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Full-Text Articles in Law
Adaptive Regulation In The Amoral Bazaar, Lawrence G. Baxter
Adaptive Regulation In The Amoral Bazaar, Lawrence G. Baxter
Faculty Scholarship
Twelfth Oliver Schreiner Memorial Lecture,delivered on 20 October 2010 at the School of Law, University of the Witwatersrand, Johannesburg, South Africa. Many gradual changes in science, law and society are crystallizing to shape a significant transformation in administrative law. The doctrinal framework within which Justice Schreiner himself attempted to modernize how law should regulate government and private economic activity seems from our vantage point to be quite antiquated. In explaining why, my examples will come from the world of financial services, but they could easily be found anywhere in the area of law and regulation. First I will outline the …
Capture In Financial Regulation: Can We Redirect It Toward The Common Good?, Lawrence G. Baxter
Capture In Financial Regulation: Can We Redirect It Toward The Common Good?, Lawrence G. Baxter
Faculty Scholarship
“Regulatory capture” is central to regulatory analysis yet is a troublesome concept. It is difficult to prove and sometimes seems refuted by outcomes unfavorable to powerful interests. Nevertheless, the process of bank regulation and supervision fosters a closeness between regulator and regulated that would seem to be conducive to “capture” or at least to fostering undue sympathy by regulators for the companies they oversee. The influence of very large financial institutions has also become so great that financial regulation appears to have become excessively distorted in favor of these entities and to the detriment of many other legitimate interests, including …
State Enforcement Of Federal Law, Margaret H. Lemos
State Enforcement Of Federal Law, Margaret H. Lemos
Faculty Scholarship
Federal law is enforced through a combination of public and private efforts. Virtually all federal civil statutes vest enforcement authority in a federal agency; some also create private rights of action that permit private parties to sue to enforce federal law. Decades of commentary on the choice between public and private enforcement have generated a remarkably stable set of arguments about the strengths and weaknesses of each type. But the conventional wisdom tells only part of the story, as it ignores variations within the category of public enforcement. In fact, there are two distinct types of public enforcement. Many federal …
Comparing Regulatory Oversight Bodies Across The Atlantic: The Office Of Information And Regulatory Affairs In The Us And The Impact Assessment Board In The Eu, Jonathan B. Wiener, Alberto Alemanno
Comparing Regulatory Oversight Bodies Across The Atlantic: The Office Of Information And Regulatory Affairs In The Us And The Impact Assessment Board In The Eu, Jonathan B. Wiener, Alberto Alemanno
Faculty Scholarship
‘Quis custodiet ipsos custodes?’ asked the Roman poet Juvenal – ‘who will watch the watchers, who will guard the guardians?’ As legislative and regulatory processes around the globe progressively put greater emphasis on impact assessment and accountability, we ask: who oversees the regulators? Although regulation can often be necessary and beneficial, it can also impose its own costs. As a result, many governments have embraced, or are considering embracing, regulatory oversight--frequently relying on economic analysis as a tool of evaluation. We are especially interested in the emergence over the last four decades of a new set of institutional actors, the …