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Law and Regulation of Financial Institutions in a Time of Crisis (The)
Visiting Professor Geoffrey Miller
4 classroom credits LAW-45750A Fall

This course examines the law and policy pertaining to financial institutions -- banks, insurance companies, mutual funds, and securities broker-dealers. The class will examine the fundamental nature of the banking firm as a financial intermediary offering payment services, and will illustrate how the need to maintain transaction accounts for customers leads to instability in the banking firm. Deposit insurance as a remedy for financial instability will be stressed, as well as the problem of moral hazard and devices for counteracting the risk-taking incentives created by deposit protection. Rules governing non-bank financial institutions will be examined and compared with bank-specific rules. Much of the second part of the course will examine the legal, economic, and policy issues arising out of the global financial crisis of 2008-2009.

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