The failure of timely enforcement leads to the entrenchment of bad practices and an increase in the costs of correction. The rule of law also involves decisions about whether there has been compliance, and if not, what should be done about it. The rule of law compels us to consider whether a rule has been crafted in such a way that it is capable of being complied with and capable of being enforced effectively by state actors. The rule of law includes enforcement itself. What we think of as the rule of law encompasses not merely theories of the process by which public laws and regulations are created through particular legislative and administrative procedures, and not merely theories of how laws and regulations are interpreted by courts. In my speech today, I hope to add to the conversation a little bit by presenting a simple argument, that laws and regulations must be enforced, and enforcement must be part of what we teach lawyers and future lawmakers to study. I know there has been much discussion at this conference about the public function of law schools and I commend you for tackling this essential challenge. It is a pleasure to be with you today as you meet to discuss so many pressing and important issues.
Factors Affecting Reserve Balances - H.4.1.Industrial Production and Capacity Utilization - G.17.Survey of Household Economics and Decisionmaking.Household Debt Service and Financial Obligations Ratios.Financial Accounts of the United States - Z.1.
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