SelectedWorks @ Widener University Commonwealth Law School
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Building a Sustainable Economy by Using Much Less Energy: New Legal Tools and Opportunities
No full textMany new and ambitious energy efficiency and conservation laws are being enacted at all levels of government—and with greater financial incentives than provided previously. These innovations are intended to overcome or minimize market barriers such as principal-agent problems, information and transaction costs, high internal discount rates, and up-front capital needs that discourage cost-saving investments. Innovations such as public-private partnerships also require significant legal input and creativity for the client to reap the often remarkably large energy and cost savings. This article reviews a range of these tools, especially financial legal mechanisms, that could help significantly reduce U.S. energy consumption
Beyond Decisional Independence: Uncovering Contributors to the Immigration Adjudication Crisis
No full textThe conversation about immigration adjudication has shifted from one detailing shortcomings to one addressing solutions. When formulating solutions, it is important to look beyond any one contributor to the crisis and to promote a holistic view. Recent proposals for immigration adjudication reform acknowledge that fixing the system requires a multi-faceted approach. This article confirms the need for such an approach by showing how one popular cause of the crisis - a lack of decisional independence - only scratches the surface of what ails the immigration adjudication system. Along the way, the article uncovers and evaluates underappreciated crisis contributors.While decisional independence is crucial, it is vital to understand and to emphasize that achieving decisional independence will not fix all of what ails immigration adjudication. Focusing attention away from this one factor reveals five other substantial contributors to the shortcomings of immigration adjudication: substantive immigration law; the conflicting signals of immigration adjudication; the lack of de facto independence; the use of diversions from the system; and weakened judicial review. If these other contributors are not addressed, any reform likely will produce disappointing results
Mastering Securities Lending Documentation: A Practical Guide to the Main European and US Master Securities Lending Agreements
No full textSecurities lending master agreements are vital for covering securities loans between contracting parties. They also offer legal and credit protection and a close-out netting procedure if a party defaults or goes bankrupt. These agreements are widely used by banks, securities houses, pension funds, hedge funds and insurance companies
Exigent and Unusual Circumstances: The Federal Reserve and the Financial Crisis
No full textThe U.S. Federal Reserve has committed hundreds of billions of dollars in unprecedented lending activities and purchases of mortgage-backed securities based upon its authority under the Federal Reserve Act, and particularly upon its interpretation of Section 13(3), a formerly untested and unused clause in the Federal Reserve Act. Such efforts effectively doubled the size of the Federal Reserve’s balance sheet. This expansion of authority exercised by the Federal Reserve not only has significance in today\u27s financial crisis but also sets a precedent for future Federal Reserve actions. The Federal Reserve has relied on Section 13(3) to authorize its controversial lending actions with respect to Bear Stearns, AIG, Citigroup and Bank of America. It also relied to Section 13(3) to create the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, Commercial Paper Funding Facility, Money Market Investor Funding Facility, Primary Dealer Credit Facility, the Term Asset-Backed Security Loan Facility. The Federal Reserve also greatly expanded its traditional lending to financial institutions and central banks through the creation of the Term Auction Facility and Central Bank Swap Facility. Finally, in an effort to stabilize the residential real estate market, the Federal Reserve has purchased over $1 trillion of mortgage-backed securities through the Federal Reserve’s MBS purchase program. Each of these actions represents a significant expansion from the traditional lending and purchase activities performed by the Federal Reserve. This paper analyzes these actions and discusses their current and future implications
