Showing archive for: “Financial Regulation”
Unleashing Prosperity through Smarter Financial Regulation
On February 28, the Heritage Foundation issued a volume of essays by leading scholars on the law and economics of financial services regulatory reform entitled Prosperity Unleashed: Smarter Financial Regulation. This Report, which is well worth a read (in particular, by incoming Trump Administration officials and Members of Congress), is available online. The Report’s 23 ... Unleashing Prosperity through Smarter Financial Regulation
The FTC’s PAE Study Recommendations: Case Not Proven
On October 6, 2016, the U.S. Federal Trade Commission (FTC) issued Patent Assertion Entity Activity: An FTC Study (PAE Study), its much-anticipated report on patent assertion entity (PAE) activity. The PAE Study defined PAEs as follows: Patent assertion entities (PAEs) are businesses that acquire patents from third parties and seek to generate revenue by asserting ... The FTC’s PAE Study Recommendations: Case Not Proven
The American Antitrust Institute Fruitlessly Searches for the Key to American Competitive Conditions under the Antitrust Lamppost
On September 28, the American Antitrust Institute released a report (“AAI Report”) on the state of U.S. antitrust policy, provocatively entitled “A National Competition Policy: Unpacking the Problem of Declining Competition and Setting Priorities for Moving Forward.” Although the AAI Report contains some valuable suggestions, in important ways it reminds one of the drunkard who ... The American Antitrust Institute Fruitlessly Searches for the Key to American Competitive Conditions under the Antitrust Lamppost
The Supreme Court Should Reassert the Importance of Procedural Gatekeeper Rules to Deter Antitrust Litigation Excesses
Background In addition to reforming substantive antitrust doctrine, the Supreme Court in recent decades succeeded in curbing the unwarranted costs of antitrust litigation by erecting new procedural barriers to highly questionable antitrust suits. It did this principally through three key “gatekeeper” decisions, Monsanto (1984), Matsushita (1986), and Twombly (2007). Prior to those holdings, bare allegations ... The Supreme Court Should Reassert the Importance of Procedural Gatekeeper Rules to Deter Antitrust Litigation Excesses
Everything is amazing — and no one at the European Commission is happy
Since the European Commission (EC) announced its first inquiry into Google’s business practices in 2010, the company has been the subject of lengthy investigations by courts and competition agencies around the globe. Regulatory authorities in the United States, France, the United Kingdom, Canada, Brazil, and South Korea have all opened and rejected similar antitrust claims. ... Everything is amazing — and no one at the European Commission is happy
The Constitutionally-Challenged Consumer Financial Protection Bureau (CFPB) Now Directly Challenges the Lawful and Welfare-Enhancing Pay-Day Lending Industry
The Consumer Financial Protection Bureau (CFPB) is, to say the least, a controversial agency. As documented by such experts as Scalia Law School Professor Todd Zywicki, the CFPB imposes enormous costs on consumers and financial service providers through costly and unwarranted command-and-control regulation. Furthermore, as I explained in a February 2016 Heritage Foundation legal memorandum, ... The Constitutionally-Challenged Consumer Financial Protection Bureau (CFPB) Now Directly Challenges the Lawful and Welfare-Enhancing Pay-Day Lending Industry
FCC Should Not Regulate Broadband Providers’ Privacy Policies and Instead Defer to the FTC
Earlier this month, Federal Communications Commission (FCC) Chairman Tom Wheeler released a “fact sheet” describing his proposal to have the FCC regulate the privacy policies of broadband Internet service providers (ISPs). Chairman Wheeler’s detailed proposal will be embodied in a Notice of Proposed Rulemaking (NPRM) that the FCC may take up as early as March ... FCC Should Not Regulate Broadband Providers’ Privacy Policies and Instead Defer to the FTC
Time to Get Rid of the Consumer Financial Protection Bureau
In my Heritage Foundation Legal Memorandum published yesterday, I call for elimination of the Consumer Financial Protection Bureau (CFPB), on constitutional and economic policy grounds. As I explain: The new Consumer Financial Protection Bureau (CFPB), created by the Dodd–Frank Wall Street Reform and Consumer Protection Act, is living up to its billing as one of ... Time to Get Rid of the Consumer Financial Protection Bureau
How to Reform Operation Choke Point
“Operation Choke Point” (OCP) is an interdepartmental initiative by the U.S. Department of Justice (DOJ) and federal financial services regulators to discourage financial intermediaries from dealing with consumer fraud-plagued industries. In an August 4 Heritage Foundation Legal Memorandum, I discuss the misapplication of this potentially beneficial project and recommend possible measures to reform OCP. If ... How to Reform Operation Choke Point
From the Wall Street Journal, July 8, 2014, on Crony Capitalism
My son Joe and I have an op-ed in today’s WSJ that should stir up some controversy. Opinion Wall Street Journal The Case for Crony Capitalism Many government regulations choke off entirely legal avenues of potential bank profits. By Paul H. Rubin And Joseph S. Rubin July 7, 2014 7:34 p.m. ET Economics has a ... From the Wall Street Journal, July 8, 2014, on Crony Capitalism
Simplifying Small Firm Disclosure
An occasional reader brought to our attention a bill that is fast making its way through the U.S. House Committee on Financial Services. The Small Company Disclosure Simplification Act (H.R. 4167) would exempt emerging growth companies and companies with annual gross revenue less than $250 million from using the eXtensible Business Reporting Language (XBRL) structure ... Simplifying Small Firm Disclosure
So What’s Going to Happen to Securities Fraud Class Actions? Some Thoughts on Halliburton
On Wednesday, the U.S. Supreme Court heard oral argument in Halliburton v. Erica P. John Fund, a case that could drastically alter the securities fraud landscape. Here are a few thoughts on the issues at stake in the case and a cautious prediction about how the Court will rule. First, some quick background for the ... So What’s Going to Happen to Securities Fraud Class Actions? Some Thoughts on Halliburton
