Assignment: Please read Part 1 of the CFPB case study and the Business Roundtable decision appended thereto. Then take a quick read over Part 2 and 3a of the case study, ignoring the specific regulations mentioned in part 2. To what extent is the CFPB required to undertake cost benefit analysis in light of the Business Roundtable decision? You should also read over the first chapter of the Boardman text. While you need not prepare answers to the problems at the back of this chapter, you should look them over and consider the complexities the questions raise.
Assignment: How do the perspectives on cost benefit analysis presented in the Sen article compare to the approach advanced in the Boardman chapter? To what extent does the Supreme Court’s decision in Michigan v. EPA, as summarized in the HLR Comment, change your understanding of the obligations of the CFPB as discussed in our first class?
Assignment: In our third class, we turn to more practical issues regarding the application of cost benefit analysis. We begin with a recent article by Professor Cass Sunstein, written shortly after he stepped down from the position of Director of OIRA. You should read this article carefully. Also included in this week’s assignment are a number of key OIRA documents, several of which are mentioned in Professor Sunstein’s article and some of which were created after his departure from Washington, D.C. You need only skim over these documents, but as you do, consider what approach to cost-benefit analysis is being advanced in these materials and Professor Sunstein’s writings. The final reading for our third class is a recent note from the Harvard Law Review exploring the implication for financial regulators of recent judicial decisions touching upon cost-benefit analysis.
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