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Journal Article
Resolving large, complex financial firms
How to best manage the failure of systemically important financial firms was the theme of a recent conference at which the latest research on the issue was presented. Here we summarize that research, the discussions that it sparked, and the areas where considerable work remains.
Working Paper
Historical review of “umbrella supervision” by the Board of Governors of the Federal Reserve System
The article reviews legislative history and supervisory practices related to bank holding companies with a view toward understanding what Congress meant by referring to the Board of Governors of the Federal Reserve System as the ?umbrella supervisor? in the Gramm-Leach-Bliley Act. The first part of the article looks at the historical development of bank holding company law and regulation, which laid the foundation for the current practice of umbrella supervision. The second part of the article provides answers to questions related to the Board?s current role as umbrella supervisor: What does ...
Working Paper
Reconsidering the application of the holder in due course rule to home mortgage notes
In this paper we investigate the history of negotiable instruments and the holder in due course rule and contrast their function and consequences in the 1700s with their function and consequences today. We explain how the holder in due course rule works and identify ways in which the rule?s application is limited in some consumer transactions. In particular, we focus on laws limiting application of the rule to some home mortgage loans. We investigate Lord Mansfield?s original justification for the rule as a money substitute, the lack of explicit justification of the rule by the drafters of ...