The Financial Crisis - An Examination of Its Causes and Policy and Regulatory Responses
J.D. Seminar 1097 (cross-listed)
| 2 credit hours
This course will examine three different phases of the financial crisis: first, we will explore the economic, policy and regulatory causes of the crisis; second, we will examine the government’s immediate efforts to stabilize the financial system; and third, we will consider the government’s efforts to address longer-term reform, promote economic recovery, and avoid future crises.
With regard to Phase One, we will examine the underlying economic conditions that gave rise to the crisis, including factors that produced bubbles in the U.S. housing market and in the global credit markets generally. We will also examine the regulatory environment that permitted these conditions to occur.
With regard to Phase Two, we will consider the government’s immediate responses to the crisis, including its emergency efforts to stabilize the financial system. We will review the various measures undertaken to restore confidence in the financial system. We will also explore four different approaches the government took to resolve financial institutions in distress.
With regard to Phase Three, we will examine post-crisis reform and policy changes, including the Dodd-Frank legislation and the establishment of the Consumer Financial Protection Bureau. We will also examine the effectiveness of civil and criminal enforcement actions against various participants in the financial crisis. Finally, we will consider whether the government’s various responses to the crisis and the circumstances that gave rise to it have been well founded, and whether they will be effective in preventing future financial failures.
The course will be conducted as a two-credit seminar, meeting once a week for two hours.
Prerequisites: Corporations and Securities Regulation.
Students may not receive credit for both this seminar and Federal Banking Regulation: Modern Financial Institutions and Change.
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