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Financial Regulation

The Department of Labor’s Fiduciary Rulemaking: Impacts, Implications and Related Policy Issues

Financial Services & E-Commerce Practice Group Teleforum Monday, May 09, 12:00 PMFederalist Society Teleforum Conference Call

On April 6, 2016, the Department of Labor released its much-anticipated “fiduciary” rulemaking, which will greatly expand the universe of entities and persons who will be deemed fiduciaries in respect of retirement plans and accounts. The rulemaking has garnered significant interest from members of Congress, federal and state regulators, FINRA, the financial services industry and investor advocates, among others. Our experts will discuss the new rules, and their history and purpose. They will also explore several of the key policy issues and controversies associated with the rulemaking.

Featuring:

  • Jeffrey T. Dinwoodie, Associate, Davis Polk & Wardwell LLP
  • Hon. Annette L. Nazareth, Partner, Davis Polk & Wardwell LLP

Is the Administrative State Too Big to Fail?: MetLife v. Financial Stability Oversight Council - Podcast

Financial Services & E-Commerce Practice Group Podcast
Peter J. Wallison April 26, 2016

On March 30, Federal district court Judge Rosemary Collyer struck down the Financial Stability Oversight Council’s designation of MetLife as a systemically important financial institution. MetLife v. Financial Stability Oversight Council has readily apparent implications for financial regulation, and many commentators have suggested that it may even have far-reaching effects on the future of the larger administrative state. Our expert discussed the opinion, its outlook on appeal, and its possible impact.

Featuring:

  • Hon. Peter J. Wallison, Arthur F. Burns Fellow in Financial Policy Studies, American Enterprise Institute

The Alt-Chain Revolution: Regulatory Considerations for the Next Wave of Bitcoin Innovation - Podcast

Financial Services & E-Commerce Practice Group Podcast
Andrew Grossman, David B. Rivkin, Jr. April 25, 2016

Bitcoin is dead. Long live Bitcoin. A counterintuitive feature of the groundbreaking cryptocurrency—and there are many—is that both statements may simultaneously be true. The Bitcoin economy is robust and growing, with access to Bitcoin-denominated services expanding and more and more startups and established businesses seeking to capitalize on its popularity. At the same time, the Bitcoin network—literally, the interconnected web of computers that records transactions in Bitcoin’s distributed ledger known as the “blockchain”—is showing the strain of the currency’s success, while disagreements threaten to stymie efforts to expand Bitcoin usage further.

But even as political disputes threaten disruption of the core Bitcoin blockchain, developers are beginning to introduce a new wave of innovation that has the potential to replace political stalemate with market competition. Alternative blockchains, or “alt-chains,” act as replacements for the Bitcoin network and blockchain that facilitate Bitcoin-based transactions off the core blockchain—in the same way that stocks can be traded on a myriad of competing electric trading networks, apart from primary exchanges like NYSE and NASDAQ. Alt-chains and related technologies may be central to preserving Bitcoin’s key speed and cost advantages over traditional financial networks in the years ahead.

As in many innovative fields, some of the greatest barriers to alt-chain success are legal and regulatory uncertainty, far more than technological issues. In a recent Federalist Society White Paper, David Rivkin and Andrew Grossman attempt to resolve some of this uncertainty by cataloguing the diversity of potential applications for blockchain alternatives and addressing the issues raised by alt-chains and other blockchain supplements and replacements under federal and state law. They discussed their paper with Federalist Society members on a Teleforum conference call.

Featuring:

  • Andrew M. Grossman, Partner, Baker & Hostetler LLP and Adjunct Scholar, The Cato Institute
  • David B. Rivkin, Jr., Partner, Baker & Hostetler LLP

Explaining the Next Crisis - Event Audio/Video

2015 National Lawyers Convention
Phil Gramm, Frank Medina, Karen Shaw Petrou, J.W. Verret, Edith H. Jones November 18, 2015

Many observers of the U.S. financial system increasingly believe that the United States will soon experience another financial crisis – the only questions are when and how bad will it be? With that expectation in mind, the panel could address the following issues: What are the likely early indicators that another crisis is in the offing? What economic conditions are the likely causes of that crisis (rising housing prices, the reemgence of shadow banking, other consequences of Dodd-Frank, crises emanating from other countries, etc.)? What might ignite that crisis? Who will likely be blamed for causing the next crisis and who or what should be blamed? What might be the political/legislative response(s) to the next crisis? What, if anything, can be done to mitigate the consequences of the next financial crisis and possibly even steer the U.S. economy away from future financial crises?

Financial Services: Explaining the Next Crisis
12:00 noon – 2:15 p.m.
Chinese Room

  • Hon. Phil Gramm, Senior Advisor, US Policy Metrics and Former United States Senator
  • Mr. Frank Medina, Senior Counsel & Director of Research, Better Markets
  • Ms. Karen Shaw Petrou, Managing Partner, Federal Financial Analytics, Inc.
  • Prof. J.W. Verret, Assistant Professor of Law, George Mason University School of Law
  • Moderator: Hon. Edith H. Jones, U.S. Court of Appeals, Fifth Circuit

The Mayflower Hotel
Washington, DC

Constitutionality of Administrative Law Judges at the Securities and Exchange Commission and Elsewhere - Event Audio/Video

2015 National Lawyers Convention
John S. Baker, Jr., Stephen Crimmins, Todd Pettys, Tuan Samahon, F. Scott Kieff November 17, 2015

The Securities and Exchange Commission (SEC) has recently increased its use of administrative proceedings, before Administrative Law Judges (ALJs), to seek civil penalties, as an alternative to proceeding in an Article III court. Other federal regulatory and enforcement agencies use ALJs for various purposes at various rates. Although no single set of rules governs all ALJs, they typically differ from Article III courts in important ways, bringing their use under recent criticism. As two examples, ALJs do not enjoy life tenure and they are sometimes employed by and answerable to the agency itself. Our panel will discuss the pros and cons of the use of ALJs at the SEC and other agencies.

Corporations: Constitutionality of Administrative Law Judges at the Securities and Exchange Commission and Elsewhere
2:00 p.m. – 3:30 p.m.
East Room

  • Prof. John S. Baker, Jr., Visiting Professor, Georgetown University Law Center
  • Mr. Stephen J. Crimmins, Shareholder, Murphy & McGonigle PC
  • Prof. Todd E. Pettys, H. Blair and Joan V. White Chair in Civil Litigation, University of Iowa College of Law
  • Prof. Tuan Samahon, Villanova University School of Law
  • Moderator: Hon. F. Scott Kieff, Commissioner, International Trade Commission

The Mayflower Hotel
Washington, DC