Banking and Finance
- Mehrsa Baradaran, Banking on Democracy, 98 WASH. U. L. REV. 353 (2020), https://openscholarship.wustl.edu/law_lawreview/vol98/iss2/5
- Mehrsa Baradaran, Jim Crow Credit, 9 U.C. IRVINE L. REV. 101 (2019), https://scholarship.law.uci.edu/faculty_scholarship/762
- Saule T. Omarova, The Merchants of Wall Street: Banking, Commerce, and Commodities, 98 MINN. L. REV. 265 (2013), https://minnesotalawreview.org/article/merchants-wall-street-banking-commercecommodities
- This article lays out the concept of the separation of banking from commerce and shows how banking entities thwarted it in the area of physical commodities trading.
- Robert C. Hockett & Saule T. Omarova, The Finance Franchise, 102 CORNELL L. REV. 1143 (2017), https://scholarship.law.cornell.edu/cgi/viewcontent.cgi?article=4731&context=clr
- This is the article in which we offer a new master-narrative of what our financial system is really about; we challenge the reigning doctrine of “financial intermediation” and outline how finance is really a public-private “franchise” arrangement with the public at the center.
- Saule T. Omarova, Why We Need A National Investment Authority (2020), http://ssrn.com/abstract=3566462
- This is a short issue brief on the NIA idea, with links to the original article and other sources with more details.
- Saule T. Omarova, The Quiet Metamorphosis: How Derivatives Changed the “Business of Banking,” 63 MIAMI L. REV. 1041-1109 (2009), https://repository.law.miami.edu/umlr/vol63/iss4/4
- This is a more narrowly targeted piece that examines how the OCC (the federal regulator of national banks) used its administrative tools to allow U.S. banks to trade and deal in derivatives, and how that hidden process effectively made derivatives markets grow to their present size and importance.
- Morgan Ricks, Money as Infrastructure, 2018 COLUM. BUS. L. REV. 757 (2018), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3070270&download=yes
- Excerpt: Read Parts I and III-V.
- (Optional) Saule T. Omarova, Technology v. Technocracy: Fintech as a Regulatory Challenge, 6 J. FIN. REG. 1 (2020), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3545468
- This article is about the need for a much more consciously normative approach to regulating fintech; it emphasizes the primacy of macro-structural solutions over microtransactional ones.
- (Optional) Saule T. Omarova, The “Too Big To Fail” Problem, 103 MINN. L. REV. 2495 (2019), https://minnesotalawreview.org/wp-content/uploads/2019/06/4Omarova_FINAL.pdf
- This article takes a comprehensive look at what the TBTF phenomenon really is, and highlights the structural aspects of the problem that have not been fully addressed (or even acknowledged).
- (Optional) Saule T. Omarova, The People’s Ledger: How to Democratize Money and Finance the Economy, 75 VAND. L. REV. (forthcoming 2021), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3715735
- This article offers a blueprint for a comprehensive restructuring of the Federal Reserve’s balance sheet as the ultimate public platform for allocation of credit in a democratic economy.
- (Optional) Alexander Hamilton, Final Version of the Second Report on the Further Provision Necessary for Establishing Public Credit (Report on a National Bank), TREASURY DEPARTMENT (Dec. 14, 1790), https://founders.archives.gov/documents/Hamilton/01-07-02-0229-0003
- (Optional) Morgan Ricks, John Crawford & Lev Menand, FedAccounts: Digital Dollars, Vanderbilt Law Research Paper No. 18-33 (April 2020), https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3646511&download=yes
- (Optional) National Bank Act of 1864, https://www.google.com/books/edition/_/voEuAAAAYAAJ?hl=en&gbpv=0