Suchergebnisse

The Dodd-Frank financial reform legislation creates an "Orderly Liquidation Authority" (OLA) that shares many features in common with the Bankruptcy Code. This is easy to overlook because the legislation uses a language and employs a decision-maker (both borrowed from bank regulation) that will seem foreign to bankruptcy lawyers. Our task in this essay is to identify the core congruities between OLA and the Code. In doing so, we highlight important differences and assess both their constitutionality and policy objectives. We conclude with a few thoughts on the likelihood that OLA will contribute to market stability.

This article examines arguments against the constitutionality of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, specifically, arguments concerning the separation of powers, the Takings Clause, and the First Amendment. The article is divided into three sections in order to strategically discuss the three issues, the main arguments in favor of each one, and the consequences of the possible unconstitutionality. Arguments concerning the separation of powers contend that Dodd-Frank is problematic from the perspective of the nondelegation doctrine, the Appointments Clause, and Article III. Arguments concerning the Takings Clause are based on substantive challenges to constitutionality. The third argument against the constitutionality of Dodd-Frank examines a First Amendment challenge to section 1502 of the Act, which has been criticized on substantive constitutional grounds. The conclusion briefly examines remedies and discusses the future of Dodd-Frank.

Expert consensus holds that the national financial meltdown of 2008 was due in no small measure to the failure to adequately regulate derivatives, arcane and complex financial instruments that few outside of high finance really understood. Congress's response to the crisis of three years ago, the legislation known as the Dodd-Frank Act, included provisions to regulate the derivatives market much more closely in an attempt to prevent a repeat of the conditions that led to today's anemic economy. How is it working? Eric Juzenas, senior counsel to Chairman Gary Gensler, Commodity Futures Trading Commission, spoke on Oct. 19 at the invitation of Catholic University's Securities Law Program about where things stand at the moment. A summary of the event is available here.