Rethinking Securities Law—Laying the Groundwork

2021 ◽  
pp. 1-12
Author(s):  
Marc I. Steinberg
Keyword(s):  
United States ◽  
Public Policy ◽  
The United States ◽  
Securities Regulation ◽  
Securities Law ◽  
Judicial Decisions ◽  
Securities Laws ◽  
Regulatory Organization ◽  
Policy Setting ◽  
The U.S

This chapter explains the need for the “rethinking” of the federal securities laws, with particular emphasis on the Securities Act of 1933 and the Securities Exchange Act of 1934. Recognizing the historical preeminence of the U.S. securities law framework, the chapter first highlights key attributes that facilitate the effectuation of this achievement. Thereafter, the chapter addresses problematic characteristics of U.S. securities regulation. As set forth therein, the framework of securities regulation that exists today in the United States is comprised of piecemeal federal legislation, judicial decisions, SEC action, state securities (blue sky) activity, and self-regulatory organization oversight. As a consequence, the presence of consistent and logical regulation all too often is absent. With frequency, in both transactional and litigation settings, mandates apply that are erratic and antithetical to sound public policy. Setting the stage, in a preliminary manner, the chapter identifies several of the key problematic areas, succinctly explains their deficiencies, and suggests corrective measures that should be implemented.

Rethinking Securities Law

2021 ◽  
Author(s):  
Marc I. Steinberg
Keyword(s):  
The United States ◽  
Securities And Exchange Commission ◽  
Comprehensive Analysis ◽  
Securities Regulation ◽  
Law Reform ◽  
Administrative Authority ◽  
Securities Law ◽  
American Law ◽  
Securities Laws ◽  
Regulatory Organization

Rethinking Securities Law focuses on a very important and timely subject that merits comprehensive analysis: “rethinking” the securities laws, with particular emphasis on the Securities Act of 1933 and the Securities Exchange Act of 1934. The system of securities regulation that prevails today in the United States is one that has been formed through piecemeal federal legislation, Securities and Exchange Commission (SEC) invocation of its administrative authority, and self-regulatory organization episodic action. As a consequence, the presence of consistent and logical regulation all too often is lacking. In both transactional and litigation settings, with frequency, mandates apply that are erratic and antithetical to sound public policy. Over four decades ago, the American Law Institute (ALI) adopted the ALI Federal Securities Code. The Code has not been enacted by Congress and its prospects are dim. Since that time, no treatise, monograph, or other source has comprehensively focused on this meritorious subject. The objective of this book is to identify the deficiencies that exist under the current regimen, address their failings, provide recommendations for rectifying these deficiencies, and set forth a thorough analysis for remediation in order to prescribe a consistent and sound securities law framework. By undertaking this challenge, the book provides an original and valuable resource for effectuating necessary law reform that should prove beneficial to the integrity of the U.S. capital markets, effective and fair government and private enforcement, and the enhancement of investor protection.

International trade protectionist policies and in-state preferences: A link

2017 ◽  
Vol 17 (1) ◽  
pp. 31-52 ◽  
Author(s):  
Sawsan Abutabenjeh ◽  
Stephen B. Gordon ◽  
Berhanu Mengistu
Keyword(s):  
United States ◽  
Public Policy ◽  
International Trade ◽  
Policy Instruments ◽  
The United States ◽  
Policy Outcomes ◽  
The World ◽  
State Preference ◽  
Public Policy Instruments ◽  
The U.S

By implementing various forms of preference policies, countries around the world intervene in their economies for their own political and economic purposes. Likewise, twenty-five states in the U.S. have implemented in-state preference policies (NASPO, 2012) to protect and support their own vendors from out-of-state competition to achieve similar purposes. The purpose of this paper is to show the connection between protectionist public policy instruments noted in the international trade literature and the in-state preference policies within the United States. This paper argues that the reasons and the rationales for adopting these preference policies in international trade and the states' contexts are similar. Given the similarity in policy outcomes, the paper further argues that the international trade literature provides an overarching explanation to help understand what states could expect in applying in-state preference policies.

scholarly journals Typology and Policy for Small Farms

1980 ◽  
Vol 12 (2) ◽  
pp. 77-85 ◽  
Author(s):  
Luther Tweeten ◽  
G. Bradley Cilley ◽  
Isaac Popoola
Keyword(s):  
United States ◽  
Public Policy ◽  
Public Assistance ◽  
The United States ◽  
Farm Income ◽  
Small Farms ◽  
Small Farm ◽  
American Society ◽  
The U.S

The trend toward larger and fewer farms has alarmed many persons who view the small farm as an integral part of American society. Advocates of the small farm have called for policies to halt the continuing decline in the number of small farms in the United States. In evaluating the merits of potential policies, understanding the composition of small farms in the U.S. is critical.Appropriate public policy would be very different if small farms were operated solely by households with substantial off-farm income and who need no public assistance, solely by households pursuing an alternative to urban-industrial society's lifestyle and who want no public assistance, or solely by households who are aged and disabled and who want and need public assistance to avoid absolute deprivation.

An Assessment of the Economic Effects of the Menu of U.S. Trade Policies

2005 ◽  
Vol 5 (4) ◽  
pp. 1850070 ◽  
Author(s):  
Kozo Kiyota ◽  
Robert M Stern
Keyword(s):  
United States ◽  
Public Policy ◽  
Free Trade ◽  
The United States ◽  
Welfare Effects ◽  
Economic Effects ◽  
Trade Policies ◽  
Trading System ◽  
Employment Effects ◽  
The U.S

The Michigan Computable General Equilibrium (CGE) Model of World Production and Trade is used to calculate the aggregate welfare and sectoral employment effects of the menu of U.S. trade policies. The menu of policies encompasses the various preferential U.S. bilateral and regional free trade agreements (FTAs) negotiated and in process, unilateral removal of existing trade barriers, and global (multilateral) free trade. The welfare impacts of the FTAs on the United States are shown to be rather small in absolute and relative terms. The sectoral employment effects are also generally small but vary across the individual sectors depending on the patterns of the bilateral liberalization. The welfare effects on the FTA partner countries are mostly positive though generally small, but there are some indications of potentially disruptive employment shifts in some partner countries. There are indications of trade diversion and detrimental welfare effects on nonmember countries for some of the FTAs analyzed. In comparison to the welfare gains from the U.S. FTAs, the gains from both unilateral trade liberalization by the United States and the FTA partners and from global (multilateral) free trade are shown to be rather substantial and more uniformly positive for all countries in the global trading system. The U.S. FTAs are based on “hub” and “spoke” arrangements. It is shown that the spokes emanate out in different and often overlapping directions, suggesting that the complex of bilateral FTAs may create distortions of the global trading system, which could be avoided if multilateral liberalization in the context of the Doha Round were to be carried out. Kozo Kiyota is Associate Professor of International Economics in the Faculty of Business Administration, Yokohama National University. He is also a Research Fellow at the Manufacturing Management Research Center (MMRC), the University of Tokyo and a Faculty Fellow at the Research Institute of Economy, Trade and Industry (RIETI). He received his Ph.D. from Keio University, Tokyo, Japan. His research focuses on empirical microeconomics. He has published articles in the International Journal of Industrial Organization, Journal of Economic Behavior and Organization, and The World Economy. Robert M. Stern is Professor of Economics and Public Policy (Emeritus) in the Department of Economics and Gerald R. Ford School of Public Policy, University of Michigan.

Venture Philanthropy and Teacher Education Policy in the U.S.: The Role of the New Schools Venture Fund

2015 ◽  
Vol 117 (5) ◽  
pp. 1-44 ◽  
Author(s):  
Kenneth Zeichner ◽  
César Peña-Sandoval
Keyword(s):  
United States ◽  
Public Policy ◽  
Teacher Education ◽  
Current System ◽  
The United States ◽  
New Schools ◽  
Venture Philanthropy ◽  
Policy And Practice ◽  
The U.S

Background & Purpose This article focuses on the growing role of venture philanthropy in shaping policy and practice in teacher education in the United States. Our goal is to bring a greater level of transparency to private influences on public policy and to promote greater discussion and debate in the public arena about alternative solutions to current problems. In this article, we focus on the role of one of the most influential private groups in the United States that invests in education, the New Schools Venture Fund (NSVF), in promoting deregulation and market-based policies. Research Design We examine the changing role of philanthropy in education and the role of the NSVF in developing and promoting a bill in the U.S. Congress (the GREAT Act) that would create a system throughout the nation of charter teacher and principal preparation programs called academies. In assessing the wisdom of the GREAT Act, we examine the warrant for claims that education schools have failed in their mission to educate teachers well and the corresponding narrative that entrepreneurial programs emanating from the private sector are the solution. Conclusions We reject both the position that the status quo in teacher education is acceptable (a position held by what we term “defenders”) and the position that the current system needs to be “blown up” and replaced by a market economy (“reformers”). We suggest a third position (“transformers”) that we believe will strengthen the U.S. system of public teacher education and provide everyone's children with high-quality teachers. We conclude with a call for more trenchant dialogue about the policy options before us and for greater transparency about the ways that private interests are influencing public policy and practice in teacher education.

Advocating for minority Veterans in the United States: Principles for equitable public policy

2021 ◽  
pp. e20210024
Author(s):  
Kai River Blevins ◽  
Andy L. Blevins
Keyword(s):  
United States ◽  
Public Policy ◽  
The United States ◽  
Multiple Identities ◽  
Veterans Affairs ◽  
Department Of Veterans Affairs ◽  
Intersectionality Theory ◽  
Minority Veterans ◽  
Policies And Programs ◽  
The U.S

LAY SUMMARY Minority Veterans in the United States are often excluded, whether intentionally or not, from public policy initiatives, leading to approaches that attempt to account for, or include, minority Veterans after the policy process has begun rather than at the foundational stages. This leads to policies and programs that do not adequately serve or that may harm minority Veteran communities. Drawing on their work with the U.S. Senate and House Veterans’ Affairs Committees and the U.S. Department of Veterans Affairs, the authors outline four principles for equitable Veteran public policy to better support minority Veterans and their communities. These principles are grounded in intersectionality theory, a framework that starts from the recognition that everyone has multiple identities and that these identities relate to the inequalities one experiences personally and systemically. The authors hope these principles contribute to more equitable public policy analyses and practices to better serve minority Veterans and lessen instances of inequality or injustice.

Red, White, and “Big Blue”: IBM and the Business-Government Interface in the United States, 1956–2000

2007 ◽  
Vol 8 (1) ◽  
pp. 1-34
Author(s):  
David Hart
Keyword(s):  
United States ◽  
Public Policy ◽  
The United States ◽  
Political Environment ◽  
The Family ◽  
The Government ◽  
Personalized Approach ◽  
The 1960S ◽  
External Forces ◽  
The U.S

This article describes the evolution of IBM's effort to manage its relationships with the U.S. government from the time that Thomas Watson, Jr. became CEO. While the Watson family controlled the firm, the family members served as the main bridges between IBM and the government. This personalized approach began to give way in the 1960s, as the intensity and scope of pressure from the firm's political environment grew beyond the capability of any individual to handle. During the 1970s and 1980s, IBM constructed a managerial hierarchy, with a newly opened Washington office at its center, which could gather more detailed intelligence and execute more sophisticated political strategies. The firm's crisis in the early 1990s provoked a second major restructuring of the interface, as IBM became more of a Washington “special interest.” Yet, some traces of the Watson imprint remained, even in the Gerstner era. Tracing IBM's evolution helps us to understand better the broader interactions between U.S. firms and their environments in this period. These interactions entailed adaptation by firms to environmental change but also efforts by firms to exert control over external forces, including public policy.

THE NEW LATIN NATION

2007 ◽  
Vol 4 (2) ◽  
pp. 271-301 ◽  
Author(s):  
Alejandro Portes
Keyword(s):  
United States ◽  
Public Policy ◽  
Second Generation ◽  
The United States ◽  
Ethnic Relations ◽  
Hispanic Population ◽  
Race And Ethnic Relations ◽  
Intergenerational Differences ◽  
The U.S ◽  
Successful Integration

This article presents an overview of the Hispanic population of the United States, focusing on the sources of its growth, its internal composition, its connections with the countries of origin, its role in the U.S. economy, and the emerging second generation. Intergenerational differences in outlooks and self-identities and the forces leading to the emergence of a “thick” Hispanic identity in the second generation are examined. The obstacles to successful integration faced by this youthful population and evidence of both “upward” and “downward” assimilation among its members are analyzed. Implications for the field of race and ethnic relations and for public policy toward immigrants and their offspring are discussed.

scholarly journals From Inactivity to Full Enforcement: The Implementation of the "Do No Harm" Approach in Initial Coin Offerings

2020 ◽  
pp. 175
Author(s):  
Marco Dell'Erba
Keyword(s):  
United States ◽  
Self Regulation ◽  
The United States ◽  
Securities Regulation ◽  
The Internet ◽  
Blockchain Technology ◽  
Do No Harm ◽  
Securities Laws ◽  
Initial Coin Offerings ◽  
The Way

This Article analyzes the way the Securities and Exchange Commission (“SEC”) has enforced securities laws with regard to Initial Coin Offerings (“ICOs”). In a speech held in 2016, the U.S. Commodities Futures Trading Commission (“CFTC”) Chairman Christopher Giancarlo emphasized the similarities between the advent of the blockchain technology and the Internet era. He offered the “do no harm” approach as the best way to regulate blockchain technology. The Clinton administration implemented the “do no harm” approach at the beginning of the Internet Era in the 1990s when regulators sought to support technological innovations without stifling them with burdensome rules. This Article suggests that the SEC adopted a “do no harm approach” and successfully pursued two of its fundamental institutional goals when enforcing securities laws in the context of ICOs: investor protection and preservation of capital formation. After providing a brief description of the basics of ICOs and the way they have evolved in the last two years, this Article examines the transition into a new phase of full enforcement action implemented by the SEC. This shift from inactivity to enforcement was gradual, characterized by clearly identifiable steps. Data on ICOs demonstrates that this rigorous enforcement of securities laws has not damaged the industry in the United States and may suggest that entrepreneurs have adapted to this enforcement approach. By contrast, a lack of enforcement would have probably increased uncertainty to the detriment of investors and entrepreneurs and put the UNITED STATES at a disadvantage in the international arena. Furthermore, this paper emphasizes the importance of pursuing specific goals in the short-to-medium term, particularly in order to make securities regulation uniform and avoid differences at the state and federal levels, as well as to encourage industry authorities such as Self-Regulatory Organizations (SROs) to develop high standards for self-regulation.

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