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Voluntary DisruptionsInternational Soft Law, Finance, and Power$
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Abraham L. Newman and Elliot Posner

Print publication date: 2018

Print ISBN-13: 9780198818380

Published to Oxford Scholarship Online: April 2018

DOI: 10.1093/oso/9780198818380.001.0001

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Disruptive Soft Law and Post-Crisis US Reform

Disruptive Soft Law and Post-Crisis US Reform

(p.119) 6 Disruptive Soft Law and Post-Crisis US Reform
Voluntary Disruptions

Abraham L. Newman

Elliot Posner

Oxford University Press

Chapter 6 examines the long-term effects of international soft law on policy in the United States since 2008. The extent and type of post-crisis US cooperation with foreign jurisdictions have varied considerably with far-reaching ramifications for international financial markets. Focusing on the international interaction of reforms in banking and derivatives, the chapter uses the book’s approach to understand US regulation in the wake of the Great Recession. The authors attribute seemingly random variation in the US relationship to foreign regulation and markets to differences in pre-crisis international soft law. Here, the existence (or absence) of robust soft law and standard-creating institutions determines the resources available to policy entrepreneurs as well as their orientation and attitudes toward international cooperation. Soft law plays a central role in the evolution of US regulatory reform and its interface with the rest of the world.

Keywords:   international soft law, finance, financial regulation, Dodd-Frank Act, derivatives, capital requirements, systemically important financial institutions

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