Who decides how much to pay?

What is the proper role for judges in deciding how much investment advisers to mutual funds should be compensated? This is the question the Supreme Court will answer in Jones…

Another Mis-step in Reactionary Regulation

Today’s Wall Street Journal reports that Senators Cantwell and McCain are preparing legislation to reinstate Glass-Steagall-type restrictions to create a “firewall” between commercial and investment banks. Apparently Rep. Hinchey is…

Not Going Anywhere For A While?

Try reading H.R. 4173.  All 1300 pages of it.  The portion of the bill creating the Consumer Financial Protection Agency starts around page 665 for those keeping score at home.Posted…

Symposium Wrap Up

Thanks to all of our participants and readers for the blog symposium–both the posts and the comments were engaging and thoughtful, and I hope these entries will be helpful in…

Welcome to Day Two

The Law and Economics of Interchange Fees and Credit Card Markets Welcome to day two of of our two-day symposium on the law and economics of interchange fees and credit…

Surcharging and Honor-All-Cards

Disclaimer: These views are my own and not those of the Federal Reserve Bank of Chicago or the Federal Reserve System.  Much of this discussion is taken from my paper…

Competitive Payments

Most of the discussion related to pricing at the point of sale has emphasized the “cross-subsidy” between those that pay with cash and checks and those that pay with credit…