Law Commons^™

Why Financial Regulation Keeps Falling Short, Dan Awrey, Kathryn Judge

Faculty Scholarship

This article argues that there is a fundamental mismatch between the nature of finance and current approaches to financial regulation. Today’s financial system is a dynamic and complex ecosystem. For these and other reasons, policy makers and market actors regularly have only a fraction of the information that may be pertinent to decisions they are making. The processes governing financial regulation, however, implicitly assume a high degree of knowability, stability, and predictability. Through two case studies and other examples, this article examines how this mismatch undermines financial stability and other policy aims. This examination further reveals that the procedural rules …

On Reading The Language Of Statutes (Book Review), Linda D. Jellum

University of Massachusetts Law Review

Linda D. Jellum reviews Lawrence M. Solan, The Language of Statutes: Laws and Their Interpretation (The University of Chicago Press, Chicago, 2010), ISBN-13: 978-0-226-76796-3.

Formulaic Deliberation, Andre L. Smith

ExpressO

Formulaic Deliberation describes the major interpretive regimes--textualism, intentionalism, purposivism, and pragmatism—and represents them formulaically. By classifying them this way, it more precisely describes them as theories, so that we can more precisely perform them as deliberative techniques. And, if we agree that none of them, individually, fits all cases at all times, we can formulaically describe how to synthesize them toward a discrete decision.

William Eskridge, Stanley Fish, Hon. Antonin Scalia, Richard Posner, Ronald Dworkin, John Hart Ely, Adrian Vermeule, Hon. Stephen Breyer, Cass Sunstein, Lawrence Lessig. All of them are right, their method for deciding cases produces benefits with …

Interpretation And Institutions, Cass R. Sunstein, Adrian Vermeule

Michigan Law Review

Suppose that a statute, enacted several decades ago, bans the introduction of any color additive in food if that additive "causes cancer" in human beings or animals. Suppose that new technologies, able to detect low-level carcinogens, have shown that many potential additives cause cancer, even though the statistical risk is often tiny - akin to the risk of eating two peanuts with governmentally-permitted levels of aflatoxins. Suppose, finally, that a company seeks to introduce a certain color additive into food, acknowledging that the additive causes cancer, but urging that the risk is infinitesimal, and that if the statutory barrier were …

The Rehnquist Court, Statutory Interpretation, Inertial Burdens, And A Misleading Version Of Democracy, Jeffrey W. Stempel

Scholarly Works

No one theory or school of thought consistently dominates judicial application of statutes, but the basic methodology employed by courts seems well-established if not always well-defined. Most mainstream judges and lawyers faced with a statutory construction task will look at (although with varying emphasis) the text of the statute, the legislative history of the provision, the context of the enactment, evident congressional purpose, and applicable agency interpretations, often employing the canons of construction for assistance. Although orthodox judicial thought suggests that the judge's role is confined to discerning textual meaning or directives of the enacting legislature, courts also often examine …