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Full-Text Articles in Law
Democratic Rulemaking, John M. De Figueiredo, Edward H. Stiglitz
Democratic Rulemaking, John M. De Figueiredo, Edward H. Stiglitz
Faculty Scholarship
This paper examines to what extent agency rulemaking is democratic. It reviews theories of administrative rulemaking in light of two normative benchmarks: a “democratic” benchmark based on voter preferences, and a “republican” benchmark based on the preferences of elected representatives. It then evaluates how the empirical evidence lines up in light of these two approaches. The paper concludes with a discussion of avenues for future research.
The Volcker Rule: A Brief Political History, Kimberly D. Krawiec, Guangya Liu
The Volcker Rule: A Brief Political History, Kimberly D. Krawiec, Guangya Liu
Faculty Scholarship
Today, more than five years after Dodd-Frank was first signed into law, uncertainty surrounds many aspects of the Volcker Rule’s application and ultimate impact on financial markets and bank stability. Many more years will likely pass before that uncertainty is resolved. We demonstrate through a quantitative and qualitative analysis that these difficulties were presaged by the Volcker Rule’s political history. The Volcker Rule -- originally rejected by Congressional lawmakers and economists within the Obama administration as unworkable -- arose as a political concession designed to quiet critics who contended that Dodd-Frank did not do enough to control risky bank activity. …
The Struggle For Administrative Legitimacy, Jeremy K. Kessler
The Struggle For Administrative Legitimacy, Jeremy K. Kessler
Faculty Scholarship
Nearly forty years ago, Professor James 0. Freedman described the American administrative state as haunted by a "recurrent sense of crisis." "Each generation has tended to define the crisis in its own terms," and "each generation has fashioned solutions responsive to the problems it has perceived." Yet "a strong and persisting challenge to the basic legitimacy of the administrative process" always returns, in a new guise, to trouble the next generation. On this account, the American people remain perennially unconvinced that administrative decisionmaking is "appropriate, proper, and just," entitled to respect and obedience "by virtue of who made the decision" …