- Mark Brnovich, Arizona Attorney General
Max Raskin, Research Fellow at the Institute for Judicial Administration at NYU Law, explains the theory and logic behind Bitcoin, what Bitcoins can be used for, and how Bitcoin has transformed our understanding of currency.
Future videos on this topic will discuss Bitcoin's mining process and various legal issues that surround the currency.
In April, the mortgage lender PHH Corporation challenged the constitutionality of the Consumer Financial Protection Bureau (CFPB) after being ordered by the CFPB to disgorge $109 million. PHH challenged the bureau’s legitimacy under Article II, and cited Free Enterprise Fund v. Public Company Accounting Oversight Board as relevant precedent, because PCA officers could be removed for cause, and then, only by officers of the SEC. Meanwhile, the CFPB cited Humphrey’s Executor v. United States, in which the Supreme Court upheld the constitutionality of the Federal Trade Commission Act, which allowed the president to remove an FTC commissioner only for cause. Professor Peter Conti-Brown of The Wharton School and Gregory Jacob, partner at O'Melveny & Myers LLP joined us to discuss the CFPB and the constitutionality of other independent agencies like it.
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 with respect to 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 discussed the new rules, and their history and purpose. They also explored several of the key policy issues and controversies associated with the rulemaking.
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.