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The Problem of Centrality

posted by Stephen Lubben

The Harvard Law School Forum on Corporate Governance and Financial Regulation has a feature on my new paper about the resolution of CCPs (aka clearinghouses).


I agree with Nathalie that the book by Kirsch and Mayer is wonderful and recommend that everyone reads it. And of course Elizabeth Warren played an essential role in establishment of the CFPB and we will always be grateful to her. But I think it is equally important to note, as Nathalie does, that this was a grass roots effort. Also, Senator Warren was building on a strong legal foundation that originated with the efforts begun in the 1960s by, among others, legal services lawyers who came out of the Civil Rights movement. The work of these individuals was augmented by the national advocacy of organizations such as Consumers Union, Consumer Federation of America, PIRG, the National Consumer Law Center and the local community groups they represent. As a result, Senator Warren had the benefit of what had become a consumer movement. Mark Budnitz

Thanks. You inspired me to write this:


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