Outsourcing Government Regulation

Regulation is not just for bureaucrats anymore. The government has increasingly relied on private means to achieve public ends, not only involving services to the public, but the origination and implementation of regulatory policy as well, which is the primary focus of this Essay. While this trend h...

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Bibliographic Details
Published in:Duke law journal 2003-11, Vol.53 (2), p.389-434
Main Author: Shapiro, Sidney A.
Format: Article
Language:English
Subjects:
Administrative agencies
Agencies, Economic Justice, and Private Initiatives
Civil service
Commercial regulation
Compliance
Contracts
Cost (Economics)
Economic regulation
Government regulation
Government standards
Industrial regulation
Interpretation and construction
Laws, regulations and rules
Negotiation
Opportunistic behavior
Outsourcing
Securities and Exchange Commission regulation
Transaction costs
United States. Federal Aviation Administration
United States. Securities and Exchange Commission
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Summary:Regulation is not just for bureaucrats anymore. The government has increasingly relied on private means to achieve public ends, not only involving services to the public, but the origination and implementation of regulatory policy as well, which is the primary focus of this Essay. While this trend has the potential to improve governmental performance, it also has the potential to cause government failure, as several recent events remind us. In the aftermath of the horrific events of September 11, 2001, it was revealed that the Federal Aviation Administration (FAA) had delegated responsibility for airport security to the nation's airlines, which in turn had hired private firms that failed to provide an adequate level of security. More recently, as a reaction to Enron and other recent financial scandals, Congress prohibited the accounting industry from writing the accounting and auditing standards used in government-mandated financial disclosures, and it established a new administrative agency to adopt such standards. Still more recently, the Securities and Exchange Commission (SEC) has found evidence of the failure of self-regulation at the American and New York Stock Exchanges.
ISSN:0012-7086