In this Article, I focus on the regulation of the over-the-counter (OTC) derivative markets. I argue that current reform proposals and draft legislation fall short of constructing the linked domestic and international frameworks needed to successfully regulate the OTC derivative markets. The...

This Article analyzes the Federal Reserve's expanded role in payment, clearing, and settlement systems, particularly in connection with certain clearinghouses that have been designated by the newly created Financial Stability Oversight Council as “systemically significant.” The Federal...

This Article focuses on the U.S. Federal Reserve's controversial practice of loaning U.S. dollars to foreign central banks, which the foreign central banks then turn around and loan to institutions in their jurisdictions. The Federal Reserve does not know the identity of these recipient...

The Federal Reserve, the central bank of the United States, is one of the most important and powerful institutions in the world. Surprisingly, legal scholarship hardly pays any attention to the Federal Reserve or to the law structuring and governing its legal authority. This is especially...

The financial services industry is among the areas predicted to benefit the most from blockchain in the years to come. A key reason is that its ‘core functions of verifying and transferring financial information and assets very closely align with blockchain's core transformative impact' and it...

This paper discusses the new financial regulations in the post–financial crisis period, focusing on capital and liquidity regulations. Basel III and the capital stress tests introduced new requirements and new definitions while retaining the structure of the pre-2010 requirements. The total...

This Article demonstrates that regulatory collisions are an unintended consequence of well-meaning, post-financial crisis reforms by both public and private market regulators in the over-the-counter derivatives market. Many of these reforms are designed to regulate systemic risk. As this Article...

Facebook’s Diem proposal, the growing interest in cryptocurrencies, and the decreasing use of cash have all raised concerns regarding the government’s ability to enact monetary policy and retain monetary sovereignty. While China has already launched their own sovereign digital currency...

Part I provides an overview of the exchange-traded and OTC derivative markets, their regulation prior to the recent financial crisis and subsequent passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), risks posed by and the eventual institutional collapses that...