The College is an honorary association of bankruptcy and insolvency professionals, including private and corporate practitioners, academics, trustees, judges, and government officials. By honoring and admitting distinguished bankruptcy professionals as Fellows the College aims, according to its website, to set “standards of achievement for others in the insolvency community, and to fund and assist projects that enhance the highest quality of bankruptcy practice, including undergraduate and graduate programs related to bankruptcy and insolvency.” Fellows are selected by a Board of Regents from among recommendations received from the Circuit Admissions Council in each federal judicial circuit.
The founding and co-academic director of Duke University’s Global Capital Markets Center, Schwarcz focuses his scholarship and teaching on commercial law, bankruptcy, international finance, and capital markets. He has published extensively on issues relating to the current financial crisis, including on the future of securitization, and is the author of the leading legal article on systemic risk.
As a practitioner prior to joining the Duke Law faculty, Schwarcz represented many of the world's leading banks and other financial institutions in structuring innovative capital market financing transactions, both domestic and international. He also helped to pioneer the field of asset securitization, and his book, Structured Finance, A Guide to the Principles of Asset Securitization (3d edition 2002), is one of the most widely used texts in the field. Schwarcz testified in October 2007 before the House Committee on Financial Services on the issue of systemic risk and the ability of the financial regulatory structure to respond to threats to the financial system.