Open Access. Powered by Scholars. Published by Universities.®
- Institution
-
- Selected Works (53)
- SelectedWorks (37)
- University of Georgia School of Law (28)
- Duke Law (23)
- Columbia Law School (17)
-
- University of North Carolina School of Law (16)
- Chicago-Kent College of Law (9)
- Seattle University School of Law (8)
- University of Michigan Law School (8)
- University of Pennsylvania Carey Law School (7)
- Cornell University Law School (6)
- University of Maryland Francis King Carey School of Law (6)
- Vanderbilt University Law School (6)
- Washington and Lee University School of Law (6)
- Brigham Young University Law School (5)
- Maurer School of Law: Indiana University (5)
- New York Law School (5)
- Pepperdine University (5)
- University of Nevada, Las Vegas -- William S. Boyd School of Law (5)
- William & Mary Law School (5)
- American University Washington College of Law (4)
- Brooklyn Law School (4)
- Notre Dame Law School (4)
- UIC School of Law (4)
- University of Pittsburgh School of Law (4)
- Fordham Law School (3)
- Northwestern Pritzker School of Law (3)
- Pace University (3)
- University of Richmond (3)
- Florida A&M University College of Law (2)
- Keyword
-
- Banking and Finance (27)
- Bankruptcy (16)
- Securities (16)
- Financial crisis (15)
- Consumer protection (13)
-
- SEC (13)
- Corporations (11)
- Financial regulation (11)
- Law and Economics (11)
- Regulation (11)
- Securities Law (11)
- Dodd-Frank (10)
- Finance (10)
- Bitcoin (9)
- Consumer Financial Protection Bureau (9)
- Financial institutions (9)
- Housing Finance (9)
- Banking (8)
- Corporate governance (8)
- Financial Regulation (8)
- Public debts (8)
- Disclosure (7)
- Financial crises (7)
- Law and Society (7)
- Property-Personal and Real (7)
- Risk (7)
- Risk management (7)
- Securities and Exchange Commission (7)
- CFPB (6)
- Consumer Protection Law (6)
- Publication
-
- Faculty Scholarship (51)
- Georgia Journal of International & Comparative Law (21)
- North Carolina Banking Institute (16)
- Saule T. Omarova (11)
- David J Reiss (10)
-
- All Faculty Scholarship (9)
- Chicago-Kent Law Review (8)
- Seattle University Law Review (8)
- Articles (7)
- Robert C. Hockett (6)
- Cornell Law Faculty Publications (5)
- Articles & Chapters (4)
- John Marshall Global Markets Law Journal (4)
- Scholarly Works (4)
- Valerio Sangiovanni (4)
- William & Mary Business Law Review (4)
- Annelise Riles (3)
- Brian M McCall (3)
- Bryane Michael (bryane.michael@stcatz.ox.ac.uk) (3)
- Lawrence J. Trautman Sr. (3)
- Michigan Business & Entrepreneurial Law Review (3)
- Nevada Law Journal (3)
- Notre Dame Law Review (3)
- Odette Lienau (3)
- Popular Media (3)
- The Journal of Business, Entrepreneurship & the Law (3)
- Vanderbilt Law Review (3)
- Washington and Lee Law Review Online (3)
- American University Business Law Review (2)
- Articles by Maurer Faculty (2)
Articles 1 - 30 of 336
Full-Text Articles in Law
The Duty To Manage Risk, A. Christine Hurt
4th And 205: How A Rush Of Global Comments Blocked The Sec’S First Attempted Punt Of Attorney-Client Privilege Under Sarbanes-Oxley, John Paul Lucci
4th And 205: How A Rush Of Global Comments Blocked The Sec’S First Attempted Punt Of Attorney-Client Privilege Under Sarbanes-Oxley, John Paul Lucci
Touro Law Review
No abstract provided.
Market Collaboration: Finance, Culture, And Ethnography After Neoliberalism, Annelise Riles
Market Collaboration: Finance, Culture, And Ethnography After Neoliberalism, Annelise Riles
Annelise Riles
In the wake of the disasters of March 2011, financial regulators and financial-risk management experts in Japan expressed little hope that much could be done nor did they take great interest in defining possible policy interventions. This curious response to regulatory crisis coincided with a new fascination with culturalist explanations of financial markets, on the one hand, and a resort to what I term “data politics”—a politics of intensified data collection—on the other. In this article, I analyze these developments as being exemplary of a new regulatory moment characterized by a loss of faith in both free market regulation and …
Is New Governance The Ideal Architecture For Global Financial Regulation?, Annelise Riles
Is New Governance The Ideal Architecture For Global Financial Regulation?, Annelise Riles
Annelise Riles
A central challenge for international financial regulatory systems today is how to manage the impact of global systemically important financial institutions (G-SIFIs) on the global economy, given the interconnected and pluralistic nature of regulatory regimes. This paper focuses on the Financial Stability Board (FSB) and proposes a new research agenda for the FSB’s emerging regulatory forms. In particular, it examines the regulatory architecture of the New Governance (NG), a variety of approaches that are supposed to be more reflexive, collaborative, and experimental than traditional forms of governance. A preliminary conclusion is that NG tools may be effective in resolving some …
Managing Regulatory Arbitrage: An Alternative To Harmonization, Annelise Riles
Managing Regulatory Arbitrage: An Alternative To Harmonization, Annelise Riles
Annelise Riles
This policy-oriented article argues for deploying conflict of laws doctrines as a tool of coordination in international financial governance.
International Trade In Services From The Japanese Viewpoint, Masato Dogauchi
International Trade In Services From The Japanese Viewpoint, Masato Dogauchi
Georgia Journal of International & Comparative Law
No abstract provided.
Perspective Of The Private Sector--Banking, F. William Hawley
Perspective Of The Private Sector--Banking, F. William Hawley
Georgia Journal of International & Comparative Law
No abstract provided.
The Merchants Of Wall Street: Banking, Commerce, And Commodities, Saule T. Omarova
The Merchants Of Wall Street: Banking, Commerce, And Commodities, Saule T. Omarova
Saule T. Omarova
This Article explores the legal, regulatory, policy, and theoretical aspects of an ongoing transformation of large U.S. banking organizations into global merchants of physical commodities and energy. In the absence of detailed and reliable information, it is difficult to draw definitive conclusions as to the social efficiency and desirability of allowing this transformation to continue. What we can already ascertain about U.S. financial institutions' physical commodity assets and activities, however, raises potentially serious public policy concerns that must be addressed through a fully-informed public deliberation. Even if big U.S. FHCs were, in fact, to scale down their physical commodity operations …
The Dodd-Frank Act: A New Deal For A New Age?, Saule T. Omarova
The Dodd-Frank Act: A New Deal For A New Age?, Saule T. Omarova
Saule T. Omarova
This short essay is an attempt to present a few early "big picture" observations on the broad regulatory philosophy underlying the Dodd-Frank Act. The question raised here is whether the Dodd-Frank Act, in fact, provides a blueprint for the twenty-first-century version of the New Deal - a qualitatively new approach to resolving the regulatory challenges posed by today's financial markets. Answering this complex question in full is hardly possible at this stage in the process, when many critical details of the new legal and regulatory regime are yet to be determined. Nevertheless, it is worthwhile to reflect upon some of …
Rethinking The Future Of Self-Regulation In The Financial Industry, Saule T. Omarova
Rethinking The Future Of Self-Regulation In The Financial Industry, Saule T. Omarova
Saule T. Omarova
In today's post-crisis world, arguing in favor of self-regulation in the financial services industry is sure to raise many eyebrows and invite significant disagreement. Much of the skepticism in this respect may be fully justified: the lack of truly effective incentives or political obstacles may ultimately foreclose the possibility of creating a new regime of embedded self-regulation aimed at detection and prevention of systemic financial risks. Nevertheless, as this Article sought to demonstrate, the realities of today's financial marketplace make it critically important that we give the idea of industry self-regulation a full consideration. The main goal of this Article …
Wall Street As Community Of Fate: Toward Financial Industry Self-Regulation, Saule T. Omarova
Wall Street As Community Of Fate: Toward Financial Industry Self-Regulation, Saule T. Omarova
Saule T. Omarova
This Article proposes an approach to regulatory design that aims to create structural incentives for the emergence of a new model of embedded self-regulation in the financial industry. Without a doubt, the ideas laid out in this Article are more of a thought experiment than a polished set of fully developed regulatory proposals. These ideas and suggestions need a great deal of additional thought and a deeper, more granular and rigorous analysis of their potential consequences, benefits, and costs. Moreover, this Article explores only how to create conditions conducive to the emergence of comprehensive industry self-regulation that is embedded in …
Beyond Finance: Permissible Commercial Activities Of U.S. Financial Holding Companies, Saule T. Omarova
Beyond Finance: Permissible Commercial Activities Of U.S. Financial Holding Companies, Saule T. Omarova
Saule T. Omarova
!is essay explains the legal basis for, and examines public policy implications of, recent expansion of large U.S. financial holding companies’ non-financial business activities. Despite its potentially significant impact on economic growth and systemic stability, this phenomenon of financial conglomeration beyond finance remains poorly understood. Yet, any truly comprehensive and effective reform of financial services regulation must address public policy issues that arise when “too-big-to-fail” banks grow even bigger and more systemically significant by combining finance with commerce.
From Gramm-Leach-Bliley To Dodd-Frank: The Unfulfilled Promise Of Section 23a Of The Federal Reserve Act, Saule T. Omarova
From Gramm-Leach-Bliley To Dodd-Frank: The Unfulfilled Promise Of Section 23a Of The Federal Reserve Act, Saule T. Omarova
Saule T. Omarova
This Article examines the recent history and implementation of one of the central provisions in U.S. banking law, section 23A of the Federal Reserve Act. Enacted in 1933 in response to one of the perceived causes of the Great Depression, section 23A imposes quantitative limitations on certain extensions of credit and other transactions between a bank and its affiliates that expose a bank to an affiliate's credit or investment risk, prohibits banks from purchasing low-quality assets from their nonbank affiliates, and imposes strict collateral requirements with respect to extensions of credit to affiliates. The key purpose of these restrictions is …
That Which We Call A Bank: Revisiting The History Of Bank Holding Company Regulations In The United States, Saule T. Omarova, Tahyar E. Margaret
That Which We Call A Bank: Revisiting The History Of Bank Holding Company Regulations In The United States, Saule T. Omarova, Tahyar E. Margaret
Saule T. Omarova
This Article does not purport to present an exhaustive and detailed analysis of the entire political or economic history of bank holding company regulation in the United States. Rather, its goal is to examine one particular aspect of that history-the evolution of the BHCA definition of "bank" and the principal exemptions from that definition. Incomplete as it may be, this story highlights some of the key economic, social and political factors that shaped the current institutional structure of the U.S. financial services market and regulation. Without a thorough understanding of the genesis of that structure, it is difficult to envision …
The New Crisis For The New Century: Some Observations On The "Big-Picture" Lessons Of The Global Financial Crisis Of 2008, Saule T. Omarova
The New Crisis For The New Century: Some Observations On The "Big-Picture" Lessons Of The Global Financial Crisis Of 2008, Saule T. Omarova
Saule T. Omarova
The unprecedented scale and complex contagion effects of the current financial crisis, which rapidly spread across geographic borders and market segmentation lines, forcefully underscored the urgent need for policy-makers, financial regulators, and market participants around the world to develop a deeper substantive understanding of the fundamental changes in the dynamics of modern financial markets. Although, in a historical perspective, all financial crises tend to display certain basic commonalities, two key factors make the crisis of 2008 qualitatively different from the panics and crashes of the past centuries. First, this is the world's first truly global financial crisis. Second, this is …
The Quiet Metamorphosis: How Derivatives Changed The "Business Of Banking", Saule T. Omarova
The Quiet Metamorphosis: How Derivatives Changed The "Business Of Banking", Saule T. Omarova
Saule T. Omarova
In the wake of an unprecedented global financial crisis, one of the fundamental questions preoccupying policymakers and students of financial regulation worldwide is "How did we get here?" This Article uncovers and analyzes an important part of our recent regulatory history, which provides a key to understanding some of the deeper, hidden causes of the crisis but whose significance legal scholars have so far failed to appreciate. The Article examines interpretive letters issued by the Office of the Comptroller of the Currency (OCC), the primary regulator of federally chartered U.S. banks, interpreting the National Bank Act of 1863 to allow …
“Private” Means To “Public” Ends: Governments As Market Actors, Robert C. Hockett, Saule T. Omarova
“Private” Means To “Public” Ends: Governments As Market Actors, Robert C. Hockett, Saule T. Omarova
Saule T. Omarova
Many people recognize that governments can play salutary roles in relation to markets by (a) “overseeing” market behavior from “above,” or (b) supplying foundational “rules of the game” from “below.” It is probably no accident that these widely recognized roles also sit comfortably with traditional conceptions of government and market, pursuant to which people tend categorically to distinguish between “public” and “private” spheres of activity. There is a third form of government action that receives less attention than forms (a) and (b), however, possibly owing in part to its straddling the traditional public/private divide. We call it the “government as …
Bankers, Bureaucrats, And Guardians: Toward Tripartism In Financial Services Regulation, Saule T. Omarova
Bankers, Bureaucrats, And Guardians: Toward Tripartism In Financial Services Regulation, Saule T. Omarova
Saule T. Omarova
This Article advocates the statutory creation of a new form of tripartite regulatory regime aimed at the detection and prevention of systemic risk in the financial sector. Although it leaves many significant details blank and many important questions unanswered, this Article offers a radically new vision of the financial services regulation as a process involving three equal participants: bankers, bureaucrats, and guardians of the public interest. Admittedly, this vision is not likely to become reality in the near future. Nor is it meant as a comprehensive plan to solve the problem of effective systemic risk regulation in the financial sector. …
Legitimacy And Impartiality In A Sovereign Debt Workout Mechanism, Odette Lienau
Legitimacy And Impartiality In A Sovereign Debt Workout Mechanism, Odette Lienau
Odette Lienau
Particularly in light of recent developments in sovereign debt litigation, there is a pressing need for discussion of more robust sovereign debt restructuring mechanisms. This paper contends that any sovereign debt workout mechanism (DWM) should embody the principles of legitimacy and impartiality, to the extent possible, in order to garner the stable and long-term adherence of international stakeholders. These two elements are important both for attracting support ex ante, i.e. in the initial development of any treaty, ad hoc, or soft law restructuring mechanism, and for ensuring ex post that a DWM is ultimately utilized by states and their creditors. …
Who Is The "Sovereign" In Sovereign Debt?: Reinterpreting A Rule-Of-Law Framework From The Early Twentieth Century, Odette Lienau
Who Is The "Sovereign" In Sovereign Debt?: Reinterpreting A Rule-Of-Law Framework From The Early Twentieth Century, Odette Lienau
Odette Lienau
Combining legal interpretation with political science analysis, this Article highlights the competing "statist" and "popular" conceptions of sovereignty at stake in sovereign debt issues. It argues that these two dominant approaches do not exhaust the offerings of intellectual history and considers an alternative approach that emerged in the early twentieth century and may be of relevance again today. The Article contends that U.S. Chief Justice Taft's foundational 1923 "Tinoco" decision, which grounds the current approach to sovereign governmental recognition, has been misinterpreted to support a purely statist or absolutist conception of sovereignty. It argues that a proper interpretation presents an …
Extending The European Debt Discussion To Broader International Governance, Odette Lienau
Extending The European Debt Discussion To Broader International Governance, Odette Lienau
Odette Lienau
Although Europe is no stranger to sovereign debt troubles, the focus of international debt governance for several decades has been on the developing world. Discussions surrounding the efficacy and appropriateness of crisis mechanisms have been shaped by this political reality. But the current focus on Europe itself may generate changes in how public and private actors view international debt governance and the legitimacy of crisis mechanisms. In these remarks, I will focus on two ways in which Europe might serve as a test case for broader governance practices. First, I will discuss the ramifications of the European Union’s potential adoption …
The Development Of A Global Market-Based Debt Strategy To Regulate Private Lending To Developing Countries, Bradley K. Boyd
The Development Of A Global Market-Based Debt Strategy To Regulate Private Lending To Developing Countries, Bradley K. Boyd
Georgia Journal of International & Comparative Law
No abstract provided.
Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett
Insource The Shareholding Of Outsourced Employees: A Global Stock Ownership Plan, Robert C. Hockett
Robert C. Hockett
With the American economy stalled and another federal election campaign season well underway, the “outsourcing” of American jobs is again on the public agenda. Latest figures indicate not only that claims for joblessness benefits are up, but also that the rate of American job-exportation has more than doubled since the last electoral cycle. This year’s political candidates have been quick to take note. In consequence, more than at any time since the early 1990s, continued American participation in the World Trade Organization, in the North American Free Trade Agreement, and in the processes of global economic integration more generally appear …
Materializing Citizenship: Finance In A Producers' Republic, Robert C. Hockett
Materializing Citizenship: Finance In A Producers' Republic, Robert C. Hockett
Robert C. Hockett
This invited essay critically assesses a movement of which I consider myself to be part – the movement to “redemocratize” financial institutions in a manner that restores, to non-wealthy citizens, access to basic financial services comparable to those enjoyed by wealthy citizens. I argue that while financial redemocratization of this sort is necessary to the larger project from which it draws most of its meaning – viz that of redemocratizing access to the resources requisite to productive enterprise and meaningful citizenship more generally – it is far from sufficient to this task. We must therefore take special care not to …
Paying Paul And Robbing No One: An Eminent Domain Solution For Underwater Mortgage Debt, Robert C. Hockett
Paying Paul And Robbing No One: An Eminent Domain Solution For Underwater Mortgage Debt, Robert C. Hockett
Robert C. Hockett
In the view of many analysts, the best way to assist “underwater” homeowners — those who owe more on their mortgages than their houses are worth — is to reduce the principal on their home loans. Yet in the case of privately securitized mortgages, such write-downs are almost impossible to carry out, since loan modifications on the scale necessitated by the housing market crash would require collective action by a multitude of geographically dispersed security holders. The solution, this study suggests, is for state and municipal governments to use their eminent domain powers to buy up and restructure underwater mortgages, …
“Private” Means To “Public” Ends: Governments As Market Actors, Robert C. Hockett, Saule T. Omarova
“Private” Means To “Public” Ends: Governments As Market Actors, Robert C. Hockett, Saule T. Omarova
Robert C. Hockett
Many people recognize that governments can play salutary roles in relation to markets by (a) “overseeing” market behavior from “above,” or (b) supplying foundational “rules of the game” from “below.” It is probably no accident that these widely recognized roles also sit comfortably with traditional conceptions of government and market, pursuant to which people tend categorically to distinguish between “public” and “private” spheres of activity. There is a third form of government action that receives less attention than forms (a) and (b), however, possibly owing in part to its straddling the traditional public/private divide. We call it the “government as …
The Macroprudential Turn: From Institutional “Safety And Soundness” To “Systemic Stability” In Financial Supervision, Robert C. Hockett
The Macroprudential Turn: From Institutional “Safety And Soundness” To “Systemic Stability” In Financial Supervision, Robert C. Hockett
Robert C. Hockett
This Working Paper is no longer available. The published version of this article is available at: http://scholarship.law.cornell.edu/facpub/1405/ Since the global financial dramas of 2008-09, authorities on financial regulation have come increasingly to counsel the inclusion of macroprudential policy instruments in the standard ‘toolkit’ of finance-regulatory measures employed by financial supervisors. The hallmark of this perspective is its focus not simply on the safety and soundness of individual financial institutions, as is characteristic of the traditional ‘microprudential’ perspective, but also on certain structural features of financial systems that can imperil such systems as wholes. Systemic ‘financial stability’ thus comes to supplement, …
Domestic Bank Regulation In A Global Environment - A Comparative Dialogue, Robert C. Hockett
Domestic Bank Regulation In A Global Environment - A Comparative Dialogue, Robert C. Hockett
Robert C. Hockett
No abstract provided.
Comment On The Cfpb's Policy On No-Action Letters, David J. Reiss, K. Sabeel Rahman, Jeffrey Lederman
Comment On The Cfpb's Policy On No-Action Letters, David J. Reiss, K. Sabeel Rahman, Jeffrey Lederman
David J Reiss
This is a comment on the Consumer Financial Protection Bureau’s (the “Bureau”) proposed Policy on No-Action Letters (the “Policy”). The Policy is a step in the right direction, but a more robust Policy could better help the Bureau achieve its statutory purposes.
The Bureau recognizes that there are situations in which consumer financial service businesses (“Businesses”) are uncertain as to the applicability of laws and rules related to new financial products (“Products”); how regulatory provisions might be applied to their Products; and what potential enforcement actions could be brought against them by regulatory agencies for noncompliance. Businesses could therefore benefit …
Foreign Investments And The Market For Law, Susan Franck
Foreign Investments And The Market For Law, Susan Franck
Articles in Law Reviews & Other Academic Journals
In this Article, Professors O'Hara O'Connor and Franck adapt and extend Larry Ribstein's positive framework for analyzing the role of jurisdictional competition in the law market. Specifically, the authors provide an institutional framework focused on interest group representation that can be used to balance the tensions underlying foreign investment law, including the desire to compete to attract investments and countervailing preferences to retain domestic policy-making discretion. The framework has implications for the respective roles of BITs and investment contracts as well as the inclusion and interpretation of various foreign investment provisions.