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Richard Scott Carnell

Associate Professor of Law

Office: 8-112
Phone: 212-636-7310

Curriculum Vitae

SSRN (academic papers

Faculty Assistant: Joseph Nolfo

Research and Teaching Areas

Regulated Industries; Banking Regulation; Government-sponsored Enterprises; Regulation of Financial Institutions


  • Assistant Secretary for Financial Institutions, United States Department of the Treasury, 1993-1999;
  • Senior Counsel (1989-93) and Counsel (1987-88), United States Senate Committee on Banking, Housing, and Urban Affairs;
  • Attorney, 1984-87, Board of Governors of the Federal Reserve System;
  • Attorney (1982-84), Broad, Schulz, Larson & Wineberg (San Francisco).
  • Principal subjects: Banking Law, Financial Institutions, Corporations

Selected Publications

  • Banking Law and Regulation, with Jonathan R. Macey & Geoffrey P. Miller (4th ed. 2008)
  • Handling the Failure of a Government-Sponsored Enterprise, 80 Washington Law Review 565-642 (2005)
  • Federal Deposit Insurance Versus Federal Sponsorship of Fannie Mae and Freddie Mac: The Structure of Subsidy, in Serving Two Masters, Yet Out of Control: Fannie Mae and Freddie Mac (Peter J. Wallison ed.; AEI Press 2001)
  • A Partial Antidote to Perverse Incentives: The FDIC Improvement Act of 1991, 12 Annual Review of Banking Law 317-71 (1993); reprinted in abridged form in 9
  • Research in Financial Services: Private and Public Policy 199-233 (1997)
  • Straining Out Gnats and Swallowing Camels: The Question of Subsidy to Subsidiaries of Banks, in 35 Federal Reserve Bank of Chicago Conference on Bank
  • Structure & Competition 561-74 (1999)


  • Harvard University, JD, 1982
  • Yale University, BA, 1975