Banking and Finance Law Commons^™

The Hidden Monetary State, Gabriel Rauterberg, Joshua Younger

Faculty Scholarship

Money is a motley. While the state enjoys a monopoly on issuing new physical currency, a variety of instruments serve money-like roles in the financial system. The commercial banking system significantly augments the money supply through issuing deposits. Alongside it, a shadow banking system has also developed, offering a range of deposit substitutes.

This Article seeks to cast new light on the U.S. financial system by exploring how, over the course of the twentieth century, federal policymakers engaged in a series of distinct and largely uncoordinated monetary experiments. As we show through historical case studies, federal authorities designed, promoted, and …

Comprehensive Analysis Of The Different Fields Of Law, Kaitlyn Lee

Honors Theses

Since American law developed in the early 1700s, lawyers have played a crucial role in society, advocating for justice and upholding the rule of law. Over the years the legal profession has evolved immensely and now offers many different fields for individuals to practice. People are often curious about the work that lawyers do and the education that is required to become an attorney. This thesis aims to satisfy the curiosity of those individuals by exploring many facets of the different areas of law. It will examine the unique and shared aspects of the various legal fields, detailing the specific …

Going Cashless: Privacy Implications For Gun Control In A Digital Economy, Liza Goldenberg

The Journal of Business, Entrepreneurship & the Law

This paper will examine how, given the United States’ shift toward a cashless economy, the country’s top credit-card companies’ potential decision to implement a new merchant code for firearm-related transactions as a method of gun control will backfire, jeopardizing consumer privacy and leading to unregulated transactions through cryptocurrencies. Since the majority of gun violence stems from firearm transactions not involving credit cards, credit-card companies should abandon the new merchant code that dissuades Americans from exercising their fundamental rights. The American economy should focus on slowing the shift toward a digital economy so that federal and state governments can implement legislation …

Reinventing Operational Risk Regulation For A World Of Climate Change, Cyberattacks, And Tech Glitches, Hilary J. Allen

Scholarly Articles in Law Reviews & Journals

Around 30 years ago, banking regulators began to construct the concept of “operational risk,” and devise rules to manage this newly created risk category. This “invention” of operational risk assembled a grab-bag of otherwise uncategorized risks associated with banking operations; this Article argues that the resulting operational risk regulation framework isn’t very well suited to some of those risks. In particular, this Article demonstrates that the existing operational risk regulation framework is becoming an increasingly inadequate response to banks’ exposure to operational losses following damage to their physical assets and business disruption and system failures. This is so for two …

Robots, Markets, And The Value Of Deal Lawyers, Heather Hughes

Scholarly Articles in Law Reviews & Journals

Emerging forms of automation using artificial intelligence (AI) and distributed ledgers are raising transformative questions for the practice of law. Deal lawyers are well-situated to understand the convergence of various modes of automation and their implications for their clients and the markets they facilitate. This Article contends that digesting threats and leveraging opportunities associated with new technologies calls for granular, context-specific assessment. It presents one instance of automation in one predominant market—the market for asset-backed securities (ABS)—by comparing securitization to a blockchain-based analog, tokenization. It considers how lawyers support the ABS market and how automation of lawyers’ functions could intersect …

Getting To Green: International Financing For Green Energy Infrastructure In Developing Countries, Zach Fechter, Meagan Corser

Texas A&M Law Review

One of the symposium panels discussed financing clean energy projects. One panelist in particular expressed concern about how to build developing countries’ institutional capacity to utilize international financing for green energy. Global institutions like the World Bank and the International Monetary Fund (IMF) provide loans to developing countries conditioned on the countries privatizing and deregulating their energy sectors—otherwise known as austerity. While austerity measures may make sense in developed countries, this Comment argues that developing countries often lack the infrastructure needed to effectively utilize international financing precisely because the loans are conditioned on austerity. The World Bank and the IMF …

Dol Fiduciary Rule 3.0 Strikeout, Base Knock, Or Home Run?, Antolin Reiber

DePaul Business & Commercial Law Journal

No abstract provided.

Money Is Morphing - Cryptocurrency Can Morph To Be An Environmentally And Financially Sustainable Alternative To Traditional Banking, Clovia Hamilton

DePaul Business & Commercial Law Journal

No abstract provided.

Survey Evidence In Trademark Actions, Ioana Vasiu And Lucian Vasiu

DePaul Business & Commercial Law Journal

No abstract provided.

Corporate Governance And Compelled Speech: Do State-Imposed Board Diversity Mandates Violate Free Speech?, Salar Ghahramani

DePaul Business & Commercial Law Journal

No abstract provided.

The Real Persons Are The Corporations We Made Along The Way, Leonard Brahin

DePaul Business & Commercial Law Journal

No abstract provided.

Front Matter

DePaul Business & Commercial Law Journal

No abstract provided.

Hearing On Next Generation Infrastructure: How Tokenization Of Real-World Assets Will Facilitate Efficient Markets, Hilary J. Allen

Legislative Testimony & Comments

Chairman Hill, Ranking Member Lynch, and Members of the Committee: Thank you for inviting me to testify at today’s hearing. My name is Hilary Allen, and I am a Professor of Law at the American University Washington College of Law. I am also a member of the CFTC’s Technology Advisory Committee, although I have prepared this testimony on my own behalf and not on behalf of either of these organizations. I teach courses in corporate law and financial regulation, and my research focuses on financial stability regulation and financial technologies. I have authored many articles for law reviews and the …

Fintech: Finance, Technology And Regulation, Nydia Remolina

Research Collection Yong Pung How School Of Law

Fintech: finance, technology and regulation, by Ross P. Buckley, Douglas W. Arner,and Dirk A. Zetzsche, Cambridge, Cambridge University Press, 2024, 330 pp, £29.99(paperback), ISBN 978-1-009-07821-4

To Err Is Human, To Restore Is (Usually) The Law: Present Entitlement In Restitution’S Discharge-For-Value Rule, Layne S. Keele

Arkansas Law Review

This Article argues that the Second Circuit’s present-entitlement holding and the concurrence’s setoff argument in Citibank v. Brigade Capital do not reflect the state of the law and risk introducing confusion into an already convoluted area of law. First, I will briefly review the district court’s decision in Citibank and its reception among scholars and the marketplace. Next, I will examine the Second Circuit’s opinion, as well as the concurrence and the addendum to the opinion. Finally, I will critique the “present entitlement” requirement that the court grafted onto the discharge-for-value defense. In this critique, I will argue that the …

The U.S. Dual Banking System And Interest Rate Exportation: Challenging The Valid-When-Made Doctrine In California V. Office Of The Comptroller Of The Currency, Todd P. Stephenson

Georgia State University Law Review

This Comment explores the extension of interest rate exportation to nonbank entities through the valid-when-made doctrine and its subsequent legal challenge in the 2022 court case California v. OCC.

The Esg Gap, Sharon Hannes, Adi Libson, Gideon Parchomovsky

BYU Law Review

The corporate world is undergoing a transformation: there has been a dramatic influx in demand for companies to promote environmental, social, and governance (ESG) values. Yet these preferences do not necessarily translate into effective corporate actions. In this Article, we underscore the structural problems that prevent such preferences from steering the corporate ship full steam ahead toward ESG goals. We analyze the central actors in the corporate sphere that can potentially bring about such change on the ground: managers, institutional investors, and activist hedge funds. We demonstrate that none of these actors have the two central elements required for promoting …

Shocking Financed Emissions: The Effect Of Economic Volatility On The Portfolio Footprinting Of Financial Institutions, Ilmi Granoff, Tonya Lee

Sabin Center for Climate Change Law

Many financial institutions are now calculating and disclosing their financed emissions, a class of metrics enabling these institutions to calculate the greenhouse gas (GHG) emissions associated with investment and lending activities. These institutions have widely adopted the metric to estimate exposure to climate-related financial risk associated with GHG-emitting activities and to provide shareholders and investors a picture of how their financial activity impacts global climate change. Financed emissions metrics, despite widespread adoption, face two key methodological challenges: lack of comparability of outputs within and between portfolios, and vulnerability of calculations to portfolio volatility. Markets are naturally volatile, but the economic …

How Bitcoin Price Reacts To United States Government Public Legislation Releases, Walter Johnson

Honors Theses

Since its inception on January 3, 2009, Bitcoin and other cryptocurrencies have grown in price and popularity. As cryptocurrencies become more well-known to the public, regulators realize that these virtual currencies need to be monitored to some extent. Governments are beginning to intervene, causing controversy among cryptocurrency users regarding whether regulation is beneficial to the industry. For Bitcoin specifically, some believe the lack of government control is a primary benefit of the technology, whereas others believe Bitcoin cannot reach its full potential without government regulation. This research seeks to discover how Bitcoin owners have reacted to news of increased United …

Letter Of Credit Related Trade Disputes - Court Decisions Legal Certainty In Indonesia, Rori Achir, Mella Ismellina Farma Rahayu, Ahmad Sudiro

Indonesia Law Review

This study examines the legal certainty surrounding commercial letters of credit (L/C) within the context of Indonesian judicial practice, focusing on how courts conduct hearings and render decisions in L/C-related trade disputes. The term “L/C” in this research encompasses both international L/C and the domestic equivalent, Surat Kredit Berdokumen Dalam Negeri (SKBDN). The analysis explores whether Indonesian courts have undertaken comprehensive judicial examinations across five key dimensions: (1) the determination of whether a breach of contract or a tort occurred; (2) the characterization of contractual relationships among the disputing parties; (3) the application of the L/C independence principle; (4) the …