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Volume 4.1
Horizons of Risk: Climate Stress and the Federal Reserve
David A. Wishnick
Associate Professor of Law, Georgetown University Law Center.

Thanks to Nakita Cuttino, Anna Gelpern, David Hyman, Don Langevoort, Adam Levitin, Morgan Ricks, Hillary Sale, Bob Thompson, Jon Zytnick, and workshop participants at Georgetown, Rutgers, Vanderbilt, and the AALS Financial Regulation Midyear Meeting for helpful comments and engaging discussions. For their skilled research assistance, I thank Maddie Bowen, Matteo Crow, and Amelia Lucas.

Contemporary financial supervision depends on knowledge about risk. Threats to bank soundness and financial stability abound, but they present themselves in amorphous ways. How should supervisors assess their significance? This Article examines a process being employed by the Federal Reserve (Fed) to assess threats posed by climate change.

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Volume 4.1
A Commitment Rule for Insolvency Forum
Anthony J. Casey
Donald M. Ephraim Professor of Law and Economics and Faculty Director of the Center on Law and Finance at The University of Chicago Law School. Email: ajcasey@uchicago.edu.

This research is funded by the Becker Friedman Institute at the University of Chicago. The Richard Weil Faculty Research Fund and the Paul H. Leffmann Fund also provided generous support. I thank Carrie Boone, Taerin Kim, and Emma Xu for their excellent research assistance. A preliminary version of this article was presented at Singapore Management University during my stay as SGRI Visiting Professor in September 2023.

Aurelio Gurrea-Martínez
Associate Professor of Law and Head of the Singapore Global Restructuring Initiative at Singapore Management University. Email: aureliogm@smu.edu.sg.

For excellent research assistance, I would like to thank Linus Koh.

Robert K. Rasmussen
Professor of Law and J. Thomas McCarthy Trustee Chair in Law and Political Science at USC Gould School of Law. Email: rrasmussen@law.usc.edu.

In this Article, we propose a new rule for determining the proper forum for insolvency proceedings. Currently, the Model Law on Cross-Border Insolvency (Model Law)—promulgated by the United Nations Commission on International Trade Law (UNCITRAL)—looks to a debtor’s center of main interest (COMI) to determine the proper forum for a foreign main insolvency proceeding. This rule is flawed.

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Volume 4.1
Event Contracts Are a Step Too Far for Derivatives Regulation
Ilya Beylin
Associate Professor, Seton Hall Law School, B.A.S. Stanford University, J.D. University of Chicago Law School. 

Devin Droll and Najma Hassan provided valuable research assistance. I am grateful for feedback from Tom W. Bell, Onnig H. Dombalagian, Gary E. Kalbaugh, Stephen Lubben, Gideon Mark, Fabio Mattos, Todd Phillips, Andrew Verstein, Adam Wells and participants at the Seton Hall Law School summer scholarship seminar, inaugural Metropolitan Junior Scholars workshop and the AALS Financial Institutions Regulation mid-year meeting at The Wharton School. All errors are my own.

This Article develops two branches of history towards understanding derivatives markets and their regulation. First, using a comprehensive database of derivatives products that the Commodity Futures Trading Commission (CFTC) has authorized, this Article traces stages in the development of derivatives products.

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Volume 4.1
Captured Innovation: Technology Monopoly Response to Transformational Development
Reed Showalter
Reed Showalter is an Attorney Advisor at the Department of Justice Antitrust Division. He was a Senior Policy Advisor at the White House National Economic Council until January 20, 2025. The views expressed do not necessarily reflect those of the United States Department of Justice or the White House.
Laura Edelson
Laura Edelson is an Assistant Professor at Northeastern University.

This Article examines how monopoly power warps incentives to innovate within the largest tech companies across history.

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Online Edition '25
Is There Always Money in the Banana Stand? The Importance of Fee Awards to Vindicating Shareholder Voting Rights
James Janison
Associate at Bernstein Litowitz Berger & Grossman LLP.  All views expressed herein are my own and not those of Bernstein Litowitz Berger & Grossmann LLP or its clients.

A recurring joke in the TV series Arrested Development is that a real estate mogul beset by hard financial times refrains to his son, “there’s always money in the [family-owned] banana stand.” Every time he does, the son—who has taken over the family real estate empire—expresse

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