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The Legal Authorities Framing the Government's Response to the Global Financial Crisis

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Abstract

The 2007-09 global financial crisis required that the Federal Reserve, Treasury Department and Federal Deposit Insurance Corporation survey their various legal authorities and consider how they might be used to mitigate the meltdown of the United States financial system. This essay explores the range of legal authorities and procedural issues presented by key facilities implemented during the crisis, many of which were new and creative. This essay also provides valuable examples of how such authorities were used and describes how, in some instances, agencies worked together to design innovative interventions that no separate agency could have achieved alone.

Suggested Citation

  • Hoyt, Robert, 2020. "The Legal Authorities Framing the Government's Response to the Global Financial Crisis," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 2(1), pages 3-32, April.
    • Handle: RePEc:ysm:ypfsfc:2122
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    File URL: https://elischolar.library.yale.edu/cgi/viewcontent.cgi?article=1035&context=journal-of-financial-crises
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    Cited by:

    1. Metrick, Andrew, 2022. "Broad-Based Emergency Liquidity Programs," Journal of Financial Crises, Yale Program on Financial Stability (YPFS), vol. 4(2), pages 86-178, April.

    More about this item

    Keywords

    Law; Crisis; Federal Reserve; Federal Feserve Act; Treasury;
    All these keywords.

    JEL classification:

    • G01 - Financial Economics - - General - - - Financial Crises
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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