Consumer Protection Law Commons^™

Behaviorally Informed Financial Services Regulation, Michael S. Barr, Sendhil Mullainathan, Eldar Shafir

Other Publications

Financial services decisions can have enourmous consequences for household well-being. Households need a range of financial services - to conduct basic transactions, such as receiving their income, storing it, and paying bills; to save for emergency needs and long-term goals; to access credit; and to insure against life's key risks. But the financial services system is exceedingly complicated and often not well-designed to optimize house-hold behavior. In response to the complexity of out financial system, there has been a long running debate about the appropriate role and form of regulation. Regulation is largely stuck in two competing models - disclosure, …

Limiting Federal Agency Preemption: Recommendations For A New Federalism Executive Order, William Funk, Thomas Mcgarity, Nina A. Mendelson, Sidney Shapiro, David Vladeck, Matthew Shudtz, James Goodwin

Other Publications

The structure of the U.S. Constitution reflects a profound respect for the principles of federalism and state sovereignty. These principles require the federal government to recognize and encourage opportunities for state and local governments to exercise their authority, especially in areas of traditional state concern such as the protection of the health, safety, and welfare of their citizens. However, over the last six years there has been a coordinated Executive Branch effortto use the regulatory process to shield certain product manufacturers from state tort liability. The Food and Drug Administration, National Highway Traffic Safety Administration, and Consumer Product Safety Commission, …

Does Video Delivered Over A Telephone Network Require A Cable Franchise?, Robert W. Crandall, J. Gregory Sidak, Hal J. Singer

Federal Communications Law Journal

This Article examines whether, on legal or policy grounds, video services provided over a telephone network should be regulated as a traditional cable service or whether a different approach is warranted. The Authors find that municipal franchise requirements for video services provided over telephone networks would reduce consumer welfare. The Authors estimate that, even without considering any welfare gains owing to higher quality, the consumer welfare gains from entry exceed the potential loss in franchise fee revenue to municipalities by a factor of nearly three to one.

Regulatory Beneficiaries And Informal Agency Policymaking, Nina A. Mendelson

Articles

Administrative agencies frequently use guidance documents to set policy broadly and prospectively in areas ranging from Department of Education Title IX enforcement to Food and Drug Administration regulation of direct-to-consumer pharmaceutical advertising. In form, these guidances often closely resemble the policies agencies issue in ordinary notice-and-comment rulemaking. However, guidances are generally developed with little public participation and are often immune from judicial review. Nonetheless, guidances can prompt significant changes in behavior from those the agencies regulate. A number of commentators have guardedly defended the current state of affairs. Though guidances lack some important procedural safeguards, they can help agencies supervise …

Nsf Fees, James J. White

Articles

Overdraft fees now make up more than half of banks' earnings on consumer checking accounts. In the past century, overdrafts have gone from the banker's scourge to the banker's profit center as bankers have learned that there is much to be made on these short term loans at breathtaking interest rates. I note that the federal agencies have been complicit in the growth of this form of lending. I propose that the banks and the agencies recognize the reality and attempt to mitigate these rates by encouraging the development of a competitive market.

Creating Balance: Problems Within Dshea And Suggestions For Reform, Jennifer Akre Hill

Journal of Food Law & Policy

The Dietary Supplement Health and Education Act of 1994 (DSHEA) was signed into law on October 25, 1994. At the signing, President Clinton endorsed the "intense efforts" of manufacturers and legislators to change the "treatment of dietary supplements under regulation and law." Further, the bill was signed with the hope that it would benefit consumers by permitting more access to dietary supplements and more choices for consumer directed healthcare. In support, politicians on both sides of the aisle claimed the DSHEA as a victory for consumer freedom, populist protection, and preventative medicine.

A Complete Property Right Amendment, John H. Ryskamp

ExpressO

The trend of the eminent domain reform and "Kelo plus" initiatives is toward a comprehensive Constitutional property right incorporating the elements of level of review, nature of government action, and extent of compensation. This article contains a draft amendment which reflects these concerns.

Re-Thinking Securities Regulation: A Comparative Study Of Asx, Nyse, And Sgx , Benedict Sheehy

ExpressO

This article approaches the issue of securities regulation starting with an examination of the nature and role of markets and financial markets. It next outlines the various arguments for and against regulation, and then looks at approaches taken by markets and their regulators. The approaches are government regulation, self-regulation and co-regulation, and the structural changes via demutualization and corporate governance. With this background, it turns to examine how these approaches have played out in the markets themselves. The article surveys the regulatory aspects of the ASX, NYSE and the SGX, and reviews the regulatory and financial performance of the markets. …

Just Until Payday, Ronald Mann, James Hawkins

ExpressO

Abstract The growth of payday lending markets during the last 15 years has been the focus of substantial regulatory attention both here and abroad, producing a dizzying array of initiatives by federal and state policymakers. Those initiatives have conflicting purposes – some seek to remove barriers to entry and others seek to impose limits on the business. As is often the case in banking markets, the resulting patchwork of federal and state laws poses a problem when one state is able to dictate the practices of a national industry. For most of this industry’s life, just that has happened – …

An Economic Approach To The Regulation Of Direct Marketing, Daniel R. Shiman

Federal Communications Law Journal

The growing ubiquity of electronic media and the almost total absence of cost in mass distributions of direct marketing have exacerbated the problem of the increasing intrusion of direct marketing into the privacy of citizens. The Author proposes utilization of a microeconomic social welfare analysis to guide policymakers in determining what forms of direct media should be regulated and what the most effective forms of regulation are likely to be. Sending and receiving costs provide the key factors in determining the extent of the "welfare-reducing marketing" and "marketing aversions," but the Author points to a number of other factors as …

Take Us Back To The Ball Game: The Laws And Policy Of Professional Sports Ticket Prices, Nathan R. Scott

University of Michigan Journal of Law Reform

The prices of professional sports tickets have skyrocketed in recent years, depriving many fans of the time-honored tradition of taking their families out to a ball game. This Article argues that legal reform and political action are appropriate responses to these soaring prices.

First, the Article rebuts the threshold objection that economics alone justify current ticket prices. Professional sports teams reap a windfall from the public through corporate welfare, special-interest legislation, and favorable antitrust and tax laws. This preferential legal treatment undercuts the argument that teams are simply charging, or should charge, what the market will bear. In addition, teams …

Universal Service: Problems, Solutions, And Responsive Policies, Allen S. Hammond Iv

Federal Communications Law Journal

No abstract provided.

Wandering Along The Road To Competition And Convergence- The Changing Cmrs Roadmap, Leonard J. Kennedy, Heather A. Purcell

Federal Communications Law Journal

In this timely follow-up piece to a 1998 piece entitled A Federal Regulatory Framework that is "Hog Tight, Horse High, and Bull Strong, " the Authors of this Article revisit the progress of American commercial mobile radio services ("CMRS") proliferation and regulation. The piece expresses the concern that balkanization has continued to plague wireless regulation in the United States, as misguided legal analyses and state regulation further hinder wireless development across the nation. While the European Union has witnessed unprecedented growth in this sector, conflicting court and FCC decisions and continued federal, state, and local burdens on CMRS have placed …

Securing Truth For Power: Informational Strategy And Regulatory Policy Making, Cary Coglianese

ExpressO

No abstract provided.

Revisiting The Vast Wasteland, Newton N. Minow, Fred H. Cate

Federal Communications Law Journal

No abstract provided.

From Consumers To Users: Shifting The Deeper Structures Of Regulation Toward Sustainable Commons And User Access, Yochai Benkler

Federal Communications Law Journal

No abstract provided.

Online Auction Fraud: Are The Auction Houses Doing All They Should Or Could To Stop Online Fraud?, James M. Snyder

Federal Communications Law Journal

In April 1998, the FTC released a consumer alert pertaining to the increasing problem of online auction fraud. As the number of online auction participants increased, online auction fraud was becoming more prevalent. The FTC requested comments regarding methods that would be appropriate for curbing the increase in consumer deception. Many in the online auction industry proposed voluntary self-regulation. This Note exposes the inadequacy of industry self-regulation by analogizing online auction abuse with the misuse and near downfall of the 900-number industry. This Note proposes that only a regime of strict industry guidelines that the FTC initiates will halt online …

Whither To Regulate?, Patrick A. Miles Jr.

Federal Communications Law Journal

Book Review: Public Policy Toward Cable Television: The Economics of Rate Controls, by Thomas W. Hazlett and Matthew L. Spitzer, The MIT Press and The AEI Press, 1997, 253 pages.

The Information Superhighway: Trolls At The Tollgate, Charles M. Oliver

Federal Communications Law Journal

Prior to the passage of the 1996 Telecommunications Act, policymakers sought funding and regulatory mechanisms capable of fulfilling the vision of an Information Superhighway. Vice President Gore, the Clinton Administration's point person on the issue, initially proposed assessing fees on other sectors of the telecommunications industry to fund construction. Meanwhile, conservatives asserted that deregulation of the industry would achieve the desired result. A compromise ultimately was reached: the 1996 Act requires local exchange carriers to unbundle their networks and provide access at a reasonable cost to competitors. The use of regulatory formulas in lieu of taxes to subsidize a national …

Reconsidering Retransmission Consent: An Examination Of The Retransmission Consent Provision (47 U.S.C. § 325(B)) Of The 1992 Cable Act, Charles Lubinsky

Federal Communications Law Journal

This article examines the legislative and economic history of the retransmission consent provision in the 1992 Cable Act. Retransmission consent provisions in the 1992 Cable Act allow broadcasters to enter into negotiations with cable operators regarding retransmission of their broadcast signal. The 1992 Cable Act requires broadcasters to choose between retransmission consent and must-carry provisions every three years. The first election period ended in October 1996 and a new election period begins January 1, 1997. Retransmission consent has had a noticeable effect on the evolution of cable television broadcasting, although it is arguably unclear whether retransmission consent has addressed the …

Garbage In: Emerging Media And Regulation Of Unsolicited Commercial Solicitiations, Michael W. Carroll

Scholarly Articles in Law Reviews & Journals

No abstract provided.

Regulating Viatical Settlements: Is The Invisible Hand Picking The Pockets Of The Terminally Ill?, Russell J. Herron

University of Michigan Journal of Law Reform

The newly emerging viatical settlement industry has attracted considerable attention from both insurance regulators and advocates for the terminally ill. In a viatical settlement, a terminally ill person names a viatical settlement company as beneficiary under his life insurance policy in exchange for an immediate lump-sum cash payment of less than face value of the policy. To date, viatical settlement payments to people with AIDS (PWAs) have been disturbingly low as a percentage of the face value of PWA policies. This Note examines the few enacted viatical settlement regulations and the National Association of Insurance Commissioners' model regulations as they …

Book Review, Juanita V. Field, Thomas G. Field Jr.

RISK: Health, Safety & Environment (1990-2002)

Review of: WESLEY A. MAGAT & W. KIP VISCUSI, INFORMATIONAL APPROACHES TO REGULATION. (MIT Press 1992) [274 pp.] Appendices, endnotes, illustrations, index, list of titles in the Regulation of Economic Activity series, list of tables and figures, preface, series foreword. LC 91-29483; ISBN 0-262-13277-X. [$32.50 cloth. 55 Hayward Street; Cambridge MA 02142.]

Empowering The Russian Consumer In A Market Economy, James P. Nehf

Michigan Journal of International Law

One purpose of this article is to examine how the legislative product of a declining socialist state will benefit Russian consumers during the unusual circumstances characterizing the period of market transformation. A second purpose is to familiarize Western consumerists with the decidedly pro-consumer features of the Russian law. Part I analyzes the consumer law's provisions that elevate the legal status of consumers when they purchase goods and services. Part II examines the legislation from a different perspective - as a set of legal norms affecting the operation of consumer markets generally. Part III discusses the enforcement mechanisms established in the …

Comment: Perceptions Of Chief Patent Counsel At Large Corporations Of The Effects Of Patent Term, Products Liability And Government Regulations On Firm R&D, Thomas G. Field Jr.

Law Faculty Scholarship

Last summer, over 300 members of the Association of (chief) Corporate Patent Counsel were surveyed concerning their attitude toward and experience with arbitration and mediation (ADR). Seventy-five responded. Subsequently, tabulations of the survey data were sent to the same people with four additional questions, two of which had nothing to do with ADR. Forty-one responded. This comment reports responses to the two questions unrelated to ADR.

Defining "Green": Toward Regulation Of Environmental Marketing Claims, Roger D. Wynne

University of Michigan Journal of Law Reform

This Note joins a rising chorus calling for government regulation of green marketing claims. It attempts to encourage and add a sense of urgency to a burgeoning regulatory movement by highlighting some of the legal issues that such regulation entails. Part I identifies a gap in the law: the inability of current truth-in-advertising laws to clarify the legality of green marketing claims. Part II urges bridging that gap quickly; it examines the costs of continued nonregulation and describes some of the forms regulation is taking. Part III attempts to allay any fears that such regulations might be challenged on first …

Revolt Against Regulation: The Rise And Pause Of The Consumer Movement, Michigan Law Review

Michigan Law Review

A Review of Revolt Against Regulation: The Rise and Pause of the Consumer Movement by Michael Pertschuk

Regulating Carcinogens In Food: A Legislator's Guide To The Food Safety Provisions Of The Federal Food, Drug, And Cosmetic Act, Richard A. Merrill

Michigan Law Review

On March 9, 1977, the Food and Drug Administration (FDA) announced that a study in laboratory rats conducted by the Canadian government confirmed that saccharin is an animal carcinogen. For this reason, the agency stated, the sweetener must be banned from human food.

The studies which Congress mandated, to be accompanied by the recommendations of the Secretary of HEW, are likely to generate a fundamental reexamination of the nation's current food safety policies. This Article attempts to aid this inquiry by explaining the requirements of the present law. The Article describes the several statutory provisions that govern the regulation of …

Legislative Notes: The Fda's Over-The Counter Drug Review: Expeditious Enforcement By Rulemaking, David Selmer

University of Michigan Journal of Law Reform

This article attempts to show that the OTC drug review has distinct advantages over traditional drug regulation. Part I outlines briefly the traditional case-by-case approach to drug licensing and describes FDA enforcement efforts prior to the OTC drug review. Part II sets forth the new rulemaking approach and considers the use of advisory panels. Part III examines several procedural questions associated with the review and concludes that the use of monographs as regulatory standards will afford the FDA an expeditious enforcement mechanism by resolving complex scientific issues at the administrative rather than the judicial level. Judicial review should be available, …

Comment: An Analysis Of The Fair Credit Reporting Act

Fordham Urban Law Journal

This comment will examine the Fair Credit Reporting Act and discuss the significance of the more important provisions.