Autonomy and Accountability

Gerard Magliocca

Gerard N. Magliocca is the Samuel R. Rosen Professor at the Indiana University Robert H. McKinney School of Law. Professor Magliocca is the author of three books and over twenty articles on constitutional law and intellectual property. He received his undergraduate degree from Stanford, his law degree from Yale, and joined the faculty after two years as an attorney at Covington and Burling and one year as a law clerk for Judge Guido Calabresi on the United States Court of Appeals for the Second Circuit. Professor Magliocca has received the Best New Professor Award and the Black Cane (Most Outstanding Professor) from the student body, and in 2008 held the Fulbright-Dow Distinguished Research Chair of the Roosevelt Study Center in Middelburg, The Netherlands. He was elected to the American Law Institute (ALI) in 2013.

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1 Response

  1. Frank says:

    “I believe this commission [IPAB] is the largest yielding of sovereignty from the Congress since the creation of the Federal Reserve,” says Peter Orszag, who’s been one of the idea’s most enthusiastic supporters.”

    “Radical as it sounds, we need to counter the gridlock of our political institutions by making them a bit less democratic.”
    –Orszag 2012

    Note that Orszag works at a bank that will almost certainly be bailed out by the Fed if things go bad for it. One of his mentors, Robert Rubin, worked at the same bank and made over $100 million there before it was bailed out in 2008. Recurrent theme: technocratic elites in cushy jobs enriched by “autonomous” institution find ingenious justifications for exceptions to democratic accountability. Call it the sinecurist branch of Schmittian thought.

    Ron Paul and Alan Grayson were right to press for legislation to audit the Fed. Here’s a nice insight into its oversight of banks: