In the Face of Congressional Inaction, the Supreme Court Has Attempted to Provide Uniform Answers to Current Banking Problems, While Refusing the Role of Economic Policymaker. Despite an Appearance of Activism, the Court Continues to Defer to the Views of Expert Administrators.
By: Stephen M. Shapiro, Mary C. Fontaine, and Edward S. Best
(STEPHEN M. SHAPIRO is a partner at Mayer, Brown & Platt in Chicago, Ill. He served formerly as Deputy Solicitor General of the United States and was responsible for supervising the Supreme Court litigation of the federal bank regulatory agencies. MARY C. FONTAINE and EDWARD S. BEST are associates at Mayer, Brown & Platt.)
INTRODUCTION
In his recent survey, Financial Market Structure: A Longer View (1987), E. Gerald Corrigan of the New York Federal Reserve Bank aptly commented that "[t]he speed and scope of change we are seeing in our financial markets and institutions have taken on a revolutionary character." Inescapable forces of
