The federal securities laws have professionalized the securities brokerage industry. The professional standards imposed pursuant to federal regime should operate to hold stockbrokers liable for professional malpractice similar to virtually every other profession ranging from law and medicine to...

Regulation can be secured against the pernicious influence of those holding concentrated economic resources. The legal structure of an administrative agency matters. The Federal Reserve's administration of monetary policy exemplifies the possibility or regulation based upon sound policy rather...

Law and economics as currently taught fails to account for the macroeconomic importance of law. As such, mainstream law and economics fails to provide appropriate policy prescriptions in any area of the law that touches upon macroeconomic performance. Thus, banking law, corporate governance,...

Relieving bank managers from traditional liability for negligence is contrary to the legislative and executive intent in passing FIRREA and economically suboptimal. Misinterpreting FIRREA to permit negligent management of banks will create perverse incentives for excessive bank risks and lead to...

The Dodd-Frank Act will prevent a future debt crisis arising from subprime mortgage debt. The Act will fail, however, to prevent other future debt crises leading to future financial crises because the Act fails to address the distorted incentives to accumulate excessive debt and the distorted...

The financial crisis of 2008 revealed massive failures in risk management throughout the financial sector. Congress and federal regulators responded to these manifest failures with initiatives to reconstruct risk management structures within large financial institutions and public firms....