In a deregulatory environment, what do regulated firms do? The standard assumption is simple: firms revert to their preregulatory form. This Essay challenges that basic assumption. Increasingly, regulation is conducted through broad standards foisted on firms to implement internally. Congress...

The National Bank Act of 1864 allows national banks to charge an interest rate higher than the state's cap on interest under certain circumstances. Despite the fact that the Act was passed in 1864, questions about its effect remain unanswered. Notably, the question whether interest rates on...