Massive financial scandals are widely viewed as a failure of central regulatory institutions--particularly the Securities and Exchange Commission (SEC). In
The Advantage of Competitive Federalism for Securities Regulation (AEI Press, December 2002), Yale Law School professor Roberta Romano presents a revolutionary reform proposal: the replacement of centralized securities regulation with a competitive federalism arrangement. Under such a regime--akin to our existing system of corporate law--irms would choose to be regulated exclusively by a state, the SEC, or another country. Over time, Romano argues, competition would compel regulatory authorities to adopt legal arrangements and protections that empower and protect investors. Romano's remarks about her book will precede a discussion among experts, followed by a questions and answers period.
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