Dodd-Frank for Bankruptcy Lawyers
Douglas G. Baird
University of Chicago Law School
Edward R. Morrison
Columbia Law School
July 25, 2011
Columbia Law and Economics Working Paper No. 401
The Dodd-Frank financial reform legislation creates an “Orderly Liquidation Authority” (OLA) that shares many features in common with the Bankruptcy Code. This is easy to overlook because the legislation uses a language and employs a decision-maker (both borrowed from bank regulation) that will seem foreign to bankruptcy lawyers. Our task in this essay is to identify the core congruities between OLA and the Code. In doing so, we highlight important differences and assess both their constitutionality and policy objectives. We conclude with a few thoughts on the likelihood that OLA will contribute to market stability.
Number of Pages in PDF File: 37
Date posted: July 29, 2011
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