The Affordable Care Act (also known as "Obamacare") has greatly expanded the role of the federal government in dictating to insurance companies (and those who purchase insurance policies, whether employers or individuals) what must be included in those policies. There is no explicit "sex change" mandate in Obamacare. However, some aspects of the law have increased the chances that insurance companies will offer such coverage. Late in 2014, the state of New York imposed a mandate upon insurance companies throughout the state to fund sex reassignment surgery (SRS).
Additionally, Figure F shows higher median wages in states with strong labor unions: Michigan, Ohio, Pennsylvania, Wisconsin, California, and New Jersey, for example. Historically, there has been a strong correlation between union density—the percent of a state’s workforce represented by a union—and state median wages. 3 Today there are no states with the levels of union density that the high-wage states had in the late 1970s. Not surprisingly, the share of corporate revenue that is paid in wages rather than distributed in profits has declined significantly (Jacobson and Occhino 2012). Unions now represent a much smaller share of the workforce than they did in the decades immediately following World War II and so are not the force that they were for creating middle-class jobs for large numbers of workers with a high school education or less.
Since Basel II was introduced in 2008, two approaches to calculating bank capital requirements have co-existed: lenders’ internal models, and a less risk-sensitive standardised approach. Using a unique dataset covering 7 million UK mortgages for 2005–15, and novel identification, we provide empirical evidence that the differences between these approaches cause lenders to specialise. This leads to systemic concentration of high-risk mortgages in lenders with less sophisticated risk management. Our results have broad implications for the design of the international bank capital framework.