Document Type

Article

Publication Date

2015

Center/Program

Center for Constitutional Governance

Abstract

Administrative law and financial regulation have an uneasy relationship today. It was not always so. Indeed, the two were closely intertwined at the nation's birth. The Treasury Department was a major hub of early federal administration, with Alexander Hamilton crafting the first iterations of federal administrative law in his oversight of revenue generation and customs collection.1 One hundred and fifty years later, administrative law and financial regulation were conjoined in the New Deal's creation of the modern administrative state. This time it was James Landis, Chair of the newly formed Securities and Exchange Commission (SEC) and author of the leading defense of the new federal administrative government, who embodied the connection between administrative law and financial regulation.2 And the two fields have crossed paths periodically since, as demonstrated by the financial regulation decisions that have canonical status in administrative law and vice versa.3 Nor is this overlapping relationship surprising; financial regulation is, after all, a form of administrative governance to which the general transsubstantive requirements of administrative law would naturally apply.

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