Conventional wisdom is that the standardized boilerplate terms used in large commercial markets survive unchanged because they are an optimal solution to the contracting problems facing parties in these markets. As Smith and Warner explained, “harmful heuristics, like harmful mutations, will die out.” But an examination of a sample of current sovereign bond contracts reveals […]
Mass shootings are a particularly gutting form of American gun violence. The statistics are staggering to the point of numbing, with the issue’s intensity and timeliness enforced day after day, round after round. Gun manufacturers occupy a vital role in the chain of events ending with mass shooting headlines, yet they face little liability for […]
Introduction The Supreme Court heard argument last month in Moore v. United States, a case with potentially broad implications for the income tax system. The case involves a challenge by the Moores, two individual taxpayers, to 26 U.S.C. 965, known as the Mandatory Repatriation Tax (“MRT”), which is a provision of the 2017 tax reform legislation. As […]
Big Tech claims a broad First Amendment right to censor user speech. FCC Commissioners Carr and Simington explain why that’s wrong.
On January 17, the Supreme Court will hear oral argument in the closely watched case of Loper Bright Enterprises v. Raimondo. The Court will consider whether to overrule, or at least curtail in one way or another, the deference doctrine articulated in its landmark Chevron v. Nat. Res. Def. Council (1984) decision. As readers of this space know, […]
Now that the grocery giant Kroger has certified its substantial compliance with the Federal Trade Commission’s request for information, the antitrust regulator must decide how to proceed with Kroger’s $24.6 billion acquisition of its rival Albertsons. Kroger happens to be based in Cincinnati, my hometown, where it’s an important part of the corporate base. However, I’m rooting against the […]
On December 5th, the Supreme Court heard oral argument in Moore v. United States, a constitutional challenge to the mandatory repatriation tax (“MRT”) in the 2017 Tax Cuts and Jobs Act. The case raises basic questions about the scope of Congress’s taxing power, and has the potential to reshape and limit federal taxation. (Ben Silver had a nice […]
In a pair of cases set for argument in January, the U.S. Supreme Court has been asked to overrule Chevron U.S.A. Inc. v. Natural Resources Defense Council, Inc. I’m going to suggest that whether Chevron should be overruled isn’t exactly the right question. That’s because Chevron—at least the part of it that most people are interested in—didn’t make binding […]
Artificial intelligence (AI) is kryptonite to the Rule of Law. Where the Rule of Law demands “clear, general, publicly accessible rules laid down in advance,” advances in AI occur for unknown reasons, at unknown times, and with unknown effects. Where the Rule of Law requires prospective regulation, AI advances faster than the courts and Congress can handle. And, where the Rule of Law cautions against […]
On Tuesday, the Supreme Court will hear oral argument in Moore v. United States, the Court’s first opportunity to squarely interpret the Sixteenth Amendment in the age of originalism. The Court granted cert on one question only: whether a provision of the 2017 Tax Cuts and Jobs Act called the Mandatory Repatriation Tax (“MRT”) is a […]
At many law schools, the common law of torts is part of the required first-year curriculum. Yet today, especially in federal court, most cases invoking tort principles—indeed, a large portion of all civil cases—do not deal with battery, trespass, or products liability. Instead, they involve statutory torts. Law schools rarely teach statutory torts, however. I know of at least one […]
From Matthew Wiener: On November 29, 2023, the Supreme Court will hear argument in Securities and Exchange Commission v. Jarkesy. Perhaps the most important of the three questions presented is whether “the statutory provisions that empower the Securities and Exchange Commission to initiate and adjudicate administrative enforcement proceedings seeking civil penalties violate the Seventh Amendment.” A divided panel […]
Based on my personal interactions, most lawyers seem to think little of the nondelegation claim in SEC v. Jarkesy. Even Mr. Jarkesy seems somewhat lukewarm to the nondelegation argument, as it’s discussed in the respondent’s brief for only two pages, which is far less than was devoted to the other two constitutional claims. In this post, I […]
My November 8 Yale Journal on Regulation Notice and Comment post on antitrust and sign stealing has generated lots of comments and conversations, ranging from enthusiastic (Michigan fans) to not enthusiastic (others). Some people just want to have fun with it, and that’s fine. The whole sign-stealing “scandal” is a welcome breather from lots of truly awful or […]
As anyone who follows college football is aware, the University of Michigan is under investigation from the NCAA and Big 10 Conference for “sign stealing”—gathering information on future opponents’ play signals. Given Michigan’s national title aspirations, the potential for sanctions is obviously bad news. Michigan has now fired back with evidence that three other Big 10 teams—Rutgers, […]