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Central clearing the U.S. Treasury market
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Journal Article
Central clearing the U.S. Treasury market
2025
Overview
In October 1956, the famed U.S. architect Frank Lloyd Wright revealed a radical and ambitious new project. The Illinois would be a mile high, four times the height of the Empire State Building (at that point still the tallest building in the world). Key to this vision was a type of foundation known as the taproot, which offered a means by which to secure such a towering edifice while still enabling architectural creativity-or, as Wright put it, to \"make rigidity possible at [ ] extreme heights.\" A similar design had previously protected another Wright design, the Imperial Hotel in Tokyo, during the Great Kanto Earthquake of 1923, when virtually every other major building in the vicinity was leveled. It was, as Baron Kishichiro Okura declared at the time, \"a monument of [his] genius.\"
Publisher
University of Chicago Law School,University of Chicago, acting on behalf of the University of Chicago Law Review
