Regulatory Capture

Christina M. Sautter writes that the passage of Senate Bill 21, which rebalances power away from shareholders to corporate management, represents a 150-year-long development in corporate law spurred by regulatory capture that has removed countless restrictions on firm behavior.

Audrye Wong writes that China is able to use its market power to pressure foreign companies and business leaders—perhaps most notably Tesla CEO Elon Musk—to lobby on its behalf. The practice raises questions about foreign influence in American and European policymaking and the disproportionate clout of business and oligarchic interests.

Wendy Li writes that business leaders must rediscover past unity and put pressure on politicians to defend against President Donald Trump’s attacks on businesses and civil society and prevent democratic backsliding.

New research from Veljko Fotak, Hye Seung Grace Lee, William Megginson, and Jesus Salas shows that the United States tariff exemption process during the...

Delaware lawmakers are being pressured to pass SB 21, a bill that would weaken shareholder protections and reduce judicial oversight of corporations. Alan Jagolinzer,...

The United States President has halted plans for a central bank digital currency: a mere show of strength to undermine the Fed’s independence, writes...

In this second installment of a two-part series, David Dubrow and Kent Hiteshew propose reforms to improve disclosure standards in the municipal bond market, exploring both legislative and regulatory approaches. They outline eight key guidelines for enhancing transparency and consistency in municipal offering statements, aiming to bring these disclosures into the modern era and better protect investors.

Two municipal market veterans, David Dubrow and Kent Hiteshew, delve into the history and current state of disclosure practices in the municipal bond market, highlighting the flaws in the current system. In a follow up, the authors will explore potential paths to reform and key components of a uniform standard of disclosure for municipal securities.

Joel Seligman's article examines the historical debate surrounding the Securities and Exchange Commission's mandatory corporate disclosure system, focusing on George Stigler's influential 1964 critique and subsequent discussions. While acknowledging Stigler's role in sparking important questions about regulatory necessity, Seligman argues that critics often underestimated the historical evidence of securities fraud and the need for public market confidence, ultimately defending the continued relevance of mandated disclosure in securities regulation.

Randy Priem reviews the current discussions about fortifying the independence of determination committees deciding whether a credit event took place for single-name credit default swaps. He offers several possible strategies.