This course explores financial regulation 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, and derivatives. We examine a range of regulatory techniques, including supervision, enforcement, and rule-writing, as well as crisis-fighting tools such as resolution and the lender of last resort. We also note the cross-border implications of U.S. rules, and compare, where appropriate, the U.S. financial regulatory framework and policy choices to those in other places around the globe, especially the European Union. We also discuss the proposals from the New Administration to repeal important provisions in the Dodd-Frank Act and otherwise reverse the regulatory course for important parts of the U.S. financial system.
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