Wilmarth, Arthur E., Jr.

GW Law Faculty Publications

June 24, 2020

SSRN | Scholarly Commons


Taming the Megabanks: Why We Need a New Glass-Steagall Act (2020).

(With Daily, James E., and F. Scott Kieff.) Perspectives on Financing Innovation. New York: Routledge, 2014. 

(With Mitchell, Larry.) The Panic of 2008: Causes, Consequences and Implications for Reform. Northampton, MA: Edward Elgar, 2010. 

(with Solomon, Lewis D. and Daniel William Fessler). Law Outlines: Corporations and Alternative Business Vehicles. 5th ed. Santa Monica: Casenotes Publishing Co., 1999.
     Fourth edition published in 1997.
     Third edition published in 1994.
     Second edition published in 1992.
     First edition published in 1991.

Congressional Deference to State Control of Bank Structure: A Historical and Policy Perspective; and a Proposal to Permit Interstate Branching by National and State Banks Subject to Prior State Authorization. Washington, DC: Conference of State Bank Supervisors, 1991. 



(With Stephen J. Lubben.)  Too Big and Unable to Fail, 69 Fla. L. Rev. 1205 (2017).

The Road to Repeal of the Glass-Steagall Act, 17 Wake Forest J. Bus. & Intell. Prop. L. 441 (2017).

Yes. The Financial Services Industry's Misguided Quest to Undermine the Consumer Financial Protection Bureau, in Taking Sides: Clashing Views in Business Ethics and Society (Gina Vega ed., 14th ed. 2016).

Prelude to Glass-Steagall: Abusive Securities Practices by National City Bank and Chase National Bank in the Roaring Twenties, 90 Tul. L. Rev. 1285 (2016).

"SPOE + TLAC = More Bailouts for Wall Street," Banking & Financial Services Policy Report, March 2016, at 1.

"A Two-Tiered System of Regulation Is Needed to Preserve the Viability of Community Banks and Reduce the Risks of Megabanks," 2015 Michigan State Law Review 249-370.

"The Financial Industry's Plan for Resolving Failed Megabanks Will Ensure Future Bailouts for Wall Street," 50 Georgia Law Review 43-86 (2015).

"Citigroup: A Case Study in Managerial and Regulatory Failures," 47 Indiana Law Review 69-133 (2014).

"Narrow Banking as a Structural Remedy for the Problem of Systemic Risk: A Comment on Professor Schwarcz's Ring-Fencing," 88 Southern California Law Review Postscript 1-9 (2014), https://scholarship.law.gwu.edu/cgi/viewcontent.cgi?article=2355&context=faculty_publications.

"Foreword," in Financial Crisis Containment and Government Guarantees, p. xiv-xv. Ed. by John Raymond LaBrosse, Rodrigo Olivares-Caminal, and Dalvinder Singh. Cheltenham; Northampton, MA: Edward Elgar, 2013.

(With Fairfax, Lisa M.) "Introduction" (Symposium: Striking the Right Balance: Investor and Consumer Protection in the New Financial Marketplace), 81 The George Washington Law Review 663-676 (2013).
     Available at: http://www.gwlr.org/wp-content/uploads/2013/04/Introduction.pdf.

"Turning a Blind Eye: Why Washington Keeps Giving In to Wall Street," 81 University of Cincinnati Law Review 1283-1446 (2013).

"Narrow Banking: An Overdue Reform that Could Solve the Too-Big-To-Fail Problem and Align U.S. and U.K. Regulation of Financial Conglomerates, Part 1," Banking & Financial Services Policy Report, March 2012, at 1-18.

"Narrow Banking: An Overdue Reform that Could Solve the Too-Big-To-Fail Problem and Align U.S. and U.K. Regulation of Financial Conglomerates, Part 2," Banking & Financial Services Policy Report, April 2012, at 1-9.

"The Financial Services Industry's Misguided Quest to Undermine the Consumer Financial Protection Bureau," 31 Review of Banking & Financial Law 881-956 (2011-2012).
     Reprinted in Taking Sides:  Clashing Views in Business Ethics and Society, p. 199.  Edited by Gina Vega.  New York:  McGraw-Hill, 2015.

"Finding a Solution to the 'Too-Big-To-Fail' Problem," Managing Risk in the Financial System. Ed. By John Raymond LaBrosse, Rodrigo Olivares-Caminal, and Dalvinder Singh. Northampton, MA: Edward Elgar, 2011.

"The Dodd-Frank Act: A Flawed and Inadequate Response to the Too-Big-to-Fail Problem," 89 Oregon Law Review 951-1057 (2011).
     Available at https://scholarsbank.uoregon.edu/xmlui/bitstream/handle/1794/11137/Wilmarth%20--%20cropped.pdf?sequence=1&isAllowed=y.

"The Dodd-Frank Act's Expansion of State Authority to Protect Consumes of Financial Services," 36 Journal of Corporation Law 893-954 (2011).

"Cuomo v. Clearing House: The Supreme Court Responds to the Subprime Financial Crisis and Delivers a Major Victory for the Dual Banking System and Consumer Protection," in The Panic of 2008: Causes, Consequences and Implications for Reform, p. 295-345. Edited by Lawrence E. Mitchell and Arthur E. Wilmarth. Northampton, MA: Edward Elgar, 2010.
     (Working paper version available at https://ssrn.com/abstract=1499216.)

"Reforming Financial Regulation to Address the Too-Big-To-Fail Problem," 35 Brooklyn Journal of International Law 707-783 (2010).
      Available at http://ssrn.com/abstract=1645921.

"The Dark Side of Universal Banking: Financial Conglomerates and the Origins of the Subprime Financial Crisis," 41 Connecticut Law Review 963-1050 (2009).
     Available at http://ssrn.com/abstract=1403973.

"Subprime Crisis Confirms Wisdom of Separating Banking and Commerce," 27 Banking & Financial Services Policy Report no. 5, at 1-18 (May 2008).
     Available at http://ssrn.com/abstract=1263453.

"Conflicts of Interest and Corporate Governance Failures at Universal Banks During the Stock Market Boom of the 1990s: The Cases of Enron and WorldCom," in Corporate Governance in Banking: A Global Perspective, pages 97-133. Edited by Benton E. Gup. Northampton, MA: Edward Elgar, 2007.
     (Working paper available at http://ssrn.com/abstract=952486.)

"Wal-Mart and the Separation of Banking and Commerce." 39 Connecticut Law Review 1539-1622 (2007).
      Available at http://ssrn.com/abstract=984103.

"OCC v. Spitzer: An Erroneous Application of Chevron That Should be Reversed." 86 BNA's Banking Report, no. 8, pp. 379-394 (Feb. 20, 2006).
     Available at http://ssrn.com/abstract=886380.

"The OCC's Preemption Rules Threaten to Undermine the Dual Banking System, Consumer Protection, and the Federal Reserve Board's Role in Bank Supervision." Proceedings of the 42nd Annual Conference on Bank Structure and Competition 102-116. Chicago: Federal Reserve Bank of Chicago, 2006.

"Controlling Systemic Risk in an Era of Financial Consolidation." 3 Current Developments in Monetary and Financial Law 557-621. (International Monetary Fund, 2005).

"Did Universal Banks Play a Significant Role in the U.S. Economy's Boom-and-Bust Cycle of 1921-33?" 4 Current Developments in Monetary and Financial Law 559-645. Washington, D.C. International Monetary Fund, 2005.
     Available at http://ssrn.com/abstract=838267.

"Does Financial Liberalization Increase the Likelihood of a Systemic Banking Crisis? Evidence from the Past Three Decades and the Great Depression," in Too Big to Fail: Policies and Practices in Government Bailouts, 77-105, edited by Benton E. Gup. Westport, CT: Praeger, 2004.
     (Working paper version available at http://ssrn.com/abstract=547383).

"The OCC's Preemption Rules Exceed the Agency's Authority and Present a Serious Threat to the Dual Banking System and Consumer Protection." 23 Annual Review of Banking and Financial Law 225-364 (2004).
     Available at http://ssrn.com/abstract=577863.

"Elusive Foundation: John Marshall, James Wilson, and the Problem of Reconciling Popular Sovereignty and Natural Law Jurisprudence in the New Federal Republic." 71 The George Washington Law Review 113-193 (2003).
     Available at http://ssrn.com/abstract=542842.

"How Should We Respond to the Growing Risks of Financial Conglomerates?" in Banking Law: Financial Modernization after Gramm-Leach-Bliley, 65-133, edited by Patricia A. McCoy. Newark, NJ: LexisNexis, 2002.
     (Working paper version available at http://ssrn.com/abstract=291859).

"The Transformation of the U.S. Financial Services Industry, 1975-2000: Competition, Consolidation, and Increased Risks." 2002 University of Illinois Law Review 215-476 (2002).
     Available at http://ssrn.com/abstract=315345.

"Controlling the Risks of Expanded Bank Powers: Does the 'Narrow Bank' Concept Provide a Solution?" 1 George Washington University Corporate & Business Law Journal 8-13 (1999).

"Too Good to be True? The Unfulfilled Promises behind Big Bank Mergers." 2 Stanford Journal of Law, Business & Finance 1-88 (1995).

"The Dangers of Nationwide Consolidation in the Banking Industry." 7 The Baltimore Barrister no. 1, at 3-8 (Winter 1994).

"The Potential Risks of Nationwide Consolidation in the Banking Industry: A Reply to Professor Miller." 77 Iowa Law Review 1133-1150 (1992).

"Too Big to Fail, Too Few to Serve? The Potential Risks of Nationwide Banks." 77 Iowa Law Review 957-1081 (1992).

"The Expansion of State Bank Powers, the Federal Response, and the Case for Preserving the Dual Banking System." 58 Fordham Law Review 1133-1256 (1990).

"The Original Purpose of the Bill of Rights: James Madison and the Founders' Search for a Workable Balance Between Federal and State Power." 26 American Criminal Law Review 1261-1321 (1989).

"The Case for the Validity of State Regional Banking Laws." 18 Loyola of Los Angeles Law Review 1017-1051 (1985).

"The Federal Reserve Board's Nonbank Dilemma." Proceedings of a Conference on Bank Structure and Competition 231-248. Chicago: Federal Reserve Bank of Chicago, 1984.

(with Bell, James F. and John A. Buchman). "Thrift, Bank and Nonbank Mergers and Acquisitions after Garn-St. Germain." 1 Banking Acquisition Reporter 1-10 (February 1983).

(with Bell, James F.) "The Interstate Banking Controversy: President Carter's McFadden Act Report." 99 Banking Law Journal 722-744 (1982).

"Lawyers and the Practice of Law in England: An American Visitor's Observations: Part III." 14 International Lawyer 383-388 (1980).

"Lawyers and the Practice of Law in England: One American Visitor's Observations: Part II." 14 International Lawyer 171-177 (1980).

"Lawyers and the Practice of Law in England: One American Visitor's Observations: Part I." 13 International Lawyer 719-723 (1979).



(With Barnes, Kelsey M.) "Explaining Variations in Bailout Policies." Review of The Power of Inaction, by Cornelia Woll. 6 Accounting, Economics & Law 5 (2016).



Opinion, To Restore Financial Stability, Bring Back Glass-Steagall, The Hill (October 29, 2020 11:00 AM) https://thehill.com/opinion/finance/518803-to-restore-financial-stability-bring-back-glass-steagall?rnd=1601411627.

The FDIC Should Not Allow Commercial Firms to Acquire Industrial Banks, FinReg Blog (June 23, 2020), https://sites.law.duke.edu/thefinregblog/2020/06/23/the-fdic-should-not-allow-commercial-firms-to-acquire-industrial-banks/.

Was Glass-Steagall’s Demise Both Inevitable and Unimportant?, CLS Blue Sky Blog (Sept. 18, 2018), http://clsbluesky.law.columbia.edu/2018/09/18/was-glass-steagalls-demise-both-inevitable-and-unimportant/.

Opinion, BankThink:  Raising SIFI Threshold to $250B Ignores Lessons of Past Crises, Am. Banker (Feb. 7, 2018, 9:30AM), https://www.americanbanker.com/opinion/raising-sifi-threshold-to-250b-ignores-lessons-of-past-crises.

The Road to Repeal of the Glass-Steagall Act, CLS Blue Sky Blog (Oct. 3, 2017), http://clsbluesky.law.columbia.edu/2017/10/03/the-road-to-repeal-of-the-glass-steagall-act/.

Opinion, BankThink:  Beware the Return of the ILC, Am. Banker (Aug. 2, 2017, 3:28 PM), https://www.americanbanker.com/opinion/beware-the-return-of-the-ilc?feed=00000158-080c-dbde-abfc-3e7d1bf30000.

Opinion, BankThink:  There’s No Such Thing as a “Good” Megabank, Am. Banker (Nov. 22, 2016, 8:30 AM), https://www.americanbanker.com/opinion/theres-no-such-thing-as-a-good-megabank.

Adhocracy or Capture?, Law & Liberty (Sept. 15, 2015) (response to Philip Wallach, Government Decoherence and Its Discontents), https://www.lawliberty.org/liberty-forum/adhocracy-or-capture.

"Viewpoint: 'Single Point of Entry' Plan Ensures More Megabank Bailouts," Op-Ed., American Banker (July 16, 2015, 10:00 AM).

"Use Tiered Regulation to Preserve Small Banks, Keep Big Ones in Line," Op-Ed., American Banker (Apr. 2, 2015).

"Viewpoint: Prefund a Systemic Resolution Fund," American Banker, June 11, 2010, p. 8.

"Viewpoint: Create 'Narrow' Banks to Fight TBTF," American Banker, May 14, 2010, p. 8.

"Viewpoint: Dugan Is Wrong About Blame for Crisis," American Banker, Oct. 9, 2009, at 9.

"Comptroller Dugan Is Wrong About the Causes of the Financial Crisis and the Scope of Federal Preemption," 1 Lombard Street no. 15, Nov. 9, 2009, at 9-23.

"Viewpoint: Shore Up Conglomerates with Fed Oversight," American Banker, March 28, 2008, at p. 11.

(with Lichtenstein, Cynthia C.) "Viewpoint: Conglomerate Problem's Too Big to Ignore," American Banker, February 1, 2008, at p. 11.

Credit Card Practices: Current Consumer Regulatory Issues: Hearing Before the Subcomm. on Financial Institutions and Consumer Credit of the House Comm. On Financial Services, 110th Cong. 64-84 (2007) (Statement of Arthur E. Wilmarth, Professor of Law, George Washington University Law School).
     Available at http://ssrn.com/abstract=1729840.

"Viewpoint: Why the Single-Regulator Idea's a Bad One," American Banker, June 1, 2007, at p. 11.

"Viewpoint: Agencies Can't Deny Subprime Culpability," American Banker, October 12, 2007, at p. 11.

"Viewpoint: The OCC's Twisted Logic on Overdrafts," American Banker, August 10, 2007, at p. 11.

"Danger of OCC's Preemption Moves Is Not a Myth," American Banker, May 21, 2004, at p. 10.

(with Manning, David E.) "Recent Banking History Shows Bigger Isn't Better," American Banker, July 23, 2004, at p. 10.

"Let States Continue to Have a Say in Nationwide Banking," American Banker, February 5, 1991, at p. 4.

"Why the Fed Has Failed to Cope with the Nonbank Bank Dilemma," American Banker, June 29, 1984, at p. 4.