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Stress Testing Governance, Rory Van Loo
Stress Testing Governance, Rory Van Loo
Vanderbilt Law Review
In their efforts to guard against the world's greatest threats, administrative agencies and businesses have in recent years increasingly used stress tests. Stress tests simulate doomsday scenarios to ensure that the organization is prepared to respond. For example, agencies role-played a deadly pandemic spreading from China to the United States the year before COVID- 19, acted out responses to a hypothetical hurricane striking New Orleans months before Hurricane Katrina devastated the city, and required banks to model their ability to withstand a recession prior to the economic downturn of 2020. But too often these exercises have failed to significantly improve …
Regulatory Exit, J. B. Ruhl, James Salzman
Regulatory Exit, J. B. Ruhl, James Salzman
Vanderbilt Law Review
Exit is a ubiquitous feature of life, whether breaking up in a marriage, dropping a college course, or pulling out of a venture capital investment. In fact, our exit options often determine whether and how we enter in the first place. While legal scholarship is replete with studies of exit strategies for businesses and individuals, administrative law scholarship has barely touched the topic of exit. Yet exit plays just as central a role in the regulatory state as elsewhere- -welfare support ends, government steps out of rate-setting. In this Article, we argue that exit is a fundamental feature of regulatory …