In the fall of 2008, at the peak of the financial crisis, Oren Bar-Gill and Elizabeth Warren published a law review article proposing the creation of a new federal agency charged with protecting consumers from dangerous lending practices. Fewer than two years later, in response to the most...

As the 2008 financial crisis spread globally, it became widely apparent that an essential ingredient to preventing future systemic crises was reform of the regulation of financial markets. Two ambitious initiatives for regulatory reform are the European Union's European System of Financial...

In the wake of the events of September 2008, money market mutual funds have made significant changes to the way they invest. Those changes have been driven by business and investment needs as well as by substantial revisions to the regulatory framework in which funds operate. Yet, some...

This article addresses inequities in the apportionment of losses which arise when traditional consumer finance rules are applied to enforce consumer payment obligations which accrue during and after catastrophes. Disasters lead inevitably to job losses, to property destruction, and to inhibited...

Vertical integration of the execution and clearing of financial trades is an efficiency-improving response to pervasive scale economies. That said, it is highly unlikely that integrated exchanges achieve a first-best, optimal outcome. Because of scale economies, it is very difficult to compete...

This essay was published as part of a law review symposium that evaluated my work on theregulation of large, complex financial institutions. Part I of my essay discusses the other articlespublished in the symposium issue and describes their relationship to my own work. Part IIanalyzes the global...

What are cryptocurrencies: securities, commodities, or something else? Maybe they are a new form of established currency ― a non-sovereign fiat currency. Like other self-governing bodies, the communities that issue cryptocurrencies should be judged on how well they support their currencies....

The resolution planning process in the United States is still evolving. A resolution plan is a plan for liquidating, reorganizing, recapitalizing or otherwise resolving a systemically important financial institution (“SIFI”) that has reached the point of insolvency, non-viability or failure....

In this paper, we discuss whether and how bank lobbying can lead to regulatory capture and have real consequences through an overview of the motivations behind bank lobbying and of recent empirical evidence on the subject. Overall, the findings are consistent with regulatory capture, which...

In Nordrhein-Westfalen reicht die Wirtschaftsförderung durch staatliche Banken bis in das frühe 19. Jahrhundert zurück. Mehrere der Ziele und Instrumente der damals agierenden Institute leben in der NRW.BANK fort. Im Zeitverlauf haben geänderte wirtschaftliche und politische...