Regulatory Transparency Project EventWednesday, August 09, 12:00 PMCrowell & Moring 1001 Pennsylvania Avenue NW Washington, DC 20004
Every state has laws or regulations that require individuals seeking to offer a certain service to the public first to obtain approval from the state before they may operate in the state. Recent years have seen a significant proliferation of such laws, with less than 5% of jobs in the American economy requiring a license in the 1950’s to between 25-30% today. Although licensing in some occupations may benefit the public by reducing information asymmetry and/or ensuring a minimum quality level for a particular service, the significant growth in the number of occupations governed by some form of licensing requirements poses a potential threat to competition and consumer welfare. Our panel of experts will discuss these important issues.
Koren W. Wong-Ervin, Director, Global Antitrust Institute, Scalia Law School at George Mason University
With a change in administration, businesses and consumers alike are searching the tea leaves for indications about how new policy setters will analyze market power, mergers and acquisitions. Will economic analysis play a greater or lesser role? Will the conventional distinctions between horizontal and vertical mergers persist? How will consumer interest be weighed? On the international front, is foreign countries’ use of competition laws to influence or judge American businesses on the rise and, if so, to what effect?
Hon. Joshua D. Wright, Professor of Law, Antonin Scalia Law School, George Mason University
Antitrust policy during much of the Obama Administration was a continuation of the Bush Administration’s minimal involvement in the market. However, at the end of President Obama’s term, there was a significant pivot to investigations and blocks of high profile mergers such as Halliburton-Baker Hughes, Comcast-Time Warner Cable, Staples-Office Depot, Sysco-US Foods, and Aetna-Humana and Anthem-Cigna. How will or should the new Administration analyze proposed mergers, including certain high profile deals like Walgreens-Rite Aid, AT&T-Time Warner, Inc., and DraftKings-FanDuel?
This lively luncheon panel discussion covered these topics and the anticipated future of antitrust enforcement. This event was held on June 9, 2017, at the National Press Club in Washington, DC.
Albert A. Foer, Founder and Senior Fellow, American Antitrust Institute
Prof. Geoffrey A. Manne, Executive Director, International Center for Law & Economics
Hon. Joshua D. Wright, Professor of Law, George Mason University School of Law
Moderator: Hon. Ronald A. Cass, Dean Emeritus, Boston University School of Law and President, Cass & Associates, PC
Is the SEC limited to five years if it wants to make a criminal defendant pay back money obtained illegally? Rachel Paulose, partner at DLA Piper, explains the dispute in Kokesh v. SEC. Charles Kokesh claims that a five-year statute of limitations applies, while the Securities and Exchange Commission maintains that illegally obtained money should be paid back regardless of how much time has passed. SCOTUS oral argument is April 18, 2017.
During the 2008 financial crisis, Congress provided Fannie Mae and Freddie Mac with billions of dollars in emergency funds to keep them afloat, supplemented by the investments of private investors who bet that these entities would return to profitability. In 2012, just as Fannie and Freddie were indeed becoming profitable again, the Government instituted a "net worth sweep" that required them to remit to the government nearly all of their profits every quarter. Fannie and Freddie have paid the government over $246 billion so far. In the process, the stock was rendered virtually worthless. Investors filed myriad lawsuits as the net worth sweep came into effect. After four years of litigation and an initial dismissal by the district court, the D.C. Circuit has now largely affirmed but also sent key contract-based claims for monetary relief back to the district court for further review. This Teleforum discusses this historic litigation, its implications for the housing market and the proper role of the Government, and the investors' prospects for success on their claims.
John Carney, Editor, Breitbart News
Jason A. Levine, Litigation Partner, Vinson & Elkins LLP