Federal Regulation

Paper Summary:

This paper discusses the impact of federal regulation on traditionally state and privately regulated industry, that of global business and financial management. Despite the positive effects of such regulation, questions regarding the actual effectiveness of the broader, federal regulations over the previously established state regulations are examined. The paper places emphasis on the effects that these federal regulations have had on the global markets, and, therefore, on the United States market as a whole.

Outline:
Introduction:Has Private Business Become Complete?
The New Federal Regulation of Corporate Governance
The Effect of Federal Regulation Existing State Regulation of Corporations
Conclusion
Works Cited

From the Paper:

"Although securities transactions are private contracts, they take place in public markets and have effects extending far beyond the specific parties involved. Moreover, there is a general societal interest in strong capital markets. The strength of the U.S. capital markets, due in part to their relative safety and transparency, has been a fundamental component of this country's economic growth. Indeed, the United States' capital markets are sufficiently attractive that they regularly attract listings from foreign issuers, some of whom appear to view compliance with extensive U.S. regulations as providing their securities with something like a good housekeeping seal. An increasing number of foreign issuers and corporations are choosing to list their stock on United States exchanges, thereby agreeing to comply with the U.S. federal securities laws. This public nature of business law is the central focus of the Sarbanes-Oxley legislation."

Sample of Sources Used:

• Chandler, William III & Leo E. Strine, Jr., The New Federalism of the American Corporate Governance System: Preliminary Reflections of Two Residents of One Small State, 152 U. PA. L. REV. 953, 973-74 (2003)
• Choi, Stephen & Jill E. Fisch, How to Fix Wall Street: A Voucher Financing Proposal for Securities Intermediaries, 113 Yale L.J. 269, 273-74 (2003)
• Coffee, John Jr., Racing Towards the Top?: The Impact of Cross-Listings and Stock Market Competition on International Corporate Governance, 102 COLUM. L. REV. 1757, 1762-67 (2002)
• Daines, Robert. Does Delaware Law Improve Firm Value?, 62 J. FIN. ECON. 525, 529-35 (2001)
• EASTERBROOK, FRANK & DANIEL FISCHEL, THE ECONOMIC STRUCTURE OF CORPORATE LAW 2 (1991)

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