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Banking Law

America Would Be Better Off Without Fed Monetary Policy

Financial Services & E-Commerce Newsletter - Volume 2, Issue 1, Spring 1998
Bert Ely August 17, 2009
Monetary policy is one of the cornerstones of American economic policy and the Federal Reserve is increasingly seen as one of America's bedrock institutions while the Fed chairman is often viewed as Washington's second-most powerful official. But, is this as it should be? Or is the Fed chairman in fact nothing more than a real-world Wizard of Oz? This article will first explain what present-day monetary policy is and is not and then explain why money doesn't count, as least as a major public policy concern. Interest rates, however, do count enormously, because properly setting interest rates in the commercial marketplace rather than in the political marketplace in which the Fed operates, is central to ensuring price stability and steady economic growth. The final portion of this article will describe how a truly market-based, Fed-free monetary policy can be implemented.

An Overview and Analysis of the Consumer Financial Protection Bureau

Engage Volume 12, Issue 3, November 2011
Sarah Riddell January 11, 2012

An Overview and Analysis of the Consumer Financial Protection BureauThe Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Act”), signed into law by President Obama on July 21, 2010, created a major overhaul of the financial industry. For years, advocates have praised the benefits of financial reform and promoted legislation that would provide such reform. Specifically, these advocates have focused their support on consumer protection legislation. The Act addresses many of these concerns by creating an entirely new regulatory regime with the purpose of “ensuring that all consumers have access to markets for consumer financial products and services and that markets for consumer financial products and services are fair, transparent, and competitive.” This paper describes the new regime and its powers and analyzes the effectiveness of the new bureau, which is still in its early stages... [Read more!]

Bad History, Worse Policy - Podcast

Financial Services & E-Commerce Practice Group Podcast
Peter J. Wallison, Dean A. Reuter March 25, 2013

Bad History, Worse PolicyDid the government-constructed narratives surrounding the collapse of Fannie Mae and Freddie Mac and the 2008 financial crisis shape the policymaking that led to the Dodd-Frank Act.  In Bad History, Worse Policy, Peter Wallison argues that every major provision of the Dodd-Frank Act can be traced directly to that narrative, which ignored the government’s own role and focused entirely on the errors of the private sector.  What are the consequences and fall out from Wallison’s assertion? This podcast is a recording of a previously held conference call and has not been edited for sound quality.

Featuring:

  • Hon. Peter J. Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute for Public Policy Research
  • Moderator: Mr. Dean A. Reuter, Vice President & Director of Practice Groups, The Federalist Society

[Listen now!]

Bankruptcy or Bailout? - Event Audio/Video

Barry Adler, Timothy Canova, Garett Jones, Michael E. Levine, Larry Ribstein January 28, 2010
This panel discussion took place on January 8, 2010, at the Federalist Society's 12th Annual Faculty Conference in New Orleans. Panelists included Prof. Barry Adler of New York University School of Law; Prof. Timothy Canova of Chapman University School of Law; Prof. Garett Jones of the Mercatus Center at George Mason University; Prof. Michael E. Levine of New York University School of Law; and Prof. Larry Ribstein of the University of Illinois College of Law as the moderator.

Blame for Ballooning Bankruptcies

Financial Services & E-Commerce Newsletter - Volume 2, Issue 1, Spring 1998
Vern McKinley August 17, 2009
As a period of historically low unemployment approaches the seventh year of economic expansion, the courts strained under the weight of a record 1.35 million consumer bankruptcies in 1997. Consumer filings make up 95 percent of all bankruptcy filings. Legislation in 1994 created a National Bankruptcy Review Commission (NBRC) that reported its findings on October 20, 1997. Unfortunately, the Commission's recommendations would likely make the current bankruptcy situation even worse.