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Self-Regulation For Safety And Security: Final Minutes Or Finest Hour?, Douglas C. Michael
Self-Regulation For Safety And Security: Final Minutes Or Finest Hour?, Douglas C. Michael
Law Faculty Scholarly Articles
The terrorist attacks of September 11, 2001, and the accounting and auditing crisis later caused by the Enron and Worldcom scandals of that same year, created a great sense of insecurity in many Americans. In this Article, I analyze the federal government's response to crisis. I first define what a crisis is: a sudden, existential threat to which the entity has insufficient resources to respond. I then explain how regulation for safety and security is unique in two aspects: perceptions matter, and the assistance of the regulated entities is essential. I proceed by describing and analyzing the regulatory history and …
The Use Of Audited Self-Regulation As A Regulatory Technique, Douglas C. Michael
The Use Of Audited Self-Regulation As A Regulatory Technique, Douglas C. Michael
Law Faculty Scholarly Articles
At first blush, "self-regulation" seems to be self-contradicting. If government regulation of an industry or problem is considered necessary, how can that responsibility then be returned to those from whom it was taken? Notwithstanding this apparent contradiction, audited self-regulation is used successfully by federal regulatory agencies. It is apparently adopted, however, on an ad hoc basis: in one industry or application but not in another that possesses similar characteristics. This article reviews these previously uncollected efforts at audited self-regulation to evaluate the general usefulness of this regulatory technique across industries and applications. These insights would be relevant not only to …