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Fixing Dodd-Frank--a new proposal for bankruptcy law The events of
the last several years on Wall Street make a compelling case for
comprehensive, fundamental reform in the oversight of financial
firms. In Bankruptcy Not Bailout, a group of expert contributors
show why, if a new addition to the bankruptcy laws--Chapter
14--were implemented along with other genuine reforms, the changes
could strengthen the US financial system and provide the impetus
the US economy needs to thrive once again. The authors reveal the
weaknesses in Dodd-Frank Title II, showing how the current law
creates an elaborate, and potentially cumbersome, bureaucratic
procedure for triggering seizure of a financial company--and tell
why Chapter 14 could greatly improve that process, creating greater
financial stability and reducing the likelihood of bailouts. They
lay the groundwork for a return to a clearer, more rules-based
oversight regime that relies more on real capital and true market
forces and urge adoption of a Chapter 14 even were 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
In 2012, building off work first published in 2010, the Resolution
Project proposed that a new Chapter 14 be added to the Bankruptcy
Code, exclusively designed to deal with the reorganization or
liquidation of the nation's large financial institutions. In this
book, the contributors expand on their proposal to improve the
prospect that our largest financial institutions-particularly with
prebankruptcy planning-could be successfully reorganized or
liquidated pursuant to the rule of law and, in doing so, both make
resolution planning pursuant to Title I of Dodd-Frank more fruitful
and make reliance on administrative proceedings pursuant to Title
II of Dodd-Frank largely unnecessary.
This book examines the dangers of continuing government bailouts
and offers alternative strategies designed to produce growth based
on the vigor of the private sector with inflation under control.
The expert authors show that it is indeed possible to explain the
causes of the crisis in understandable terms and clarify why
resolving the bailout problem is esseHow Do We Make Failure
Tolerable?The American people are clearly upset about the massive
government bailouts of faltering organizations and the consequent
commitment of taxpayer dollars-as well as the heavy involvement of
the federal government in private sector activities. How do we
approach a problem of this magnitude? The key question, which
George Shultz presents at the outset, is: How do we make failure
tolerable? In other words, if clear and credible measures can be
put into place that convince everybody that failure will be
allowed, then the expectations of bailouts will recede and perhaps
even disappear. Perhaps more important, we would also get rid of
the risk-inducing behavior that even implicit government guarantees
bring about. In Ending Government Bailouts as We Know Them, a team
of expert contributors examine the dangers of continuing government
bailouts and offer constructive alternatives designed to both
resolve the current bailout problem and prevent future crises. The
other contributors follow up on Shultz's premise with discussions
on a range of key topics. They begin with the nature of systemic
risk-particularly in the experience of the Lehman Brothers
bankruptcy-and the reforms that financial firms can implement,
whether or not required by government regulatory agencies. They
also explore in detail the two main alternatives to government
bailouts in the case of a failing financial firm: bankruptcy versus
resolution authority. The book concludes with a summary of the
commentary on the chapters by formal discussants and the audience
at the conference, ranging from constructive critiques to strong
endorsements to ideas for future research.ntial to preventing
future crises.
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