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Banking and Finance Law

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2016

Banking and Finance

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Countercyclical Regulation And Its Challenges Jun 2016

Countercyclical Regulation And Its Challenges

Patricia A. McCoy

Historically, U.S. financial regulation has normally been procyclical, with federal regulators and Congress relaxing oversight during bull markets and cracking down once financial crises hit. After 2008, the wisdom of this approach came under attack. Critics argued that procyclical regulation left financial institutions undercapitalized and unable to withstand panics. Other critics asserted that economic downturns could be mitigated and even averted if regulators took steps to puncture asset bubbles.

The concept of countercyclical regulation responds to both of these critiques. This new approach posits that financial regulation would be more effective if financial regulation clamped down during financial expansions and …

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Lessons From The Efforts To Manage The Shift Away From Defined Benefit Plans To Defined Contribution Plans In Australia, The United Kingdom, And The United States, Elizabeth F. Brown Jan 2016

Lessons From The Efforts To Manage The Shift Away From Defined Benefit Plans To Defined Contribution Plans In Australia, The United Kingdom, And The United States, Elizabeth F. Brown

Elizabeth F Brown

This is an earlier version of this Article that was published in the 53 American Business Law Journal 315 (Summer 2016). Please see that journal for the final version of this Article. This Article examines what lessons may be learned from examining how Australia, the United Kingdom, and the United States have tried to manage the shift away from defined benefit plans towards defined contribution plans. This shift has fundamentally changed the relationship between workers and the financial industry. While defined contribution plans provide employees with some advantages over defined benefit plans (e.g., portability, early vesting, greater autonomy), they also …

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