Crosses For Losses

Betsy DeVos Opposes President Donald Trump

Have you ever signed a deal with a partner only to realize, their ideas don’t align with yours? This is actually what is happening in the Trump administration especially with Betsy DeVos. Earlier this week President Trump released a draft order that will overturn the transgender bill according to CNN. It is a bill that offered protection to the transgender students.

If you recall accurately, former President Barack Obama signed into law a bill that allowed the transgender students to use the bathroom of their choice. This will, however, be a thing of the past now that the key stakeholders have signed the draft.

Betsy DeVos resisted signing off on the new order from the President stating that she was uncomfortable. It, however, seemed like the odds were working against her as she was the only one among the Republicans opposing the draft order. In fact, Mr Sessions fought DeVos on this matter and pressed her to sign off because the draft could not go forward without her signature.

She ended up agreeing because apparently, Trump was siding with Mr Sessions and also because she had two options: either resign or defy the Commander in Chief of Army. She chose the third option: sign the order. She did, however, insert a statement that instructed all the schools and education institution to protect the transgender students from bullying.

What you will find ironic is that Betsy said during her confirmation that her views on education aligned with the President views and she hoped to bring change. That statement is contradicting to what happened this week. The Republicans are shocked because they have just realized that she is not going to follow or align herself with Trump’s ideas on education. She will challenge them, and the only thing they can do is prepare for it. What is interesting is that she supports the LBGT rights and she is from a conservative family.

Now after this disagreement with the President, the people who were opposed to her nomination are now seeing that she is not going to destroy the education sector as they had anticipated.

About Betsy

Betsy DeVos is a woman who is passionate about education and probably that is the reason why she was nominated and confirmed as the Secretary of Education of the United States. She is also known for her education activism in different topics including school vouchers, grading systems and the school choice.

She has in many different occasions supported the education sector through her foundation. In 2015, she contributed approximately $11 million towards the education system which was 26% of her contributions that year. Together with her husband Dick DeVos, they offer scholarships to students from the developing countries.

In 2009, they founded ArtPrize which is an international art competition that is held Grand Rapids Michigan.

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Helane Morrison’s Success As A Compliance Officer

Unlike in the past when chief risk officers (CROs) were only found in the insurance industry, these professionals are now getting more roles, especially in financial firms. Apart from the technical expertise that they have always employed in their day-to-day duties, the firms require CROs to be critical thinkers and have excellent leadership qualities.
I believe that the 2008 financial crisis spearheaded the introduction of CROs to the financial firms. These professionals were the only ones who could enhance transparency, accountability and risk management that was demanded by the financial regulators. The new roles require the professionals to augment their broad and independent view of their organization in order to anticipate any potential disruptions besides advising the firm accordingly.
Identification, monitoring and mitigation of risks are important to financial institutions as they determine the success of most financial services. This ensures that market risks, operation risks and credit risks are managed appropriately. I agree that in order to manage a company’s reputation and conduct risk analysis, CROs should work closely with compliance officers. This information was originally reported on The Wall Street Journal as posited in the following link Chief Risk Officer on a Broader Role.
John Olert, Fitch Group’ CRO, is an example of the close relationship that exists between CROs and compliance officer. He worked in the compliance department of the group for some years before becoming the acting chief compliance officer. During his time in the office, he was charged with managing regulatory risks for the company. Following the 2008 financial crisis, he was involved with setting up processes and structures that the group used to assess and manage risks. These efforts saw him become the firm’s first chief risk officer in 2010.
About Helane Morrison
An example of a chief compliance officer who works interacts with CROs is Helane L. Morrison of Hall Capital Partners LLC. She is the managing director and doubles up as the General Counsel of the firm. Helane serves on the Board of the Regional Parks Foundation and is a member of the American Bar Association’s Hedge Fund subcommittee. Morrison is also a speaker. She speaks lecturers on how private funds and investments advisers are affected by compliance and legal issues.

Ms. Morrison has worked with many institutions and influential individuals. She started her career as a law clerk for Supreme Court Justice Harry Blackmun before joining Howard, Nemerovski, Canady, Falk & Rabkin as an attorney. She also worked at the San Francisco SEC office before joining Hall Capital Partners LLC in 2007. Helane has a degree in Journalism from Northwestern University and studied law at the University of California.