CLE Materials for Panel #1 - George Washington University Law ...

More documents

Recommendations

Info

WILMARTH 4/1/2011 1:11 PM 960 OREGON LAW REVIEW [Vol. 89, 951 equal to a year of the world’s gross domestic product. 20 Household net worth in the United States fell by more than one-fifth (from $64.2 trillion to $48.8 trillion) from the end of 2007 through the first quarter of 2009. 21 The financial crisis pushed the economies of the United States, the United Kingdom, and other European nations into deep recessions during 2008 and the first half of 2009. 22 Economies in all three regions began to improve in the second half of 2009, but the recoveries were tentative and fragile. 23 During the first half of 2010, economies in all three areas continued to face significant challenges, including (1) high unemployment rates and shortages of bank credit that caused consumers to reduce spending and businesses to forgo new investments, and (2) large budget deficits, caused in part by the massive costs of financial rescue programs, which impaired the ability of governments to provide additional fiscal stimulus. 24 20 Shamim Adam, Global Financial Assets Lost $50 Trillion Last Year, ADB Says, BLOOMBERG (Mar. 9, 2009), http://www.bloomberg.com/apps/news?pid=newsarchive &sid=aZ1kcJ7y3LDM. 21 BD. OF GOVERNORS FED.RESERVE SYS., FEDERAL RESERVE STATISTICAL RELEASE: FLOW OF FUNDS ACCOUNTS OF THE UNITED STATES: FLOWS AND OUTSTANDING, SECOND QUARTER 2010, at 104 tbl.B.100 (2010), available at http://www.federalreserve .gov/RELEASES/z1/20100917/z1.pdf. 22 See INT’L MONETARY FUND, WORLD ECONOMIC OUTLOOK, APRIL 2009: CRISIS AND RECOVERY 1–96 (2009), available at http://www.imf.org/external/pubs/ft/weo/2009 /01/pdf/text.pdf. A recent study concluded that the recession of 2007–2009 was much more severe, both in the United States and globally, than the preceding recessions of 1975, 1982, and 1991. Stijn Claessens et al., The Global Financial Crisis: How Similar? How Different? How Costly? 3, 19–20 (Mar. 17, 2010) (unpublished manuscript), available at http://ssrn.com/abstract=1573958; see also Steve Matthews, Longest U.S. Slump Since ’30s Ended in June ’09, Group Says, BLOOMBERG (Sept. 20, 2010), http://www .bloomberg.com/news/2010-09-20/u-s-recession-ended-in-june-2009-was-longest-since -wwii-nber-panel-says.html (reporting that, according to the National Bureau of Economic Research, the U.S. economy “shrank 4.1 percent from the fourth quarter of 2007 to the second quarter of 2009, the biggest slump since the 1930s”). 23 INT’L MONETARY FUND, WORLD ECONOMIC OUTLOOK, OCTOBER 2009: SUSTAINING THE RECOVERY 1–92 (2009), available at http://www.imf.org/external/pubs /ft/weo/2009/02/pdf/text.pdf; Timothy R. Homan, U.S. Economy Grew at 2.2% Annual Rate Last Quarter (Update2), BLOOMBERG (Dec. 22, 2009), http://www.bloomberg .com/apps/news?pid=newsarchive&sid=aVeAMaVRygoM (reporting that the U.S. economy grew during the third quarter of 2009 “at a slower pace than anticipated” following a steep decline during the previous year); Marcus Walker & Brian Blackstone, Euro-Zone Economy Returns to Expansion, WALL ST. J., Nov. 14, 2009, at A6 (reporting that “[t]he euro-zone economy returned to modest growth in the third quarter [of 2009], marking an apparent end to five quarters of recession, but the region’s recovery looks set to be anemic”). 24 Peter Coy & Cotton Timberlake, Funny, It Doesn’t Feel Like a Recovery, BLOOMBERG BUSINESSWEEK May 31–June 6, 2010, at 9; Rich Miller, U.S. Rebound Seen
WILMARTH 4/1/2011 1:11 PM 2011] The Dodd-Frank Act 961 A major threat to economic recovery appeared in the spring of 2010, as Greece and several other deeply indebted European nations struggled to avoid defaulting on their sovereign debts. 25 In May 2010, the EU and the International Monetary Fund (IMF) announced a $1 trillion emergency package of loan guarantees to reassure investors that EU nations would continue to meet their debt obligations. 26 However, many analysts questioned the rescue package’s adequacy, and bond investors shunned financial institutions with large exposures to heavily indebted countries. 27 The European sovereign debt crisis—along with high unemployment rates, growing budget deficits, and shortages of bank credit—created serious concerns about the prospects for continued economic growth in both the United States and Europe during the second half of 2010. 28 Slowing Most Since 2002 on Europe Debt Woes, BLOOMBERG (June 7, 2010), http://www.businessweek.com/news/2010-06-07/u-s-rebound-seen-slowing-most-since -2002-on-europe-debt-woes.html; Jon Hilsenrath, Credit Remains Scarce in Hurdle to Recovery, WALL ST. J., Feb. 27, 2010, at A2; Neil Irwin & Lori Montgomery, Dearth of New Jobs Threatens Recovery: Data Point to Sluggish Growth, WASH.POST, July 3, 2010, at A1; Simone Meier, Europe’s Recovery Almost Stalls as Germany Stagnates (Update 2), BLOOMBERG (Feb. 12, 2010), http://www.bloomberg.com/apps/news?pid=newsarchive &sid=akPchh4Ed0Vo; Mark Deen, European Economy Risks Decoupling from Global Growth Recovery, BLOOMBERG BUSINESSWEEK (Feb. 25, 2010), http://www .businessweek.com/news/2010-02-25/european-economy-risks-decoupling-from-global -growth-recovery.html; Howard Schneider & Anthony Faiola, Debt Is Ballooning into a Global Crisis: Developed Nations May Have to Raise Taxes and Cut Programs, WASH. POST, Apr. 9, 2010, at A1. 25 Simon Kennedy & James G. Neuger, EU Faces Demands to Broaden Crisis Fight as G-7 Meets (Update3), BLOOMBERG BUSINESSWEEK (May 7, 2010), http://www .businessweek.com/news/2010-05-07/eu-faces-demands-to-broaden-crisis-fight-as-g-7 -meets-update3-.html; Simon Kennedy et al., Now It’s a European Banking Crisis, BLOOMBERG BUSINESSWEEK (Apr. 29, 2010), http://www.businessweek.com/magazine /content/10_19/b4177011719842.htm; Sandrine Rastello, IMF Says Government Debt Poses Biggest Risk to Global Growth, BLOOMBERG BUSINESSWEEK (Apr. 20, 2010), http://www.businessweek.com/news/2010-04-20/imf-says-government-debt-poses-biggest -risk-to-global-growth.html. 26 Joe Kirwin et al., International Economics: EU Ministers, ECB, IMF Marshal Forces to Stabilize Euro with Trillion Dollar Plan, 94 Banking Rep. (BNA) 897 (May 11, 2010); Pierre Paulden, When Banks Don’t Trust Banks, BLOOMBERG BUSINESSWEEK (May 27, 2010), http://www.businessweek.com/magazine/content/10_23/b4181006668043.htm; Landon Thomas, Jr. & Jack Ewing, A Trillion for Europe, with Doubts Attached: Trying to Solve Debt Crisis with More Debt, N.Y. TIMES, May 11, 2010, at A1. 27 Gavin Finch & John Glover, Europe’s Banks Face a Funding Squeeze, BLOOMBERG BUSINESSWEEK (June 17, 2010), http://www.businessweek.com/magazine/content/10_26 /b4184051394516.htm; Carrick Mollenkamp et al., Europe’s Banks Hit by Rising Loan Costs, WALL ST. J., May 25, 2010, at A1. 28 Peter Coy, The U.S. Economy: Stuck in Neutral, BLOOMBERG BUSINESSWEEK (Oct. 14, 2010), http://www.businessweek.com/magazine/content/10_43/b4200013889287.htm;
Page 1 and 2: CLE Materials for Panel #1 “Dodd-
Page 3 and 4: Baptista v. JP Morgan Chase Bank, N
Page 5 and 6: powers are not applicable to nation
Page 7 and 8: Accordingly, we expect to see addit
Page 9 and 10: 1 Public Law 111-203, 124 Stat. 137
Page 11 and 12: January 2011 The Dodd-Frank Wall St
Page 13 and 14: provided a distinct charter advanta
Page 15 and 16: fit within the confines of paragrap
Page 17 and 18: institutions. 56 In the ensuing mon
Page 19 and 20: licensing regime based on the state
Page 21 and 22: To view other thought leadership pi
Page 23 and 24: Mortgage FSB, 592 F. Supp. 2d 1296,
Page 25 and 26: WILMARTH 4/1/2011 1:11 PM ARTHUR E.
Page 27 and 28: WILMARTH 4/1/2011 1:11 PM 2011] The
Page 33: WILMARTH 4/1/2011 1:11 PM 2011] The
Page 85 and 86:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 87 and 88:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 89 and 90:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 91 and 92:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 93 and 94:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 95 and 96:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 97 and 98:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 99 and 100:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 101 and 102:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 103 and 104:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 105 and 106:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 107 and 108:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 109 and 110:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 111 and 112:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 113 and 114:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 115 and 116:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 117 and 118:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 119 and 120:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 121 and 122:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 123 and 124:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 125 and 126:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 127 and 128:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 129 and 130:
WILMARTH 4/1/2011 1:11 PM 2011] The
Page 131 and 132:
WILMARTH 4/1/2011 1:11 PM 2011] The
show all

CLE Materials for Panel #1 - George Washington University Law ...

Create successful ePaper yourself

Delete template?

Save as template?