The Partisanship of Financial Regulators
利用机器学习识别国会中的党派性短语，分析美国证券交易委员会和美联储官员的言论与投票，发现SEC的党派性在2010-2019年达到历史新高，而美联储保持相对中立。
Abstract We analyze the partisanship of Commissioners at the SEC and Governors at the Federal Reserve Board. Using recent advances in machine learning, we identify partisan phrases in Congress, such as “red tape” and “climate change,” and observe their usage among regulators. Although the Fed has remained relatively nonpartisan throughout our sample period (1930–2019), we find that partisanship among SEC Commissioners rose to an all-time high during the 2010-2019 period, driven by more-partisan Commissioners replacing less-partisan ones. Partisanship at the SEC appears in both the language of new SEC rules and the voting behavior of SEC Commissioners. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.