The Legal Authorities Framing the Government’s Response to the Global Financial Crisis

Authors

Scott G. Alvarez Esq., Formerly, Federal Reserve System, Board of GovernorsFollow
Thomas C. Baxter Jr., Esq., Sullivan & CromwellFollow
Robert F. Hoyt Esq., BarclaysFollow

Document Type

Article

JEL Codes

G01, G28

Abstract

The 2007–09 global financial crisis required that the Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation survey their various legal authorities and consider how they might be used to mitigate the meltdown of the United States financial system. This essay explores the range of legal authorities and procedural issues presented by key facilities implemented during the crisis, many of which were new and creative. This essay also provides valuable examples of how such authorities were used and describes how, in some instances, agencies worked together to design innovative interventions that no separate agency could have achieved alone.

Recommended Citation

Alvarez, Scott G. Esq.; Baxter, Thomas C. Jr., Esq.; and Hoyt, Robert F. Esq. (2020) "The Legal Authorities Framing the Government’s Response to the Global Financial Crisis," Journal of Financial Crises: Vol. 2 : Iss. 1, 3-32.
Available at: https://elischolar.library.yale.edu/journal-of-financial-crises/vol2/iss1/2

Date Revised

2020-04-17