Insufficient liquidity can trigger fire sales and wreak havoc on a financial system. To address these challenges, the Federal Reserve (the Fed) and other central banks have long had the authority to provide financial institutions liquidity when market-based sources run dry. Yet, liquidity injections sometimes fail to quell market dysfunction. When liquidity shortages persist, they are often symptoms of deeper problems plaguing the financial system....
Issue Archives
Federal extraterritorial prosecutions of terrorists and arms dealers and even narcotics traffickers have become an integral part of modern American criminal justice. But extraterritorial prosecutions raise foundational legal questions—about the fairness of forcing foreign defendants to stand trial in our courts and about the outer boundaries of American power. And extraterritorial prosecutions foreground a puzzling inconsistency in constitutional...
This Note examines the impact of Stern v. Marshall—the Supreme Court’s recent decision on the authority of bankruptcy judges—on United States magistrate judges, with a particular focus on two exercises of magistrate judge authority that have been called into question by circuit courts post-Stern. The Note argues that institutional differences between magistrate judges and bankruptcy judges should lead circuit courts to be...
Introduction Sellers of patented products ranging from printer cartridges to pharmaceuticals frequently charge higher prices in the United States than they do abroad. To maintain this price differential, such sellers often prohibit the resale of their goods in the United States. The Federal Circuit has maintained that importers may be sued for infringing U.S. patents […]
We test the empirical validity of a claim that has been playing a central role in debates on corporate governance—the claim that interventions by activist hedge funds have a detrimental effect on the long-term interests of companies and their shareholders. We subject this claim to a comprehensive empirical investigation, examining a long five-year window following...
8 U.S.C. § 1324 prohibits, among other activities, harboring aliens who enter the United States without authorization. In the more than six decades since the law was passed, federal courts’ understandings of what “harboring” means have varied. This Note argues that recent decisions in the Second and Seventh Circuits, both of which narrow the scope of liability...
The project of creating a Banking Union is designed to overcome the fatal link between sovereigns and their banks in the Eurozone. As part of this project, political agreement for a common supervision framework and a common resolution scheme has been reached with difficulty. However, the resolution framework is weak, underfunded and exhibits some serious flaws. Further,...
In popular, scholarly, and legal discourse, psychological trauma is an experience that belongs to victims. While we expect victims of crimes to suffer trauma, we never ask whether perpetrators likewise experience those same crimes as trauma. Indeed, if we consider trauma in the perpetration of a crime at all, it is usually to inquire whether a terrible experience earlier...
Several recent high-profile criminal cases have highlighted the dynamic nature of identity crimes in a modern digital era and the boundaries prosecutors sometimes push to squeeze arguably wrongful conduct into an outdated legal framework. In many cases, two federal statutes—18 U.S.C § 1028 and § 1028A—provide prosecutors with potent tools to aggressively pursue...
When a trademark registered with the Patent and Trademark Office is infringed, section 32 of the Lanham Act provides the trade- mark registrant the opportunity to seek remedies in federal court. Thanks to a broad definition of “registrant,” the Act in fact extends standing beyond the registrant herself to her “legal representatives,” among others. This language...