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.
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 change — technological, economic, and competitive — are at work in the financial services industry, and the barriers between classes of financial institutions are becoming increasingly blurred. These revolutionary tides of change have proved to be a prolific source of litigation. This article will summarize the decisions handed down by the courts in the last year and attempt to identify those
