Law Commons^™

The Federal Reserve As Collateral's Last Resort, Colleen M. Baker

Notre Dame Law Review

This Essay is the first step in a broader normative project analyzing the proper balance between legislation and central bank policy—between architecture and implementation—in shaping the Federal Reserve’s collateral framework to best promote market discipline and to minimize credit allocation. Its modest aim is twofold. First, it provides the first analysis of central bank collateral frameworks in the legal scholarship. Second, it analyzes the equilibrium between legislation and central bank policy in the Federal Reserve’s collateral framework in the context of its section 13(3) emergency liquidity authority, lending authority for designated financial market utilities, and swap lines with foreign central …

Legal Description Of Credit Card

UAEU Law Journal

In traditional means, payment needs only two parties. In the case of ordinary money, two persons only appear in the payment process, namely the creditor & the debtor in the deal without the intervention of the central bank that issued the money. The central bank is not considered a third party in the payment process and its role is limited to securing accepting the money in payment without having any direct intervention.

However, payment through credit card is different for there are three main parties in the relation, namely the trader, the consumer & the source. Three interrelated relations that …