Before 1941, U.S. regulatory bodies were unrestricted. By 1946, several states and the federal government had imposed restrictions. It further took 40 years for every state to enact an Administrative Procedures Act (APA), a law that dictates how regulatory agencies promulgate regulations....

In May 2014, the Harvard Journal of Law & Public Policy published a series of papers as part of a multiauthor collaboration organized by the Mercatus Center at George Mason University. That series of papers, together with a forthcoming article by Hester Peirce, reviews ways in which U.S. federal...