Recent subfederal interventions into immigration policymaking have sparked an explosion of federalism scholarship, but nearly all such accounts focus on two domains: enforcement and state benefits. The literature continues to assume that the federal government maintains exclusive control over immigration status decisions. This Article challenges that conventional wisdom by identifying a third missing category of […]
When a fiscal crisis strikes a local government, local communities suffer. Fiscal crises mean that there is no money for public safety, no money for pensioners, no money to keep residents’ lights on, and no money for the basic services that make for modern life. Just ask the residents of Detroit or Puerto Rico, who […]
Venture capital is widely perceived to have a gender problem. Both founders seeking capital and the investors themselves are overwhelmingly male, fomenting concerns about how—and how fairly—the VC sector distributes its economic gains. Although gender disparities in funding are well documented, we still know little about whether the governance of VC-backed startups similarly manifests gender […]
Private law offers a unique solution to the problem of long-term fiscal commitment. When Congress enacts a spending program that will take many years to reach fruition, there is a risk of a subsequent Congress or President cutting off funding in the interim. There is no escape from the problem within appropriations law itself. One […]
Small businesses are the mainstay of the U.S. economy, but they face particular challenges in acquiring financing because of a set of informational problems. It is difficult for lenders to obtain reliable information about small businesses’ finances, and even when they can get information, credit modeling is difficult because of small businesses’ heterogenous nature. These […]
This Article documents and analyzes the rise of a new mode of economic governance: presidential regulation. Today, the President regularly bypasses not only Congress but also the executive branch’s own administrative agencies and directly imposes sweeping new economic regulations. President Biden, for instance, created new regulatory regimes governing producers of artificial-intelligence technologies, companies that trade […]
Pharmaceutical innovation relies on pharmaceutical firms’ ability to acquire promising new molecules and the biotech firms that discovered them. Such nascent competitor acquisitions allow the pharmaceutical industry to efficiently finance the risky drug development process. But they also enable “killer acquisitions,” where incumbents purchase startups and discontinue their promising drug projects to protect existing products. […]