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Dodd-Frank for Bankruptcy Lawyers

37 Pages Posted: 29 Jul 2011  

Douglas G. Baird

University of Chicago Law School

Edward R. Morrison

Columbia Law School

Date Written: July 25, 2011


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.

Suggested Citation

Baird, Douglas G. and Morrison, Edward R., Dodd-Frank for Bankruptcy Lawyers (July 25, 2011). Columbia Law and Economics Working Paper No. 401. Available at SSRN: or

Douglas Baird (Contact Author)

University of Chicago Law School ( email )

1111 E. 60th St.
Chicago, IL 60637
United States
773-702-9571 (Phone)
773-702-0730 (Fax)

Edward Morrison

Columbia Law School ( email )

435 West 116th Street
New York, NY 10025
United States

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