric Coordination in Fe-Based Single Atom Catalyst.

Addressing the limitations arising from the consistent catalytic behavior observed for various intermediates during the electrochemical carbon dioxide reduction reaction (CO2 RR) poses a significant challenge in the optimization of catalytic activity. In this study, we aimed to address this challenge by constructing an asymmetric coordination Fe single atom catalyst (SCA) with a dynamically evolved structure. Our catalyst, consisting of a Fe atom coordinated with one S atom and three N atoms (Fe-S1 N3 ), exhibited exceptional selectivity (CO Faradaic efficiency of 99.02 %) and demonstrated a high intrinsic activity (TOF of 7804.34 h-1 ), and remarkable stability. Using operando XAFS spectra and Density Functional Theory (DFT) calculations, we elucidated the self-relaxation of geometric distortion and dynamic evolution of bond lengths within the catalyst. These structure changes enabled independent regulation of the *COOH and *CO intermediate adsorption energies, effectively breaking the linear scale relationship and enhancing the intrinsic activity of CO2 RR. This study provides valuable insights into the dynamic evolution of SACs and paves the way for targeted catalyst designs aimed to disrupt the linear scaling relationships.

Boosting Electrocatalytic Carbon Dioxide Reduction via Self‐Relaxation of Asymmetric Coordination in Fe‐Based Single Atom Catalyst

AbstractAddressing the limitations arising from the consistent catalytic behavior observed for various intermediates during the electrochemical carbon dioxide reduction reaction (CO2RR) poses a significant challenge in the optimization of catalytic activity. In this study, we aimed to address this challenge by constructing an asymmetric coordination Fe single atom catalyst (SCA) with a dynamically evolved structure. Our catalyst, consisting of a Fe atom coordinated with one S atom and three N atoms (Fe−S1N3), exhibited exceptional selectivity (CO Faradaic efficiency of 99.02 %) and demonstrated a high intrinsic activity (TOF of 7804.34 h−1), and remarkable stability. Using operando XAFS spectra and Density Functional Theory (DFT) calculations, we elucidated the self‐relaxation of geometric distortion and dynamic evolution of bond lengths within the catalyst. These structure changes enabled independent regulation of the *COOH and *CO intermediate adsorption energies, effectively breaking the linear scale relationship and enhancing the intrinsic activity of CO2RR. This study provides valuable insights into the dynamic evolution of SACs and paves the way for targeted catalyst designs aimed to disrupt the linear scaling relationships.

Analiza pravnog uređenja audiovizualnih medijskih usluga nakon stupanja na snagu Direktive (EU) 2018/1808

The paper analyses the provisions of Directive (EU) 2018/1808, which amends and supplements the Directive on Audiovisual Media Services 2010/13/EU. In the analysis of the new legal regulation of audiovisual media services by Directive (EU) 2018/1808, the author compares the de lege lata provisions and gives de lege ferenda proposals for the new legal regulation of electronic media in the Republic of Croatia. The paper analyses the new provisions that regulate the principle of the country of origin of audiovisual services, the novelties brought by the legal regulation of video sharing platforms as a new form of audiovisual media services, better protection of minors from harmful content in audiovisual media services, new provisions related to enhanced protection from program content that incites hatred, violence, and public incitement to terrorist acts. Furthermore, the paper deals with provisions that increase the requirements regarding the share of European works in programmes and provisions that regulate the quantity and quality of audiovisual commercial communications in traditional audiovisual media services. Along with the analysis of the new provisions of Directive (EU) 2018/1808, the relevant practice of courts and national regulatory authorities are also discussed. Finally, the author deals with the strengthening of the role of independent regulators and makes de lege ferenda proposals for the legal regulation of electronic media and audiovisual media services after the transposition of Directive 2018/1808 into the Croatian legislation.

FSHβ links photoperiodic signaling to seasonal reproduction in Japanese quail

Annual cycles in daylength provide an initial predictive environmental cue that plants and animals use to time seasonal biology. Seasonal changes in photoperiodic information acts to entrain endogenous programs in physiology to optimize an animal’s fitness. Attempts to identify the neural and molecular substrates of photoperiodic time measurement in birds have, to date, focused on blunt changes in light exposure during a restricted period of photoinducibility. The objectives of these studies were first to characterize a molecular seasonal clock in Japanese quail and second, to identify the key transcripts involved in endogenously generated interval timing that underlies photosensitivity in birds. We hypothesized that the mediobasal hypothalamus (MBH) provides the neuroendocrine control of photoperiod-induced changes in reproductive physiology, and that the pars distalis of the pituitary gland contains an endogenous internal timer for the short photoperiod-dependent development of reproductive photosensitivity. Here, we report distinct seasonal waveforms of transcript expression in the MBH, and pituitary gland and discovered the patterns were not synchronized across tissues. Follicle-stimulating hormone-β (FSHβ) expression increased during the simulated spring equinox, prior to photoinduced increases in prolactin, thyrotropin-stimulating hormone-β, and testicular growth. Diurnal analyses of transcript expression showed sustained elevated levels of FSHβ under conditions of the spring equinox, compared to autumnal equinox, short (<12L) and long (>12L) photoperiods. FSHβ expression increased in quail held in non-stimulatory short photoperiod, indicative of the initiation of an endogenously programmed interval timer. These data identify that FSHβ establishes a state of photosensitivity for the external coincidence timing of seasonal physiology. The independent regulation of FSHβ expression provides an alternative pathway through which other supplementary environmental cues, such as temperature, can fine tune seasonal reproductive maturation and involution.

The Urgency of Establishing Constitutional Court Procedural Law

The formulation of procedural law within the constitutional court is a crucial requirement, as stipulated by Article 24 C paragraph (6) of the 1945 Constitution of the Republic of Indonesia. While the Constitutional Court Procedural Law is outlined in Law No. 24 of 2003 on the Constitutional Court, it merely provides general points. Special aspects, aligned with individual case characteristics, are deferred to the Constitutional Court for independent regulation based on Article 86 and the Explanatory Note to Law No. 24 of 2003. However, this delegation is inappropriate as procedural law should be governed by Law-level regulations, not by Constitutional Court Regulations (PMK). To date, the Constitutional Court continues to produce the Procedural Law in the form of PMKs. This study employs a normative juridical research method, with a statutory and conceptual approach, and conducts analysis in a qualitative descriptive manner. This paper concludes, firstly, that the creation of procedural law within the constitutional court holds philosophical, juridical and sociological significance. Secondly, the drafting process of the constitutional court’s procedural law must adhere to the process of forming sound laws and regulations and contain materials in line with their level as prescribed in the legislation.

FSHβ links photoperiodic signaling to seasonal reproduction in Japanese quail.

Annual cycles in daylength provide an initial predictive environmental cue that plants and animals use to time seasonal biology. Seasonal changes in photoperiodic information acts to entrain endogenous programs in physiology to optimize an animal's fitness. Attempts to identify the neural and molecular substrates of photoperiodic time measurement in birds have, to date, focused on blunt changes in light exposure during a restricted period of photoinducibility. The objectives of these studies were first to characterize a molecular seasonal clock in Japanese quail and second, to identify the key transcripts involved in endogenously generated interval timing that underlies photosensitivity in birds. We hypothesized that the mediobasal hypothalamus (MBH) provides the neuroendocrine control of photoperiod-induced changes in reproductive physiology, and that the pars distalis of the pituitary gland contains an endogenous internal timer for the short photoperiod-dependent development of reproductive photosensitivity. Here, we report distinct seasonal waveforms of transcript expression in the MBH, and pituitary gland and discovered the patterns were not synchronized across tissues. Follicle-stimulating hormone-β (FSHβ) expression increased during the simulated spring equinox, prior to photoinduced increases in prolactin, thyrotropin-stimulating hormone-β, and testicular growth. Diurnal analyses of transcript expression showed sustained elevated levels of FSHβ under conditions of the spring equinox, compared to autumnal equinox, short (<12L) and long (>12L) photoperiods. FSHβ expression increased in quail held in non-stimulatory short photoperiod, indicative of the initiation of an endogenously programmed interval timer. These data identify that FSHβ establishes a state of photosensitivity for the external coincidence timing of seasonal physiology. The independent regulation of FSHβ expression provides an alternative pathway through which other supplementary environmental cues, such as temperature, can fine tune seasonal reproductive maturation and involution.

On the Issue of the Sectoral Nature of the Employment Contract (In Memory of Professor V.M. Lebedev)

The relevance of the study is due to the need to implement independent legal regulation of social and labor relations by the norms of labor law, taking into account the modern paradigm of labor law, in particular the features of the technological process in specific organizations. The independence of the employment contract and labor law is affirmed. It is noted that the inclusion of an employment contract among civil contracts does not contribute to the development of industrial relations and does not correspond to the rights and interests of workers. It is noted that the regulation of labor relations by sources of civil legislation cannot take into account either the specifics of the activities of certain organizations, or the rights and interests of individual workers. It is concluded that the employment contract can be considered a unique source of labor law, since it is valid only in the relationship between the employee and the employer. It is noted that the relationship between an employee and an employer is not a relationship between two legally equal entities, the obligation of one of which is the obligation to make efforts (the obligation to work, following the instructions of the employer), and the obligation of the second is to pay money for the efforts made. This is not a private law relationship. It involves the power and subordination that characterize public relations. It is indicated that labor legislation does not properly regulate issues of the conditions for the validity of labor transactions and the legal consequences of their invalidity. Attention is drawn to the fact that the discussion itself about the sectoral affiliation of the employment contract should, first of all, have practical significance. It is argued that the need for subsidiary application of civil law to labor relations does not determine the absorption of labor law by civil law. This only presents the mechanism of “legal economy” that the legislator uses.

Independent regulators and financial stability evidence from gubernatorial election campaigns in the Progressive Era

Regulatory independence forms a foundation for modern financial systems. The institutions’ value is illuminated by a Progressive Era policy experiment when independent state-bank regulators came under governors’ supervision. Afterwards, bank resolution rates declined during gubernatorial election campaigns for banks supervised by state but not national authorities. This gubernatorial-campaign effect diminished by two orders of magnitude, but did not disappear, after the FDIC became the independent resolver for all insured banks in 1935. In addition, during the Progressive Era, declines in bank resolutions led to declines in business bankruptcy rates, an effect that is not observed in the FDIC era. Our findings indicate regulatory independence can dramatically reduce but may not eliminate politics’ impact on banks and the economy.