Dodd-Frank

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Essay
Constitutionalizing Financial Instability
Patricia A. McCoy
Patricia A. McCoy is the Liberty Mutual Insurance Professor at Boston College Law School. Professor McCoy previously was a senior official at the Consumer Financial Protection Bureau.

In the last Supreme Court term, the Court ruled in Seila Law LLC v. Consumer Financial Protection Bureau that Article II of the U.S. Constitution and separation of powers prohibit Congress from shielding the Bureau’s director from termination except for cause. More troubling, Seila Law could open up the financial system to destabilization by paving the path for a full-scale assault on the traditional independence of federal financial regulators and presidential manipulation of the economy.

CFPB Dodd-Frank Financial Regulation Independent Agencies
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Article
84.4
Regulation by Threat: Dodd-Frank and the Nonbank Problem
Daniel Schwarcz
Professor of Law at the University of Minnesota Law School

Portions of this Article draw on the authors’ testimony to Congress and amicus briefs in MetLife, Inc v FSOC. For helpful comments and suggestions, we thank Hilary Allen, Chris Brummer, Peter Conti-Brown, Jeff Gordon, Claire Hill, Bob Hockett, Brett McDonald, Saule Omarova, Richard Painter, Christina Skinner, and Margaret Tahyar, and the audiences at presentations at Cambridge, Oxford, Columbia Business School, the University of Connecticut, the University of Minnesota, Georgetown Law Center, Wharton, and the Indira Gandhi Institute for Development Research. Thanks to Jayme Wiebold for research assistance.

David Zaring
Associate Professor at the Wharton School, University of Pennsylvania

The global financial crisis was much more than a disaster for banks.

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