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A statutory resolution regime for nonbanks, besides reducing uncertainty, would also limit moral hazard by allowing the government to resolve failing firms in a way that is orderly but also wipes out equity holders and haircuts some creditors, analogous to what happens when a commercial bank fails.
It is a commonplace admonition that constitutional questions are to be avoided in favor of statutory resolution.
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A statutory declaration.
"But it has evaded a definitive statutory or judicial resolution".
T. Timothy Ryan, the president of the Securities Industry and Financial Markets Association, said the market crisis exposed that "there was a failure in the statutory framework for the resolution of large, interconnected firms and everyone knows that".
[B]ail-in... is a statutory power of a resolution authority (as opposed to contractual arrangements, such as contingent capital requirements) to restructure the liabilities of a distressed financial institution by writing down its unsecured debt and/or converting it to equity.
It's JUSTICE SCALIA -- Well, if that is a statutory problem, the court's resolution didn't really solve it, did it?
MR. HANCOCK -- Well, let me JUSTICE SCALIA -- I mean, to resolve a supposed conflict in the statute in a manner that leaves in place the same problem that existed before seems to me not a real resolution of the statutory problem.
(b) War Powers Resolution Requirements (1) SPECIFIC STATUTORY AUTHORIZATION: Consistent with Section 8(a)(1) of the War Powers Resolution, the Congress declares that this section is intended to constitute specific statutory authorization within the meaning of Section 5(b) of the War Powers Resolution.
The proposed ban is actually a reincarnation of sorts of a proposal from September 1997, when MEPs passed a resolution that called for "statutory measures to prevent any form of pornography in the media and in advertising and for a ban on advertising for pornographic products and sex tourism".
All these studies assessed the spatial distribution either on data from postal surveys, which had low spatial resolution, or from the statutory reporting of clinical cases, which had unknown self-reporting bias.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com