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, 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. framework and policy choices to those in other places around the globe, especially the European Union. We also discuss amendments made to the Dodd-Frank Act in 2018 and ongoing initiatives adopted by the Trump Administration to reverse the course of regulation for parts of the U.S. financial system. We will also scan the horizon for the signs of the next global financial crisis.
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