Posts Tagged ‘Dodd-Frank banking reform’
APRIL 13, 2011 Notable & Quotable
New York University law professor Richard A. Epstein writing in the spring issue of National Affairs:
Though we may take it for granted, the rule of law is no easy thing to create and preserve. Dictators and petty despots of all sorts will rebel against these constraints in order to exercise dominion over the lives and fortunes of their subjects. But anyone, of any political persuasion, who thinks of government as the servant of its citizens—not their master—will recognize that compliance with the rule of law sets a minimum condition for a just legal order.
That, however, is precisely where the difficulties begin—for minimum conditions by themselves are not enough. Law is not just an idealized system of rules: It also involves the public administration of those rules by a wide range of elected and appointed officials in an endless array of particular circumstances. For those who would defend a just legal order, the basic challenge is to strike a proper balance—between limiting the discretion of these officials so that they do not undermine the rule of law, while also allowing them enough leeway to perform their essential roles.
Lately in America, we have done a poor job of preserving this balance. In practice—and, increasingly, in legal theory—government officials have been given unprecedented ability to make exceptions to the law, both in enforcing it and in respecting the rights granted under it. Indeed, the past year has seen two of the most enormous pieces of legislation in U.S. history—the Patient Protection and Affordable Care Act and the Wall Street Reform and Consumer Protection Act—make the imbalance far worse. Both laws seek to dramatically transform vast swaths of the American economy; both give enormous power to the government to bring about these transformations. And yet both laws are stunningly silent on exactly how these overhauls are to take place. The vague language of these statutes delegates much blanket authority to government officials who will, effectively, make the rules up as they go along.