F. Hodge O'Neal Corporate and Securities Law Symposium

Introduction: The Modernization of Financial Services Legislation

Laurence H. Meyer
Today, I would like to talk to you about something that has devoured much of my time at the Fed and has also taught me to listen more closely to the nuances of government-speak—financial modernization. The issues are real and affect all of us in our daily lives.
F. Hodge O'Neal Corporate and Securities Law Symposium

The Consumerization of Financial Regulation

Helen A. Garten
Part I shows how consumer protection is becoming the leading rationale for financial regulation. Part II argues that the consumerization of financial regulation may distort analysis of the costs and benefits of regulation, leading to the inefficient production of regulation. Part III assesses the effect of the consumerization of regulation on the regulators themselves.
F. Hodge O'Neal Corporate and Securities Law Symposium

Regulation in a Multisectored Financial Services Industry: An Exploratory Essay

Howell E. Jackson
This Article reviews differences in regulatory structure across sectors of the financial services industry in the United States and then explores the difficulties these differences pose to our current system of regulation and also to proposals for financial modernization.
F. Hodge O'Neal Corporate and Securities Law Symposium

Japan’s Experience with Deposit Insurance and Failing Banks: Implications for Financial Regulatory Design?

Curtis J. Milhaupt
This Article examines three decades of Japanese experience with deposit insurance and failing banks, and analyzes the implications of that experience for bank safety net reform in other countries.
F. Hodge O'Neal Corporate and Securities Law Symposium

The Market Revolution in Bank and Insurance Firm Governance: Its Logic and Limits

David A. Skeel Jr.
Exploring the recent trends in banking and insurance from a corporate governance perspective will both shed light on the significance of the new developments and suggest several changes lawmakers might make to improve the current insolvency framework. The Article will focus especially on commercial banks and to a lesser extent on insurance companies, but much of the analysis also applies to other bank-like financial intermediaries.
F. Hodge O'Neal Corporate and Securities Law Symposium

Financial Privacy and the Theory of High-Tech Government Surveillance

Peter P. Swire
Part I invites the reader to consider the problems of identity theft, the problems of having government access to each book and web page that an individual has accessed, and the risks of having an authoritarian or totalitarian government being able to trace every financial transaction within its borders. Part II introduces the metaphor of data entering a “vault 600 feet down,” and uses that metaphor to understand the range…
F. Hodge O'Neal Corporate and Securities Law Symposium

Commentary on Financial Privacy

Lynn M. LoPucki
My three criticisms are this: First, Peter frames the problem as privacy versus government surveillance, thus ignoring the best solution to the problem, which is to make more information public. Second, Peter exaggerates the human need for privacy by presenting the need as immutable and essentially coextensive with embarrassment. People do not need nearly the privacy they think they do. Third, if Peter’s broad view of privacy holds, then you…
F. Hodge O'Neal Corporate and Securities Law Symposium

Response

Peter P. Swire
I recognize some of Lynn’s comments on my paper and do not recognize others. Let me take the three points in turn.
F. Hodge O'Neal Corporate and Securities Law Symposium

Update on Modernization Legislation

John C. Dugan
Since 1980, eight of the ten two-year Congresses have considered major financial services reform legislation. They’ve all had varying degrees of progress, but they’ve all failed to get to the finish line for one reason or another. This commentary suggests that significant reform legislation may soon pass in Congress. This commentary describes what significant reform legislation might do for financial services.
Note

Raising the Level of Compliance with the Clean Water Act by Utilizing Citizens and the Broad Dissemination of Information to Enhance Civil Enforcement of the Act

Michael D. Montgomery