Cost-Benefit Analysis Under Trump: A commen on Dan Farber's Regulatory Review in Anti-Regulatory Times

Chicago-Kent Law Review Volume 94 Issue 3 The Trump Administration and Administrative Law: Commentary & Responses Article 9 4-13-2020 Cost-Benefit Analysis Under Trump: A commen on Dan Farber's Regulatory Review in Anti-Regulatory Times Jonathan S. Masur University of Chicago Law School Follow this and additional works at: https://scholarship.kentlaw.iit.edu/cklawreview Recommended Citation Jonathan S. Masur, Cost-Benefit Analysis Under Trump: A commen on Dan Farber's Regulatory Review in Anti-Regulatory Times, 94 Chi.-Kent L. Rev. 665 (2020). Available at: https://scholarship.kentlaw.iit.edu/cklawreview/vol94/iss3/9 This Article is brought to you for free and open access by Scholarly Commons @ IIT Chicago-Kent College of Law. It has been accepted for inclusion in Chicago-Kent Law Review by an authorized editor of Scholarly Commons @ IIT Chicago-Kent College of Law. For more information, please contact . 41453-ckt_94-3 Sheet No. 62 Side A 06/10/2019 07:55:02 (,&0$6853')(',76 '2127'(/(7(  $0  &267%(1(),7$1$/<6,681'(575803$&200(1721'$1 )$5%(5¶6REGULATORY REVIEW IN ANTI-REGULATORY TIMES -21$7+$160$685  ,1752'8&7,21   06/10/2019 07:55:02 -RKQ3:LOVRQ3URIHVVRURI/DZDQG'DYLG &HOLD+LOOLDUG5HVHDUFK6FKRODU8QLYHUVLW\RI&KLFDJR /DZ 6FKRRO , WKDQN 'DQLHO )DUEHU DQG (ULF 3RVQHU IRU KHOSIXO FRPPHQWV DQG WKH 'DYLG DQG &HOLD +LOOLDUG)XQGDQG:DFKWHOO/LSWRQ5RVHQ .DW]3URJUDPLQ%HKDYLRUDO/DZ(FRQRPLFV )LQDQFH IRUVXSSRUW 41453-ckt_94-3 Sheet No. 62 Side A 'DQ )DUEHU KDV ZULWWHQ D FKDUDFWHULVWLFDOO\ WKRXJKWIXO LQIRUPDWLYH DQG LQFLVLYH DUWLFOH RQ WKH RSHUDWLRQ RI UHJXODWRU\ UHYLHZ LQ WKH 7UXPS $GPLQLVWUDWLRQ,QSDUWLFXODU)DUEHUGRFXPHQWVWKHPRVWH[WHQVLYHXVHRI WKH &RQJUHVVLRQDO 5HYLHZ $FW &5$  LQ WKDW OHJLVODWLRQ¶V KLVWRU\ +H GHPRQVWUDWHV SHUVXDVLYHO\WKDW &RQJUHVV¶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²DQGWKHFRVWVDQGEHQHILWVRIWKRVHUHJXODWLRQV²XQGHU7UXPS ,QWKLVVKRUWUHVSRQVH,PDNHWKUHHSRLQWVUHODWHGWR)DUEHU¶VGLVFXV VLRQ RI UHJXODWRU\ UHYLHZ LQ WKH 7UXPS HUD )LUVW 3DUW , KLJKOLJKWV WKH PHDQLQJ XQGHUO\LQJ D QXPEHU RI 7UXPS¶V PRVW VDOLHQW SURQRXQFHPHQWV DQGXQSDFNVWKHPHVVDJHWKH\VHQGUHJDUGLQJ7UXPS¶VYLHZRIWKHDGPLQ LVWUDWLYH VWDWH ,Q 3DUW ,, , H[DPLQH WKH (3$¶V HFRQRPLF DQDO\VLV RI WKH $IIRUGDEOH &OHDQ (QHUJ\ UXOH 7UXPS¶V UHSODFHPHQW IRU WKH 2EDPDHUD &OHDQ 3RZHU 3ODQ , DUJXH WKDWWKH (3$¶V DQDO\VLV UHYHDOV ERWKWKH YDOXH DQGWKHUREXVWQHVVRI&%$)LQDOO\3DUW,,,FRQFOXGHVZLWKVRPHJHQHUDO WKRXJKWVDERXWZKDW7UXPS¶VSUHVLGHQF\PHDQVIRUWKHIXWXUHRI&%$DQG LWVJHQHUDOXWLOLW\ 41453-ckt_94-3 Sheet No. 62 Side B 06/10/2019 07:55:02 (,&0$6853')(',76 '2127'(/(7(   CHICAGO-KENT LAW REVIEW $0 >9RO ,7+(75803(;(&87,9(25'(56    (OHQD.DJDQPresidential Administration+$59/5(9±    (YDQ2VQRVOnly the Best People7+(1(:<25.(50D\ 06/10/2019 07:55:02  41453-ckt_94-3 Sheet No. 62 Side B &HUWDLQ SUHVLGHQWV DUH NQRZQ QRW MXVW IRU WKHLU VSHFLILF SROLF\ SUR QRXQFHPHQWVEXWIRUKRZWKH\UHVKDSHGWKHDGPLQLVWUDWLYHVWDWHZULWODUJH 5RQDOG5HDJDQZLOODOZD\VEHNQRZQIRU([HFXWLYH2UGHUDQGWKH LQWURGXFWLRQRIFRVWEHQHILWDQDO\VLVLQWRWKHUHJXODWRU\VWDWH%LOO&OLQWRQLV ³IDPRXV´ LQ DGPLQLVWUDWLYH ODZ FLUFOHV  IRU ([HFXWLYH 2UGHU  RQ ZKLFK PRGHUQ &%$LV EDVHG %DUDFN 2EDPDLQ ([HFXWLYH 2UGHU LQWURGXFHG³HTXLW\KXPDQGLJQLW\IDLUQHVVDQGGLVWULEXWLYHLPSDFWV´LQWR WKH FRVWEHQHILW FDOFXOXV DQG FDOOHG IRU PRUH ZLGHVSUHDG UHWURVSHFWLYH UH YLHZ WKDQ DQ\ SUHVLGHQW EHIRUH KLP 'RQDOG 7UXPS IRU KLV SDUW KDV DO UHDG\ EHFRPH QRWRULRXV IRU WKH ³7ZRIRU2QH´ UXOH DQG WKH  QHW UHJXODWRU\EXGJHWFRQWDLQHGLQ([HFXWLYH2UGHU )DUEHUKDVGRQHDQH[FHOOHQWMRERIH[SODLQLQJDQGFULWLTXLQJWKHORJ LF²RU UDWKHUWKHDEVHQFH RI DQ\ ORJLF²EHKLQGWKHVH WZR ³LQQRYDWLRQV´ %XWLWLVZRUWKKLJKOLJKWLQJZKDWWKH\GHPRQVWUDWHDERXW7UXPS¶VYLHZRI WKH DGPLQLVWUDWLYH VWDWH DQG WKH FRVWVDQG EHQHILWV RI JRYHUQPHQW DFWLRQV $GPLQLVWUDWLYHODZKDVEHHQFRQFHUQHGIURPLWVLQFHSWLRQZLWKWKHDJHQF\ FRVWV FUHDWHG E\ GHPRFUDWLFDOO\ XQDFFRXQWDEOH EXUHDXFUDFLHV $W VRPH OHYHOWKHIRXQGLQJTXHVWLRQRIDGPLQLVWUDWLYHODZLVZKHWKHUDGPLQLVWUDWLYH DJHQFLHV FDQ EH WUXVWHG WR DFW LQ WKH EHVW LQWHUHVW RI WKHLU SULQFLSDO²WKH SHRSOH²RU HYHQ WKH 3UHVLGHQW <HW ZLWK UHVSHFW WR DW OHDVW WKH 3UHVLGHQW WKLV TXHVWLRQ KDVODUJHO\ EHHQDQVZHUHG :H KDYHUHDFKHG WKH KLJK ZDWHU PDUNRI³3UHVLGHQWLDO$GPLQLVWUDWLRQ´ 7UXPSOLNHPDQ\RIWKHSUHVLGHQWV ZKR SUHFHGHG KLP KDV QHDUO\ FRPSOHWH DXWKRULW\ VKRXOG KH FKRRVH WR H[HUFLVHLWRYHU WKH DFWLRQV RIWKH DGPLQLVWUDWLYH VWDWH7KHDJHQF\ KHDGV DUHKLV UHFHQW DSSRLQWHHV6RDUHWKHKHDGVRI20%DQG2,5$7UXPSKDV GHPRQVWUDWHGDZLOOLQJQHVVWRGLVPLVVFDELQHWOHYHORIILFLDOVZKRGLVSOHDVH KLP:KHWKHURUQRWWKHUHLVD³GHHSVWDWH´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41453-ckt_94-3 Sheet No. 63 Side A 06/10/2019 07:55:02 (,&0$6853')(',76 '2127'(/(7(  @ MASUR COMMENT ON FARBER $0    06/10/2019 07:55:02  'DQLHO $ )DUEHU Regulatory Review in Anti-Regulatory Times  &+,.(17 / 5(9      7KLV DSSURDFK GRYHWDLOV ZLWK &RQJUHVV¶V DSSURDFK WR WKH &5$ $V )DUEH (...truncated)