dc.contributor.author | Ricks, Morgan | |
dc.date.accessioned | 2022-05-05T18:46:14Z | |
dc.date.available | 2022-05-05T18:46:14Z | |
dc.date.issued | 2019 | |
dc.identifier.citation | CLS Blue Sky Blog, May 15, 2019 | en_US |
dc.identifier.uri | http://hdl.handle.net/1803/17279 | |
dc.description | online article published in a law school blog | en_US |
dc.description.abstract | Larry Summers, who was one of President Obama’s key economic advisors when the Dodd-Frank Act of 2010 was enacted, what he called “excessive populism” in portions of that legislation. This might seem surprising; Dodd-Frank’s technocracyon-steroids approach (848 pages! 390 separate !) might seem like the antithesis of bust-up-the-banks populism. “My administration is the only thing between you and the pitchforks,” President Obama once the nation’s leading bankers.
But Summers was referring to several specific Dodd-Frank provisions that curtailed the federal government’s financial rescue powers. During the financial crisis of 2007-2008, the Federal Reserve, the Treasury Department, and the FDIC relied to a large extent on a set of long-dormant statutory provisions to create an array of programs to stem the panic and stabilize the financial system. Dodd-Frank carved back these emergency powers in significant ways. Summers is not the only critic of these carve-backs. Ben Bernanke, Hank Paulson, and Tim Geithner—the key orchestrators of the U.S. crisis response—are on record lamenting Dodd-Frank’s restrictions on the federal government’s crisis-fighting toolkit. “If you want peace, prepare for war,” they write.
What should the government’s financial-crisis-response toolkit consist of? | en_US |
dc.format.extent | 1 PDF (3 pages) | en_US |
dc.format.mimetype | application/pdf | |
dc.language.iso | en_US | en_US |
dc.publisher | The CLS Blue Sky Blog | en_US |
dc.subject | Dodd-Frank Act | en_US |
dc.subject | financial crisis | en_US |
dc.subject | Emergency Guarantee Authority | en_US |
dc.subject.lcsh | law | en_US |
dc.subject.lcsh | Business Organizations Law | en_US |
dc.title | Guarantor of Last Resort | en_US |
dc.title.alternative | Is There a Better Alternative? | en_US |
dc.type | Article | en_US |