Politics on Wall Street: The Implications of Eliot Spitzer on State-Federal Relations in the Regulation of Public Corporations and Capital Markets in the United States
This chapter looks at the current regulatory crisis in the US capital market from the allied perspectives of political theory and federalism in order to make two points about the current regulatory environment. First, that the recent history of scandals, followed closely by new regulation, illustrates the importance of utilising opportunities created by crisis. Second, the various governmental responses to the crises reflect the nature of the ongoing jurisdictional competition between and among state regulators and federal regulators in the US federal system. Part II describes the relationship between crisis and regulation. It argues that public policy crises, whether real or imagined, provide an opportunity for entrepreneurial politicians and regulators to break the typical log-jams that make it difficult to pass new rules during times of ordinary politics. Part III describes the four stages of New York Attorney General Eliot Spitzer's response to this crisis.
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