Regulators, confident in their own virtue and ability, have seen little need to have anyone check their work. As a result, regulatory requirements are flowing out of agencies such as the Commodity Futures Trading Commission (CFTC), without the required public, judicial, and legislative oversight.
As the size of government has expanded, Congress increasingly has regulated by delegation, by leaving major policy decisions to regulatory agencies charged with implementing broad statutory mandates.
Force of Law
The 800-page Dodd–Frank Wall Street Reform and Consumer Protection Act is a prime example. The law charges financial regulators with bringing the statute to life, through its hundreds of attendant rules. These rules, many of which each span hundreds of pages, carry the force of law; requirements they impose are just as mandatory as requirements directly imposed by the statute.
Conscious of the danger of delegating lawmaking to unelected government officials, Congress set up a system...
Academic research examining the outcomes of a green subsidy program contained within the larger American Recovery and Reinvestment Act of 2009 (ARRA) has found that the program largely failed to achieve its stated goals.
The State Energy-Efficient Appliance Rebate Program (SEEARP)—commonly referred to as “Cash for Appliances” (C4A)—was a green subsidy program baked into the federal government’s “stimulus” efforts to revitalize the national economy, after the 2008 financial collapse.
Despite requirements to fully account for and balance spending and revenue, state governments are carrying a massive amount of unfunded liabilities on their accounting sheets—endangering the finances of future taxpayers and retiring public-sector employees alike.
New research conducted by State Budget Solutions (SBS)—a non-partisan public policy organization focusing on local and state budget issues—estimates the total value of states’ unfunded public pension liabilities to be worth $4.7...