No. 3

In the aftermath of the global financial crisis, Congress significantly broadened the reach of various regulatory entities through the Dodd-Frank Act. One particular power, found in section 113 of the Act, gives the newly formed Financial Stability Oversight Council (FSOC) the authority to designate nonbank financial institutions (NBFIs) as sys­temically important financial institutions...

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....

Balancing the harms and benefits of speech—what this Article calls “free speech consequentialism”—is pervasive and seemingly unavoid­able. Under current doctrine, courts determine if speech can be regulated using various forms of free speech consequentialism, such as weighing whether a particular kind of speech causes harms that outweigh its benefits, or asking whether the government has especially strong reasons for regulating particular...

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...

TRADE AND TRADEOFFS:THE CASE OF INTERNATIONAL PATENT EXHAUSTION

Daniel J. Hemel*& Lisa Larrimore Ouellette**