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Full-Text Articles in Law
The Federal Reserve As Collateral's Last Resort, Colleen M. Baker
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 …
Privacy Beyond Possession: Solving The Access Conundrum In Digital Dollars, Nerenda N. Atako
Privacy Beyond Possession: Solving The Access Conundrum In Digital Dollars, Nerenda N. Atako
Vanderbilt Journal of Entertainment & Technology Law
The advent of a retail central bank digital currency (CBDC) could reshape the US payments system. A retail CBDC would be a digital representation of the US dollar in the form of an account or token that is widely accessible to the general public. It would be a third form of US fiat money that is created and issued by the Federal Reserve and complementary to physical cash. CBDC proposals have suggested a myriad of retail CBDC design models with an overwhelming interest in a retail CBDC that either implements a centralized ledger system or some form of a distributed …