Abstract

https://ssrn.com/abstract=2715756
 
 

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Reinventing the Government Corporation


A. Michael Froomkin


University of Miami - School of Law

1995

University of Illinois Law Review, p. 543, 1995

Abstract:     
In this article, Professor A. Michael Froomkin takes a comprehensive look at federal government corporations, focusing on the legal implications arising from their character as both public and private entities. Federal government corporations often enjoy public advantages, including national establishment, tax and securities law exemptions, sovereign immunity, and privileged access to capital. As a result, they face diminished market discipline and may not be as efficient as their proponents claim unless they have similarly situated competitors. Because some federal government corporations are owned wholly or partly by private parties, yet maintain control over public funds and functions, their legal status raises important constitutional questions concerning accountability, separation of powers, and nondelegation.

In his 1993 Reinventing Government program, Vice President Al Gore encouraged the proliferation of federal government corporations, obscure government devices whose legal status remains unclear even after 200 years as part of our national life. Professor Froomkin suggests that some regulatory reform is needed before this suggestion is adopted. After a critical analysis of existing proposals, he offers alternatives designed to increase accountability to both government and market discipline, thus ensuring that private parties do not profit at public expense, and limiting taxpayer liability in the event of insolvency.

Number of Pages in PDF File: 92

Keywords: government corporations, Gore, federal government corporations, administrative law, Froomkin


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Date posted: January 16, 2016  

Suggested Citation

Froomkin, A. Michael, Reinventing the Government Corporation (1995). University of Illinois Law Review, p. 543, 1995. Available at SSRN: https://ssrn.com/abstract=2715756

Contact Information

A. Michael Froomkin (Contact Author)
University of Miami - School of Law ( email )
P.O. Box 248087
Coral Gables, FL 33146
United States
305-284-4285 (Phone)
305-284-6506 (Fax)

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