Print Edition

Print Edition

Print Edition

Beyond Tax Credits: Smarter Tax Policy for a Cleaner, More Democratic Energy Future

PDF Download

Solar, wind, and other renewable energy technologies have the potential to mitigate climate change, secure America’s energy independence, and create millions of green jobs. In the absence of a price on carbon emissions, however, these long-term benefits will not be realized without near-term policy support for renewable energy. This Article assesses the efficiency of federal […]

Print Edition

Bypassing Congress on Federal Debt: Executive Branch Options to Avoid Default

PDF Download

In a prior article, I examined how a U.S. debt default might occur and analyzed its potential consequences. Even a mere “technical” default, such as temporarily missing an interest or principal payment, “almost certainly [[would] have large systemic effects with long-term adverse consequences for Treasury finances and the U.S. economy.” The most plausible U.S. debt […]

Print Edition

Repayment Frequency in the Law of Microfinance

PDF Download

Recent debates over microfinance regulatory frameworks have misunderstood an important instrument: repayment frequency. Despite recent laws mandating lower microfinance repayment frequency under the banner of consumer protection, this Comment argues that repayment frequency is unable to protect borrowers beyond what substantive anti-coercion rights and procedural law can, and have begun to, accomplish. Moreover, repayment frequency, […]

Print Edition

Retroactivity Analysis After Brand X

PDF Download

Under Brand X, federal courts must reverse their own prior precedent in deference to an intervening agency decision if that agency decision is based on a reasonable interpretation of the statute. Thus, if the first-in-time court sets the law at A, and if a second-in-time agency later finds that B is a superior interpretation of […]

Print Edition

Injunctions in Sovereign Debt Litigation

PDF Download

Injunctions against foreign sovereigns have come under criticism on comity and enforcement grounds. This Feature argues that these objections are overstated. Comity considerations are important but not dispositive. Enforcement objections assign too much significance to the court’s inability to impose meaningful contempt sanctions, overlooking the fact that, when a foreign sovereign is involved, both money […]

Print Edition

Shotguns and Deadlocks

PDF Download

This Article studies business deadlocks and their resolution. We advance a proposal to reform the way that courts resolve business deadlocks and value business assets. Specifically, we argue that Shotgun mechanisms, where the court mandates one owner to name a single buy-sell price and compels the other owner to either buy or sell shares at […]

Print Edition

Three Proposals for Regulating the Distribution of Home Equity

PDF Download

The Consumer Financial Protection Bureau’s recently-released “qualified mortgage” rules effectively discourage predatory lending but miss an equally important source of systemic risk: low-equity clustering. Specific “volatility-inducing” mortgage terms, when present in a substantial cluster of mortgage contracts, exacerbate macroeconomic risk by increasing the chance that the housing and lending markets will have to absorb a […]

Print Edition

For Diversity in the International Regulation of Financial Institutions: Critiquing and Recalibrating the Basel Architecture

PDF Download

This Article challenges the prevailing view of the efficacy of harmonized international financial regulation and provides a mechanism for facilitating regulatory diversity and experimentation within the existing global regulatory framework, the Basel Accords. Recent experience suggests that regulatory harmonization can increase, rather than decrease, systemic risk, an effect that is the precise opposite of the […]