On October 18, federal regulators released Prudential Financial—the last remaining systemically important nonbank financial institution—from enhanced government oversight. This Essay contends that Prudential's deregulation was both unwise and illegal. In removing Prudential's “systemically...

In the aftermath of the Great Recession, shareholders and regulators expect financial institution boards of directors to play an active role in risk management. To date, however, shareholders, policymakers, and academics have ignored a critical shortcoming: the directors of the United States'...

Over the past decade, a consensus has emerged among academics and policymakers that climate change could threaten the stability of banks, insurers, and the broader financial system. In response, regulators from around the world have begun implementing policies to mitigate emerging climate risks...