The Catholic University of America Columbus School of Law
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Capital Markets and Human Capital
No full textThe Catholic University of America Columbus School of Law’s first Faith In Action event of the semester featured Hester Peirce, Commissioner, Securities and Exchange Commission, who gave a talk entitled “Capital Markets and Human Capital.”During the January 15 event, Peirce discussed how her faith has shaped her interest in and approach to the regulation of financial markets. A summary of the event is available here
Charitable Tax Reform For the 21st Century
Get PDFThe article identifies two goals of the charitable giving tax incentives: promoting actual charitable work and fostering a strong culture of charitable giving with broad participation. The recent increase to the standard deduction and the rise of donor-advised funds compromise both goals. The article outlines reform proposals to bolster the charitable sector, including expanding the giving incentive to all taxpayers in the form of a credit (subject to a giving floor), allowing some tax benefits to DAF donors upon contribution but delaying the income tax deduction until DAF funds are released from advisory privileges, closing loopholes that enable foundations and donors to skirt long-standing legal requirement, and modifying incentives to foundations to foster more spending
Protecting Freedom, Sharing Faith, and Serving Persons
No full textThe Catholic University of America Columbus School of Law’s Faith in Action speaker series held its second lecture of the semester on Tuesday, November 5, featuring guest speaker Kathleen Brady, senior fellow and McDonald Distinguished Fellow at the Emory University’s Center for the Study of Law and Religion. Brady spoke thoughtfully on the intersection of law and religion during her lecture entitled Protecting Freedom, Sharing Faith, and Serving Persons.
Brady has dedicated her career to law, religion, and scholarship—honing her insight on the meaning of vocation through years of dedication. Brady shared her path to a holistic understanding of vocation by taking attendees on a chronological journey through her career and highlighting how her Catholic faith molded her work along the way
A Hollow History Test: Why Establishment Clause Cases Should Not Be Decided through Comparisons with Historical Practices
Get PDFSome judges, scholars, and advocates have criticized the Supreme Court’s Establishment Clause jurisprudence, arguing that existing Establishment Clause tests give courts too little guidance and too much discretion, and calling on the Court to replace those tests with a test that compares challenged practices to long-standing historically accepted ones. But such a historical-practice test would be much more difficult to apply than the Court’s current jurisprudence and would engender greater confusion among lower courts than there is now.
That’s because there are very few long-standing historical practices that are legitimate candidates for serving as evidence of the intent of the Establishment Clause’s framers. Only actions taken by the federal government can be relevant, because the Establishment Clause did not apply to the states when it was adopted. And only actions taken very close in time to the Clause’s adoption should be considered, because history repeatedly has shown that it takes little time after a constitutional provision is passed for governmental officials to start taking actions that violate it. Thus, in most Establishment Clause contexts, there are no federal-government actions during the relevant historical period that courts can legitimately consider for guidance.
This does not mean that there should be no role for history in Establishment Clause analysis. But what is proper for courts to principally consider are the historical events that led to the Clause’s creation, not the events that occurred after the Clause was adopted. And the Supreme Court already engaged in such analysis in devising its existing Establishment Clause tests, looking at European and colonial history to understand what kinds of practices the First Amendment’s framers wanted to stop, as well as the writings of the leading thinkers behind the Establishment Clause, Madison and Jefferson. Already informed by history, the Supreme Court’s existing Establishment Clause tests well protect the values underlying the Clause, prohibiting (among other conduct) public funding of religious activity, governmental favoritism for any religion over another or for religion over nonreligion, governmental coercion to take part in religious exercise, and governmental entanglement with religion
International Trade (4th ed.)
No full text[In Polish]
The fourth edition has been updated and expanded, especially in parts dealing with trade policy. The author analyzes the reasons for the most serious commercial disputes, and in particular tries to answer the question whether the transformation of US priorities under Donald Trump\u27s presidency justifies the thesis that we are dealing with a new era in international trade. Does this mean that strategic trade, driven from the perspective of the benefits of one country, replaces global trade?https://scholarship.law.edu/fac_books/1132/thumbnail.jp
Has Regulation Affected the High Frequency Trading Market?
Get PDFAs technology rapidly advances society, there are a few industries that have not been drastically impacted by disruptive technology. The financial markets are no different. Over the past ten years, algorithmic trading has quickly revolutionized the financial markets and continues to dominate an industry that for many years remained largely uninfluenced by society’s technological advances. Algorithmic trading is “a type of trading done with the use of mathematical formulas” and market data “run by powerful computers” to execute trades. One of the most commonly used platforms of algorithmic trading is high frequency trading. High frequency trading (“HFT”) uses a computerized algorithm and pre-determined market parameters to execute large orders through the use of high speed.
HFT and high frequency traders are not inherently bad, as depicted in Flash Boys. In fact, HFT has actually made trading more efficient and provided numerous benefits for investors who are looking to improve their position in the market. However, the issue at hand is that HFT is used as a tool by bad actors to manipulate the market. The popularity in HFT has triggered U.S. Securities and Exchange Commission (“SEC”), the U.S. Commodity Futures Trading Commission (“CFTC”), and the Financial Industry Regulatory Authority, Inc. (“FINRA”) to focus resources and attention on preventing HFT from creating an unfair and unbalanced market. This Comment focuses on the regulatory measures made by those aforementioned agencies and analyzes the possible regulatory framework that could lie ahead
