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Articles 1 - 30 of 36
Full-Text Articles in Law
The Extraterritorial Provisions Of The Dodd-Frank Act Protects U.S. Taxpayers From Worldwide Bailouts, Michael Greenberger
The Extraterritorial Provisions Of The Dodd-Frank Act Protects U.S. Taxpayers From Worldwide Bailouts, Michael Greenberger
Michael Greenberger
The significant extraterritorial scope of the derivatives regulation within the Dodd-Frank Wall Street Reform and Consumer Protection Act promises to foster rigorous international standards for financial regulation that will restore transparency and stability to the global derivatives market. At present, that market exceeds $700 trillion notional value, or over ten times the world GDP. Despite opposition from Wall Street to the present extraterritorial application of almost all of Dodd-Frank’s derivatives regulation, the plain language of the statute requires implementing that regulation on an appropriate extraterritorial basis in order to protect U.S. taxpayers from bailing out financial institutions engaging in foreign …
Implementing Dodd-Frank: A Review Of The Cftc‟S Rulemaking Process: Testimony, Michael Greenberger
Implementing Dodd-Frank: A Review Of The Cftc‟S Rulemaking Process: Testimony, Michael Greenberger
Michael Greenberger
The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (“OTC”) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion dollar …
Diversifying Clearinghouse Ownership In Order To Safeguard Free And Open Access To The Derivatives Clearing Market, Michael Greenberger
Diversifying Clearinghouse Ownership In Order To Safeguard Free And Open Access To The Derivatives Clearing Market, Michael Greenberger
Michael Greenberger
Implementing the rigorous governance and ownership standards established in the Dodd-Frank Wall Street Reform and Consumer Protection Act3 for derivatives clearing organizations (DCOs) will promote free and open access to clearing and reduce systemic risk within what is now the $700 trillion notional value derivatives market. Such standards are central to and advance the key regulatory tenants of Dodd-Frank: i.e., to restore transparency, capital adequacy, and accountability to what was the unregulated over-the-counter (OTC) derivatives market by ensuring that swaps are cleared through financially sound DCOs. Also, these rules will promote competition by curtailing large swap dealers‘ (SDs) control over …
Commodity Swap Position Limit Rule May Help Return Price-Risk Management, Michael Greenberger
Commodity Swap Position Limit Rule May Help Return Price-Risk Management, Michael Greenberger
Michael Greenberger
No abstract provided.
Will The Cftc Defy Congress's Mandate To Stop Excessive Speculation In Commodity Markets And Aid And Abet Hyperinflation In World Food And Energy Prices: Analysis Of The Cftc's Proposed Rules On Speculative Position Limits, Michael Greenberger
Michael Greenberger
On January 26, 2011, the Commodity Futures Trading Commission issued the Notice of Proposed Rulemaking on Position Limits for Derivatives pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act. The proposed rules are designed to implement the historic Congressional mandate of the Commodity Exchange Act, as amended by Section 737 of the Dodd-Frank Act, to ban excessive speculation from the derivatives market, i.e., the speculation which exceeds the need for liquidity by commercial handlers hedging price risk in these markets. Section 737 is the result of multi-year consideration by Congress, during which a strong consensus was reached there …
Implementation Of Title Vii Of The Wall Street Reform And Consumer Protection Act. Hearing Before The United States Senate, Committee On Agriculture, Nutrition And Forestry - 112th Cong., 1st Sess., Michael Greenberger
Michael Greenberger
The Relationship of Unregulated OTC Derivatives to the Meltdown. It is now accepted wisdom that it was the non-transparent, poorly capitalized, and almost wholly unregulated over-the-counter (―OTC‖) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008. Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized or non-capitalized OTC derivative guarantees of the subprime housing investments. Moreover, the many undercapitalized insurers of that collapsing market had other multi-trillion dollar …
Overwhelming A Financial Regulatory Black Hole With Legislative Sunlight: Dodd-Frank’S Attack On Systemic Economic Destabilization Caused By An Unregulated Multi-Trillion Dollar Derivatives Market, Michael Greenberger
Michael Greenberger
It is now accepted wisdom that it was the non-transparent, poorly capitalized and almost wholly unregulated over-the-counter (“OTC”) derivatives market that lit the fuse that exploded the highly vulnerable worldwide economy in the fall of 2008.[1] Because tens of trillions of dollars of these financial products were pegged to the economic performance of an overheated and highly inflated housing market, the sudden collapse of that market triggered under-capitalized OTC derivative guarantees of the subprime housing market; and the guarantors’ multi-trillion dollar interconnectedness with thousands of other OTC derivatives’ counterparties within that OTC market (through interest rate, currency, foreign exchange, and …
Testimony Before The U.S. House Of Representatives, Committee On Agriculture - “Potential Excessive Speculation In Commodity Markets: The Impact Of Proposed Legislation", Michael Greenberger
Testimony Before The U.S. House Of Representatives, Committee On Agriculture - “Potential Excessive Speculation In Commodity Markets: The Impact Of Proposed Legislation", Michael Greenberger
Michael Greenberger
Testimony before the U.S. House of Representatives, Committee on Agriculture. 110th Congress, 2nd Session (July 10-11, 2008).
Governance And Biosecurity: Strengthening Security And Oversight Of The Nation's Biological Agent Laboratories, Michael Greenberger, Talley Kovacs, Marita Mike
Governance And Biosecurity: Strengthening Security And Oversight Of The Nation's Biological Agent Laboratories, Michael Greenberger, Talley Kovacs, Marita Mike
Michael Greenberger
Since the advent of the Anthrax attacks in the fall of 2001, the United States has been confronted with a serious policy conundrum. On the one hand, we have strengthened programs that encourage the use of our best scientific resources to develop countermeasures to the weaponization of highly dangerous biopathogens. On the other hand, research on those countermeasures requires the use of the very biopathogens we seek to defeat. There have been many mishaps in the handling of those pathogens, which raises the frightening prospect that the research may be as (or more) dangerous than bioterrorist acts themselves. Indeed, the …
The Posse Comitatus Act And Disaster Response, Michael Greenberger, Arianne Spaccarelli
The Posse Comitatus Act And Disaster Response, Michael Greenberger, Arianne Spaccarelli
Michael Greenberger
The federal government’s failure to quickly send active duty troops and other military assets to Louisiana in the wake of Hurricane Katrina primarily stems from its narrow interpretation of the Posse Comitatus Act (PCA), which generally bars the use of federal troops for domestic law enforcement. As this chapter explains, the complete breakdown of law and order during a catastrophic emergency such as Hurricane Katrina allows the president to unilaterally deploy federal troops. This authority to deploy federal troops in response to certain natural disasters, in accordance with the PCA and the Constitution, is found in the Insurrection Act, Stafford …
Is Our Economy Safe? A Proposal For Assessing The Success Of Swaps Regulation Under The Dodd-Frank Act, Michael Greenberger
Is Our Economy Safe? A Proposal For Assessing The Success Of Swaps Regulation Under The Dodd-Frank Act, Michael Greenberger
Michael Greenberger
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. The central goal of the Dodd-Frank Act is to ensure that all standardized derivates products are regulated. The Act requires these trades be fully transparent and backed by adequate capital. The central question for evaluating the success of the Dodd-Frank Act is simple but profound: Has the Dodd-Frank Act made the economy any safer from the threat of another economic meltdown? This paper introduces a number of metrics that can be used to assess the success of the Dodd-Frank Act.
The Posse Comitatus Act And Disaster Response, Michael Greenberger, Arianne Spaccarelli
The Posse Comitatus Act And Disaster Response, Michael Greenberger, Arianne Spaccarelli
Michael Greenberger
The federal government’s failure to quickly send active duty troops and other military assets to Louisiana in the wake of Hurricane Katrina primarily stems from its narrow interpretation of the Posse Comitatus Act (PCA), which generally bars the use of federal troops for domestic law enforcement. As this chapter explains, the complete breakdown of law and order during a catastrophic emergency such as Hurricane Katrina allows the president to unilaterally deploy federal troops. This authority to deploy federal troops in response to certain natural disasters, in accordance with the PCA and the Constitution, is found in the Insurrection Act, Stafford …
The Role Of Derivatives In The Financial Crisis – Testimony Before The Financial Crisis Inquiry Commission, June 30, 2010, Michael Greenberger
The Role Of Derivatives In The Financial Crisis – Testimony Before The Financial Crisis Inquiry Commission, June 30, 2010, Michael Greenberger
Michael Greenberger
It is now almost universally accepted that the unregulated multi-trillion dollar OTC CDS market helped foment a mortgage crisis, then a credit crisis, and finally a ―once-in-a-century systemic financial crisis that, but for huge U.S. taxpayer interventions, would have in the fall of 2008 led the world economy into a devastating Depression. Before explaining below the manner in which credit default swaps fomented this crisis, it worth citing in the margin those many economists, regulators, market observers, and financial columnists who have described the central role unregulated CDS played in the crisis. Even those once skeptical of arguments about the …
Testimony Before The U.S. House Committee On Agriculture On The “Discussion Draft: The Derivatives Market Transparency And Accountability Act Of 2009.”, Michael Greenberger
Testimony Before The U.S. House Committee On Agriculture On The “Discussion Draft: The Derivatives Market Transparency And Accountability Act Of 2009.”, Michael Greenberger
Michael Greenberger
Testimony before the U.S. House of Representatives, Committee on Agriculture. 111th Congress, 1st Session (2009).
Testimony Of Michael Greenberger Before The Commodity Futures Trading Commission On “Excessive Speculation: Position Limits And Exemptions.”, Michael Greenberger
Testimony Of Michael Greenberger Before The Commodity Futures Trading Commission On “Excessive Speculation: Position Limits And Exemptions.”, Michael Greenberger
Michael Greenberger
Testimony before the Commodity Futures Trading Commission (August 5, 2009).
Yes, Virginia: The President Can Deploy Federal Troops To Prevent The Loss Of A Major American City From A Devastating Natural Catastrophe, Michael Greenberger
Yes, Virginia: The President Can Deploy Federal Troops To Prevent The Loss Of A Major American City From A Devastating Natural Catastrophe, Michael Greenberger
Michael Greenberger
As a direct response to the lackadaisical and much criticized federal handling of Hurricane Katrina, a critical provision within the Fiscal Year 2007 Defense Authorization Act amended in October 2006 the Insurrection Act to allow the President to deploy Federal troops to respond to catastrophic natural disasters and other major domestic emergencies without a prior request from affected state or local governments. This amendment was passed over universal and bipartisan opposition by the Nation's governors, all of whom claimed that this provision upends the delicate balance between Federal and state responsibilities for responding to natural disasters. In fact, this amendment …
The Alfonse And Gaston Of Governmental Response To National Public Health Emergencies: Lessons Learned From Hurricane Katrina For The Federal Government And The States, Michael Greenberger
The Alfonse And Gaston Of Governmental Response To National Public Health Emergencies: Lessons Learned From Hurricane Katrina For The Federal Government And The States, Michael Greenberger
Michael Greenberger
Hurricane Katrina renewed an old debate concerning which level of government should lead the response effort to catastrophic disasters. Traditionally, emergency response is handled at the most local level possible. Hurricane Katrina, however, and other catastrophes that may be labeled "Incidents of National Significance," are examples of emergencies of such magnitude that federal assets must be brought to bear to respond adequately to the situation. As such Incidents will almost always affect interstate commerce, Congress' commerce powers justify federal intervention in, and if necessary, supervision of the response. In such situations, the National Response Plan provides for extensive coordination between …
The Role Of The Federal Government In Response To Catastrophic Health Emergencies: Lessons Learned From Hurricane Katrina, Michael Greenberger
The Role Of The Federal Government In Response To Catastrophic Health Emergencies: Lessons Learned From Hurricane Katrina, Michael Greenberger
Michael Greenberger
In much of the recent thought devoted to the role of states in responding to catastrophic public health emergencies, as most clearly evidenced by the commentary surrounding the Centers for Disease Control and Prevention- sponsored Model State Emergency Health Powers Act (Model Act), there is a focus on state governments being viewed as the exclusive controlling governmental agent supervising the governmental response. Much of that thinking is premised on a view of limitations placed on Congress’ power to act in public health emergencies emanating from Commerce Clause restrictions in the Supreme Court decisions of U.S. v. Lopez, 514 U.S. 549 …
Lessons From Enron: An Oversight Hearing On Gas Prices And Energy Trading, Michael Greenberger
Lessons From Enron: An Oversight Hearing On Gas Prices And Energy Trading, Michael Greenberger
Michael Greenberger
No abstract provided.
Choking Bioshield: The Department Of Homeland Security's Stranglehold On Biodefense Vaccine Development, Michael Greenberger
Choking Bioshield: The Department Of Homeland Security's Stranglehold On Biodefense Vaccine Development, Michael Greenberger
Michael Greenberger
One of the bright milestones toward the development of a vibrant biodefense vaccine industry was the passage of the Project BioShield Act of 2004. That statute was designed "to provide protections and countermeasures against chemical, radiological, or nuclear agents that may be used in a terrorist attack against the United States". It encourages the development of effective countermeasures by establishing the Special Reserve Fund of $5.6 billion to be spent over ten years to assure pharmaceutical and biotechnology manufacturers that there is a ready market for their products through purchases by the government for the Strategic National Stockpile. The Act …
Teaching New Dogs Old Tricks: Reshaping The Department Of Homeland Security's Technology Development Infrastructure, Michael Greenberger
Teaching New Dogs Old Tricks: Reshaping The Department Of Homeland Security's Technology Development Infrastructure, Michael Greenberger
Michael Greenberger
This article discusses the Department of Homeland Security’s (DHS’s) use of technology to help fight the war on terror. First, this article reveals how DHS has made little progress in encouraging the development of important technology, despite receiving ample resources from Congress to do so. Second, this article looks to the Office of War Mobilization’s (OWM) work during World War II as a possible template for galvanizing the Nation’s technological talent and resources to fight terror. Third, this article suggests a program for refining the OWM template to meet modern day needs. In this regard, DHS is the “new dog,” …
The Need For Closed Circuit Television In Mass Transit Systems, Michael Greenberger
The Need For Closed Circuit Television In Mass Transit Systems, Michael Greenberger
Michael Greenberger
Closed circuit television video (CCTV) surveillance systems need to be introduced or enhanced in the public areas within United States’ mass transit systems. London’s extensive system was used very successfully in the investigation of the July 2005 terrorist attacks on its subway and bus systems. That effective investigatory use of CCTV is very likely to be a significant deterrence to future terrorist activities on London mass transit. The United States must be prepared in the event of similar attacks on its soil. As roughly twenty times more people travel by mass transit than by air, it is time for this …
Energy Market Manipulation And Federal Enforcement Regimes, Michael Greenberger
Energy Market Manipulation And Federal Enforcement Regimes, Michael Greenberger
Michael Greenberger
No abstract provided.
Comment: Relocation, Accidental Inequalities, And The Equal Protection Doctrine, Michael Greenberger
Comment: Relocation, Accidental Inequalities, And The Equal Protection Doctrine, Michael Greenberger
Michael Greenberger
No abstract provided.
Did The Founding Fathers Do "A Heckuva Job"? Constitutional Authorization For The Use Of Federal Troops To Prevent The Loss Of A Major American City, Michael Greenberger
Did The Founding Fathers Do "A Heckuva Job"? Constitutional Authorization For The Use Of Federal Troops To Prevent The Loss Of A Major American City, Michael Greenberger
Michael Greenberger
As the one year anniversary of the landfall of Hurricane Katrina on the Gulf Coast passed, the highly critical reports of the Bush Administration's mismanagement of the response to that catastrophe continued to mount. Central to the criticism of the Administration was its indecisiveness in deploying military assets to rescue and protect Gulf Coast citizens overwhelmed by one of the country's worst natural disasters. The President failed to act because of a perceived lack of statutory and constitutional authority to override the Louisiana Governor's refusal to allow the Federal government to have ultimate control over the deployment of Federal troops …
Energy Speculation: Is Greater Regulation Necessary To Stop Price Manipulation? Part Ii., Michael Greenberger
Energy Speculation: Is Greater Regulation Necessary To Stop Price Manipulation? Part Ii., Michael Greenberger
Michael Greenberger
No abstract provided.
Preparing Vulnerable Populations For A Disaster: Inner-City Emergency Preparedness - Who Should Take The Lead?, Michael Greenberger
Preparing Vulnerable Populations For A Disaster: Inner-City Emergency Preparedness - Who Should Take The Lead?, Michael Greenberger
Michael Greenberger
No abstract provided.
Energy Speculation: Is Greater Regulation Necessary To Stop Price Manipulation?, Michael Greenberger
Energy Speculation: Is Greater Regulation Necessary To Stop Price Manipulation?, Michael Greenberger
Michael Greenberger
No abstract provided.
Strengthening Security And Oversight At Biological Research Laboratories, Michael Greenberger
Strengthening Security And Oversight At Biological Research Laboratories, Michael Greenberger
Michael Greenberger
With the advent of the Anthrax attacks in the fall of 2001, this Nation has been confronted with a serious policy conundrum. On the one hand, we have strengthened programs that encourage the use of our best scientific resources to develop countermeasures to the weaponization of highly dangerous biopathogens. On the other hand, research on those countermeasures requires the use of the very biopathogens we seek to defeat. There have been many mishaps in the handling of those pathogens, which raises the frightening prospect that the research may be as (or more) dangerous than the potential bioterrorist acts themselves. Indeed, …
Excessive Speculation In The Natural Gas Market, Michael Greenberger
Excessive Speculation In The Natural Gas Market, Michael Greenberger
Michael Greenberger
No abstract provided.