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Dodd-Frank For Bankruptcy Lawyers, Douglas G. Baird, Edward R. Morrison
Dodd-Frank For Bankruptcy Lawyers, Douglas G. Baird, Edward R. Morrison
Faculty Scholarship
The Dodd-Frank financial reform legislation creates an “Orderly Liquidation Authority” (OLA) that shares many features in common with the Bankruptcy Code. This is easy to overlook because the legislation uses a language and employs a decision-maker (both borrowed from bank regulation) that will seem foreign to bankruptcy lawyers. Our task in this essay is to identify the core congruities between OLA and the Code. In doing so, we highlight important differences and assess both their constitutionality and policy objectives. We conclude with a few thoughts on the likelihood that OLA will contribute to market stability.
The Rise Of State Bankruptcy-Directed Legislation, Ronald J. Mann
The Rise Of State Bankruptcy-Directed Legislation, Ronald J. Mann
Faculty Scholarship
The papers at this conference generally focus on the rise of securitization and the possibility that statutes designed to remedy abuses of securitization will wreak undue havoc on our capital markets. I take my starting point from the relatively intractable policy questions that those problems raise. It seems well accepted that securitization provides financing at lower cost to the large companies that use those transactions. If so, rules fostering securitization could enhance the overall performance of our economy. At the same time, there are legitimate concerns that the rise of securitization makes it less likely that large companies in financial …