The 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act increased the powers of the Board of Governors of the Federal Reserve System along almost all dimensions pertaining to the supervision and operation of systemically important financial institutions. With Ben S. Bernanke's term as...

Scholars frequently assert that financial legislation in the U.S. is primarily driven by financial crises. This ‘crisis legislation hypothesis’ is often cited as an explanation for various supposed shortcomings of US financial legislation, including that it is ill-conceived and inadequate to...

During times of crisis, governmental interventions leave lasting impacts on the structure of financial markets. The twin economic crises of the 21st century – the 2008 financial crisis and the 2020 Covid-19 pandemic – illustrate both the depth of the policy response and the instability that...

Abstract: The financial crisis of 2008 left elite university endowments with 30% less value, leading these universities to respond with dramatic budgetary restructuring. While endowments had received probing national and Congressional attention in the months prior to the crisis, that attention...

This essay reviews Perino's timely, well-written, and meticulously researched book on Ferdinand Pecora's 1933 investigative hearings into the malfeasance of Wall Street banks and securities dealers preceding the Great Crash. The essay, after summarizing Perino's main contributions, argues that...