Law Commons^™

The Folly Of Credit As Pandemic Relief, Pamela Foohey, Dalie Jimenez, Chrisopher K. Odinet

Articles by Maurer Faculty

Within weeks of the coronavirus pandemic appearing in the United States, the American economy came to a grinding halt. The unprecedented modern health crisis and the collapsing economy forced Congress to make a critical choice about how to help families survive financially. Congress had two basic options. It could enact policies that provided direct and meaningful financial support to people, without the necessity of later repayment. Or it could pursue policies that temporarily relieved people from their financial obligations but required that they eventually pay amounts subject to payment moratoria later.

In passing the CARES Act, Congress primarily chose the …

States Should Consider Partial Wealth Tax Reforms, David Gamage, Darien Shanske

Articles by Maurer Faculty

This article is a contribution to Project SAFE (State Action in Fiscal Emergencies). In other essays in this project, we explain steps the federal government should take to help state and local governments cope with their looming budget crises. The federal government is much better positioned to manage these crises than states and localities and, ideally, it would act sufficiently to prevent the need for state and local governments to cut spending or raise taxes. However, we fear that the federal government may fail to act sufficiently, leaving states and localities with the need to make painful spending cuts, raise …

How The Federal Reserve Should Help States And Localities Right Now, Darien Shanske, David Gamage

Articles by Maurer Faculty

The COVID-19 pandemic is a giant catastrophe, but the Federal Reserve can still mitigate the looming fiscal crises facing state and local governments. This article — a contribution to Project SAFE (State Action in Fiscal Emergencies) — builds on our prior background essay explaining state and local budget issues.

A Case For Reforming The Anti-Money Laundering Regulatory Regime: How Financial Institutions’ Criminal Reporting Duties Have Created An Unfunded Private Police Force, Christopher Wilkes

Indiana Law Journal

Part I of this Note provides background information outlining the relevant BSA/AML laws that establish financial institutions’ affirmative duties to report financial crimes. Part II analyzes the contours of other laws that create mandatory criminal reporting obligations, including their extent, their underlying justifications, and how stringently government agencies enforce them. Part III demonstrates how financial institutions’ reporting duties are uniquely stringent and punitive compared to those imposed elsewhere in the law, and it questions the justifications of this policy. Lastly, Part IV of this Note argues that the BSA/AML regulatory regime could be reformed to reduce the costs and duties …

Introduction, Colin Crawford, Daniel Bonilla Maldonado

Indiana Journal of Global Legal Studies

The papers gathered in this volume analyze access to justice in Latin America, Europe, and North America from a philosophical, legal, and sociological perspective. In these three regions of the world, as in the rest of the globe, liberal democracies face a troubling gap between the normative and the descriptive: the access to justice promises made by the legal and political system are not fully realized in practice. The studies collected here, therefore, share two baseline assumptions. First, the right of access to justice is fundamental in a liberal state. Access to justice ensures that citizens are able to defend …

Developments In The Laws Affecting Electronic Payments And Financial Services, Tom Kierner, Steve Middlebrook, Sarah Jane Hughes

Articles by Maurer Faculty

Federal and state developments affecting e-payments and financial services between June 1, 2018, and May 31, 2019, as in recent years, exceeded the space allowed for this survey. We have chosen to feature continuing regulatory efforts, including new guidance and innovations in cryptocurrencies as payments methods or as tradable "digital assets," and enforcement actions related to cryptocurrencies and to providers and users of cryptocurrencies. This survey also identifies guidance and enforcement actions that relate to providers of other types of financial products or services. Part II evaluates developments relating to cryptocurrencies, both as payment products and otherwise as "digital assets" …

Do Blockchain Technologies Make Us Safer? Do Cryptocurrencies Necessarily Make Us Less Safe?, Sarah Jane Hughes

Articles by Maurer Faculty

This essay is based on a presentation made on January 24, 2020 at the invitation of the Texas Journal of International Law and the Strauss Center for National Security at the University of Texas. That presentation focused on the two questions mentioned in the title of this essay – Do Blockchain Technologies Make Us Safer? And Do Cryptocurrencies Necessarily Make Us Less Safe? The essay presents answers to the two questions: “yes” and “probably yes.” This essay begins with some level-setting on different types of blockchain technologies and of cryptocurrencies, and gives some background materials on global and national responses …

Upskirting, Bitcoin, And Crime, Oh My: Judicial Resistance To Applying Old Laws To New Crimes – What Is A Legislature To Do?, Michael Whiteman

Indiana Law Journal

As technology continues to advance at a break-neck speed, legislatures often find themselves scrambling to write laws to keep up with these advances. Prosecutors are frequently faced with the prospect of charging a defendant with a crime based on an existing law that does not quite fit the circumstances of the defendant’s actions. Judges, cognizant of the fact that legislatures, and not the judiciary, have the primary responsibility for creating crimes, have pushed back. Judges routinely refuse to convict a defendant if the statute does not fairly criminalize the defendant’s actions. To determine if a defendant’s actions fit within a …

The Debt Collection Pandemic, Pamela Foohey, Dalie Jimenez, Chris Odinet

Articles by Maurer Faculty

To curb the rapid spread of the coronavirus set to overwhelm the United States' healthcare system, in mid-March 2020, the federal government declared a national emergency. Many states followed suit by implementing shelter-at-home orders and people began social distancing across America. As of this writing, the United States' reaction to the unique and alarming threat of COVID 19 has partially succeeded in slowing the virus's spread. Saving people's lives, however, has come at a severe economic cost. Economic activity plummeted. Unemployment numbers soured to figures not seen since the Great Depression and countless other people saw their income disappear.

Americans' …

A Coffee Break For Bitcoin, Margaret Ryznar

Indiana Law Journal

For many, the appeal of bitcoin is in its detachment from government regulation. However, the Coffee bonding theory, which initially arose in the context of foreign stocks, suggests certain benefits of regulation for bitcoin, including increased legitimacy. By invoking the Coffee bonding theory, this Article offers another perspective on the regulation of bitcoin.