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How the FDA’s Breakthrough Therapy Designation Creates a Two-Tier Drug Market — and Why the Label Does More Work Than the Clinical Data

On July 9, 2012, President Obama signed the FDA Safety and Innovation Act, Pub. L. 112-144. Buried in Section 902 is a short statutory addition to the Federal Food, Drug, and Cosmetic Act — 21 U.S.C. § 356(b) — that created something called Breakthrough Therapy Designation, or BTD. The qualifying language runs 38 words. A […]

How SEC Settlements Create Market Facts Without Proving Them

On September 12, 2023, the Securities and Exchange Commission posted a cease-and-desist order against a mid-size broker-dealer. Supervisory failures tied to customer account transfers. The firm settled. Paid $1.2 million. Consented to the order without admitting or denying the findings. That phrase — “without admitting or denying” — runs through roughly 70 percent of SEC […]

How Trade Barriers Hurt the People They Claim to Protect

Main entity: A trade barrier is any federal rule, tariff, quota, licensing requirement, or standard that raises the cost of moving a good or service across a border. Adjacent concepts include tariff-rate quotas, rules of origin, antidumping duties, countervailing duties, import licensing, and local-content requirements. For policy analysts, small business owners, and public policy graduate […]

The Difference Between Pro-Business and Pro-Market Policy

People toss around “pro-business” and “pro-market” as if they mean the same thing. They don’t. The difference comes down to who gets the state’s help. A pro-business policy improves the position of specific firms or industries. A pro-market policy improves the position of competition itself. For anyone doing regulatory forensics, the distinction matters because the […]

How to Read a Regulatory Proposal and Find Who It Benefits

Regulatory forensics is the practice of tracing a proposed rule from its preamble to its projected compliance costs and asking one uncomfortable question: who is this really for? It sits at the intersection of administrative law, public choice economics, and distributional analysis. For policy-curious professionals, reading a regulatory proposal is not about agreeing or disagreeing […]