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Corporate Governance in ContextCorporations, States, and Markets in Europe, Japan, and the US$
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Klaus J. Hopt, Eddy Wymeersch, Hideki Kanda, and Harald Baum

Print publication date: 2005

Print ISBN-13: 9780199290703

Published to Oxford Scholarship Online: March 2012

DOI: 10.1093/acprof:oso/9780199290703.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2020. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 23 September 2020

Politics on Wall Street: The Implications of Eliot Spitzer on State-Federal Relations in the Regulation of Public Corporations and Capital Markets in the United States

Politics on Wall Street: The Implications of Eliot Spitzer on State-Federal Relations in the Regulation of Public Corporations and Capital Markets in the United States

Chapter:
(p.85) Politics on Wall Street: The Implications of Eliot Spitzer on State-Federal Relations in the Regulation of Public Corporations and Capital Markets in the United States
Source:
Corporate Governance in Context
Author(s):

Jonathan R. Macey

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199290703.003.0005

This chapter looks at the current regulatory crisis in the US capital market from the allied perspectives of political theory and federalism in order to make two points about the current regulatory environment. First, that the recent history of scandals, followed closely by new regulation, illustrates the importance of utilising opportunities created by crisis. Second, the various governmental responses to the crises reflect the nature of the ongoing jurisdictional competition between and among state regulators and federal regulators in the US federal system. Part II describes the relationship between crisis and regulation. It argues that public policy crises, whether real or imagined, provide an opportunity for entrepreneurial politicians and regulators to break the typical log-jams that make it difficult to pass new rules during times of ordinary politics. Part III describes the four stages of New York Attorney General Eliot Spitzer's response to this crisis.

Keywords:   regulatory crisis, regulation, federalism, corporate governance, state regulators, federal regulators, jurisdictional competition

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