This Article offers a theory of mutual fund voting to answer when mutual funds should vote on behalf of their investors and when they should not. It argues that voting authority for mutual funds ought to depend upon: (1) whether the fund possesses a comparative informational advantage, and (2) the ability of the fund to assume a […] Continue Reading >
The void-for-vagueness doctrine dictates that unduly vague penal statutes will be considered void based on due process principles. The U.S. Supreme Court has grounded the doctrine in two rationales. First, vague penal statutes fail to inform the ordinary person of what is proscribed, thereby violating an essential aspect of due process: the requirement of fair […] Continue Reading >
Five-to-Four: The Case for a Defensive Redesign of the CFPB
Opt-In Stewardship: Toward an Optimal Delegation of Mutual Fund Voting Authority
Five-to-Four: The Case for a Defensive Redesign of the CFPB
Much has been written about the “agency design” of the Consumer Financial Protection Bureau (CFPB) over the past eight years. Scholarship in this area has primarily focused on why the CFPB may be unconstitutionally structured and whether that structure could survive judicial scrutiny should the issue reach the Supreme Court. Due in part to recent […] Continue Reading >