Regulators often face deep uncertainty about the probable effects of different regulatory choices. For example, they must choose procedures for the storage of nuclear waste, set financial standards for banks, approve drugs, and decide on carbon dioxide emissions standards when they cannot predict the full set of probable consequences from their choices.
This Article proposes an alternative to direct government regulation of mortgage brokers: self-regulation of the mortgage industry that mimics the arguably successful self-regulation of the securities industry that has occurred over the past two centuries. Although not without its problems, self-regulation of securities brokers operates more efficiently than government regulation.
Drawing on empirical evidence from the Middle Ages to the present and theoretical arguments developed by neo-formalist scholars over the past decade, this Essay explores the uneasy fit between the jurisprudence of the Uniform Commercial Code and its Machinery for adjusting to change, and the needs of a modern outsourced economy.
Dodd-Frank’s Missed Opportunity on Whistleblower Law
Anthony J. Casey and Anthony Niblett
The CLS Blue Lion logo Sky Blog
March 29, 2013
One of the highest-profile provisions of the Dodd-Frank Act is Section 922. That provision provides protection and monetary awards for whistleblowers. To qualify, the whistleblower must provide information to the Securities and Exchange Commission that leads to the recovery of monetary sanctions.
This paper provides the first comprehensive account of personalized default rules and personalized disclosure in the law. Under a personalized approach to default rules, individuals are assigned default terms in contracts or wills that are tailored to their own personalities, characteristics, and past behaviors.
The Law School community was treated to an informative conversation about China’s economic growth between two giants of U.S.-China relations, Richard L. Sandor and Henry M. Paulson Jr.
This past week, patent lawyers were feverishly preparing reams of new patent applications to be filed under the 2011 America Invents Act (AIA), which took effect on March 16, 2013, a year and a half after Congress passed that unwise measure.
Constitutional lawyers tend to study constitutions as sets of legal rules and judicial decisions. But written constitutions are also products, with different design features: they can be more or less detailed, innovative, or ambitious; they can be produced in a more or less inclusive manner; and they can have a short-term expiration date or be designed for the long haul.
