Oversight

Oversight

Research

Jeff Milyo | May 02, 2012
The value of some firms is strongly affected by which party controls political power. Stock market reactions to political events demonstrate this. However, contrary to common perception, event studies do not indicate that the ability to make unlimited campaign contributions enhances a firm’s value. Geographic and personal connections to political actors matter more, although there is some evidence that personal connections may be rented via professional lobbying.
Patrick McLaughlin | Mar 10, 2011
Is the midnight regulations phenomenon real and what are its consequences? This paper finds that when an administration’s time is almost up, submissions of economically significant regulations nearly double. Such surges in regulatory activity decrease the duration of regulatory review at the Office of Information and Regulatory Affairs (OIRA), likely because of political pressure to quickly approve new rules. Specifically, one additional economically significant regulation submitted to OIRA decreases the mean review time for all regulations by about two thirds of a day. If OIRA review improves regulation quality, then regulatory surges that decrease review time could hinder such improvement.
Bruce Yandle | Jul 30, 2010
The federal government’s deficit will reach $1.4 trillion this year—a whopping 10 percent of Gross Domestic Product (GDP)—and the total federal debt stands at almost $14 trillion. That’s $40,000 for…
Jerry Ellig, Patrick McLaughlin | Jun 22, 2010
This paper assesses the quality and use of regulatory analysis for economically significant regulations produced by federal agencies in 2008. A shorter and updated version of this paper was published in the journal Risk Analysis.
Veronique de Rugy | Jun 15, 2010
For every attempt to cap government spending by regulation or statute, lawmakers seem to find new and creative accounting techniques that allow them to continue spending recklessly. In fact, there is…
Jerry Ellig | May 27, 2010
This paper summarizes lessons learned from a ten-year research project that evaluated the quality of annual performance reports produced under GPRA by the 24 U.S. federal agencies that account for…

Testimony & Comments

J. W. Verret | Apr 17, 2012
After a careful review of the legislative requirements that the SEC consider investor protection, efficiency, competition and capital formation in adopting new rules, I would like to simply offer a list of six items that would demonstrate a sincere commitment by the SEC to fulfill its statutory mission. The first five I will list are in fact required by law if one carefully reads the legislative and judicial history of the SEC’s mandate to consider the economic impact of new rules.
Jerry Brito | Mar 09, 2011
Jerry Brito testified before the House Committee on Oversight and Government Reform Subcommittee on Technology, Information Policy, Intergovernmental Relations, and Procurement Reform on open government and government transparency through technology.
Richard Williams | Jul 27, 2010
In this testimony, Richard Williams, Director of Regulatory Studies and Government Accountability at the Mercatus Center, addresses the key question of whether there are sufficient checks and…
Richard Williams, Jerry Ellig, John Morrall | Jul 06, 2010
As always, OMB has produced a very thorough report based on the instructions provided in the Regulatory-Right-to Know Act. Nevertheless, it is time to re-examine this report to see if it can be made…
Jerry Ellig | Jul 01, 2010
The EPA recently proposed a regulation that requires dust wipe testing for lead dust generated by renovations covered by its 2008 Renovation, Repair, and Painting Program rule. Except for a small…
J. W. Verret | Mar 11, 2010
In this testimony, Professor Verret notes that current law being considered, H.R. 4537, attempts to contort the securities laws to regulate campaign finance risking and limiting the ability of…

Research Summaries & Toolkits

Expert Commentary

Feb 07, 2013

As more inevitable breaches are reported, the public will demand that Congress “do something” about the cyber threat from abroad—even if they have no idea what that something should be. As a result, Congress will be more than happy to act by spending gobs of money on “cyber R&D and scholarships,” by exempting companies from privacy laws, and even by licensing cybersecurity professionals.
Oct 25, 2012

Market competition is an ongoing process among sellers to persuade consumers voluntarily to choose among the vast array of goods and services available at any time from different producers. This competition is key to our high standard of living. As long as consumers are free to spend their money as they see fit, producers must serve consumers. This rivalry among producers is driven by producers’ understanding that, in free markets, profits are earned only by those producers who offer to consumers the best deals as judged by consumers .
Sep 03, 2012

What destroys this intricate fabric of social cooperation is when politicians and bureaucrats intervene, thinking they know better who should be producing which things and how they should be doing it. The social cooperation of the market relies on the accuracy of those price and profit signals. When government policy attempts to force prices up or down, limit profits or "bail out" losses, it pits us against each other in a struggle for government privileges rather than encouraging cooperation.
Aug 21, 2012

If Congress is truly concerned about a president enacting laws that it has chosen to reject, it should reconsider regulatory powers it routinely extends to the executive. On the other hand, if Congress continues to expand the power of the regulatory state, there might come a time when there indeed is nothing the president can't do unilaterally.
Jul 20, 2012

Hester Peirce discusses the negative effects the SEC's proposed Consolidated Audit Trail (CAT) would have on the market.
Jun 27, 2012

Mercatus research demonstrates that the federal government experiences a surge of “midnight regulations” finalized between Election Day and Inauguration Day.

Charts

Experts

Podcasts

Matthew Mitchell | May 14, 2013
Capitol Hill Campus: The Pathology of Privilege: The Consequences of Government Favoritism

Recent Events

Join the Mercatus Center's Capitol Hill Campus and Senior Research Fellow Jason J. Fichtner for a walk through the process of making the federal budget.

Media Clippings

Keith Hall | Jan 30, 2013
Keith Hall cited at The Huffington Post.
Jerry Brito, Eli Dourado | Dec 04, 2012
Jerry Brito and Eli Dourado's WCITLeaks cited at Discovery News.
J. W. Verret | Jul 02, 2012
J.W. Verret writes about the Dodd-Frank Act and its unchecked powers.
Hester Peirce | Jun 19, 2012
Hester Peirce is quoted by Rep. Francisco Canseco discussing the unchecked power of the Office of Financial Research.
Anthony B. Sanders | Jun 19, 2012
Anthony Sanders cited discussing Fannie and Freddie's oversight failure.