This course explores financial regulation in the United States in the aftermath of the most systemic financial crisis in the last 70 years. The 2007-2009 financial crisis was followed by a major shift in regulatory design with the enactment of the Dodd Frank Act. We analyze and compare the current market and regulatory architecture of the U.S. financial sector, from banks, insurance companies and broker-dealers, to asset managers and complex financial conglomerates. We explore a range of financial activities, from consumer finance and investment to payment systems, securitization, short-term wholesale funding, money markets, derivatives, and the fintech sector. We examine a range of regulatory techniques, including supervision, enforcement, and rulemaking, as well as crisis-fighting tools such as resolution and the lender of last resort. We also discuss various initiatives implemented by the Trump Administration to reverse the course of regulation for parts of the U.S. financial system. We then discuss the steps that may be taken by the Biden Administration to reverse or modify certain of the actions taken by the Trump Administration in the financial sector. Finally, we will discuss the effects of the COVID pandemic on the U.S. financial system and scan the horizon for signs of what the future architecture of the U.S. financial system might look like.
For details on class times, days of the week, instructors, and grading and exam details, please view the Michigan Law Class Schedule.