Bankruptcy Not Bailout: A Special Chapter 14 (Hoover by Kenneth E. Scott,John B. Taylor

By Kenneth E. Scott,John B. Taylor

Fixing Dodd-Frank—a new idea for financial ruin law

The occasions of the final a number of years on Wall road make a compelling case for entire, primary reform within the oversight of economic corporations. In Bankruptcy no longer Bailout, a bunch of specialist individuals convey why, if a brand new addition to the financial ruin laws—Chapter 14—were applied besides different actual reforms, the alterations might improve the USA economic system and supply the impetus the united states financial system must thrive as soon as again.

The authors demonstrate the weaknesses in Dodd-Frank name II, displaying how the present legislation creates an intricate, and possibly bulky, bureaucratic approach for triggering seizure of a monetary company—and inform why bankruptcy 14 may drastically increase that technique, developing higher monetary balance and decreasing the chance of bailouts. They lay the basis for a go back to a clearer, extra rules-based oversight regime that is predicated extra on genuine capital and precise industry forces and urge adoption of a bankruptcy 14 even have been Dodd-Frank left untouched.

CONTRIBUTORS: Andrew Crockett, Darrell Duffie, Thomas H. Jackson, William F. Kroener III, Kenneth E. Scott, David A. Skeel, Kimberly Anne Summe, John B. Taylor, Kevin M. Warsh

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