This newsletter is completely paperless! Share with friends and colleagues! It's good for the environment!

Does Ms. Waters criticism work both ways? Should the other party win the election, would Ms. Waters allow President Trump the widest permissible discretion in implementing any new legislation, even where his chosen regulators do not give such legislation the most likely legal reading? (See commentary, in .)

Justice Kagan's dissent rests on two principles that seem to be internally contradictory: (i) the agency's personnel are experts in the decision at hand and (ii) the decision at hand is a policy judgment that is "best left to political actors."  

To demonstrate the internal contradiction, think of the rule makings and proposed rule makings of the SEC under Chair Gensler during the tenure of President Biden. Virtually all of them have gone forward by overriding dissent, in most…

While there are a lot of numbers, their meaning is not very clear. For example, one type of security-based-swap is a "swap," and another type is a "contract for difference," but there is no explanation of the difference between the two.