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Author

Zachary S. Price

Other affiliations: University of California
Bio: Zachary S. Price is an academic researcher from Hastings Entertainment. The author has contributed to research in topics: Statutory law & Enforcement. The author has an hindex of 7, co-authored 19 publications receiving 156 citations. Previous affiliations of Zachary S. Price include University of California.

Papers
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Journal Article
TL;DR: In this article, the effects of the BAPCPA at both the state and individual levels were investigated using the difference-in-difference estimation method and non-parametric covariate matching estimation.
Abstract: The Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) which was passed in 2005 significantly reshaped the bankruptcy laws in the U.S. In this dissertation, using different datasets and estimation methods, I test the effects of the BAPCPA at both the state and individual levels. In chapter 2, I use the difference-in-difference estimation method to estimate the effects of the homestead restrictions and “means test” mandated under the BAPCPA on chapter composition, using panel data state-level bankruptcy filings, from 1998 to 2007. I find that both the restrictions on the homestead exemption rules and the means test increase the percentage of chapter 13 filings. The results suggest that the BAPCPA discouraged petitioners from moving to states with higher homestead exemption levels. In chapter 3, I introduce a dataset I collected from the petition forms of the bankruptcy cases filed in the northern district of the Georgia bankruptcy court, for the period from 2003 to 2008.I provide a comprehensive description of the underlying data and the creation of the sample of petitioners that is the basis for my analyses of the effects of the BAPCPA in the later chapter. In chapter 4, I examine the effects of the BAPCPA on petitioner behaviors, using the unique dataset introduced in chapter 3 and non-parametric covariate matching estimation. I match the pre-BAPCPA petitioners to the post-BAPCPA petitioners on their personal characteristics and compare their percentages of total debt that is unsecured, percentage of unsecured debt associated with credit cards, monthly income, monthly payments to creditors and their legal costs. For both chapters 7 and 13 petitioners, I find increases on their percentage of total debt that is unsecured and the percentage of unsecured debt that is associated with credit card. In addition, petitioners’ monthly income decreased and monthly payments to creditors increased and legal costs of filing also increased after the BAPCPA. The results are consistent with petitioners either increasing their potential dischargeable debt to compensate for the increased costs of filing or avoiding bankruptcy entirely because of the increase in costs. Finally, after the BAPCPA petitioners rely more heavily on bankruptcy lawyers to help to gain larger financial benefits, conditional on filing. Index words: Consumer bankruptcy, BAPCPA, Chapter 13, Chapter 7, Treatment effect analysis, Difference-in-differences, Non-parametric estimation, Covariate matching, Nearest-neighbor matching, PACER Three Essays on the Effects of the Bankruptcy Abuse Prevention and Consumer Protection Act

45 citations

Journal ArticleDOI
TL;DR: In this article, the authors defend the relevance of constitutional principles to baseline understandings of nonenforcement authority and identify a deep tension in the rule of law's implications for discretionary enforcement.
Abstract: Recent controversies have called attention to the potential significance of negative executive authority—the authority to limit or undo what Congress has done through nonenforcement or waiver. This symposium essay reflects in several ways on constitutional and rule-of-law debates that have emerged regarding such authority. First, it defends the relevance of constitutional principles to baseline understandings of nonenforcement authority. Second, it identifies a deep tension in the rule of law’s implications for discretionary enforcement. Third, it defends statutorily conferred law-cancellation authority against constitutional challenges and rule-of-law objections. Finally, it proposes presumptive limits on authority to condition statutory waivers.

25 citations

Posted Content
TL;DR: In this article, the authors argue for the reinvigoration of the rule of lenity, the historic canon of construction that penal laws should be construed in the defendant's favor.
Abstract: This Article argues for the reinvigoration of the rule of lenity, the historic canon of construction that penal laws should be construed in the defendant's favor

20 citations

Journal ArticleDOI
TL;DR: The notion of non-enforcement of federal laws has been studied in the context of the Take Care Clause of the United States Constitution as discussed by the authors, which states that presidents may decline to enforce civil and criminal prohibitions in particular cases, notwithstanding their obligation under the Take-Care Clause to ensure that the Laws be faithfully executed.
Abstract: Recent Presidents have claimed wide-ranging authority to decline enforcement of federal laws. The Obama Administration, for example, has announced policies of abstaining from investigation and prosecution of certain federal marijuana crimes, postponing enforcement of key provisions of the Affordable Care Act, and suspending enforcement of removal statutes against certain undocumented immigrants. While these examples highlight how exercises of executive enforcement discretion — the authority to turn a blind eye to legal violations — may effectively reshape federal policy, prior scholarship has offered no satisfactory account of the proper scope of, and constitutional basis for, this putative executive authority. This Article fills that gap. Through close examination of the Constitution’s text, structure, and normative underpinnings, as well as relevant historical practice, this Article demonstrates that constitutional authority for enforcement discretion exists — but it is both limited and defeasible. Presidents may properly decline to enforce civil and criminal prohibitions in particular cases, notwithstanding their obligation under the Take Care Clause to ensure that “the Laws be faithfully executed.” Congress also may expand the scope of executive enforcement discretion by authorizing broader nonenforcement. But absent such congressional authorization, the President’s nonenforcement authority extends neither to prospective licensing of prohibited conduct nor to policy-based nonenforcement of federal laws for entire categories of offenders. Presuming such forms of executive discretion would collide with another deeply rooted constitutional tradition: the principle that American Presidents, unlike English kings, lack authority to suspend statutes or grant dispensations that prospectively excuse legal violations. This framework not only clarifies the proper executive duty with respect to enforcement of federal statutes but also points the way to proper resolution of other recurrent separation of powers issues.

16 citations

Journal ArticleDOI
TL;DR: In this article, a framework for resolving constitutional questions raised by the Court's recent cases in these areas is proposed, focusing on the criminal context, where the stakes are highest both for individual defendants and for the affected communities.
Abstract: In both federal Indian law and the law regarding United States territories, the Supreme Court in recent decades has shown increasing skepticism about previously tolerated elements of constitutionally unregulated local governmental authority. This Article proposes a framework for resolving constitutional questions raised by the Court’s recent cases in these areas. Focusing on the criminal context, where the stakes are highest both for individual defendants and for the affected communities, this Article considers three issues: (1) whether and under what circumstances Congress may confer criminal jurisdiction on tribal and territorial governments without requiring that those governments’ enforcement decisions be subject to federal executive supervision; (2) whether double jeopardy should bar successive prosecution by both the federal government and a tribal or territorial government exercising federally authorized criminal jurisdiction; and (3) what, if any, constitutional procedural protections apply when a tribal or territorial government exercises criminal jurisdiction pursuant to such federal authorization. Through close examination of these three questions, this Article aims to show that framing the analysis in terms of divided sovereignty, and recognizing the close parallels between tribal, territorial, and related federal-state contexts, may yield the most attractive resolutions that are viable in light of the Supreme Court’s recent decisions. This Article contrasts this approach with an alternative framework that would organize the analysis around a distinction between “inherent” and “delegated” governmental authority.

15 citations


Cited by
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Journal ArticleDOI
TL;DR: Illness and medical bills contribute to a large and increasing share of US bankruptcies, and the share of bankruptcies attributable to medical problems rose by 49.6% between 2001 and 2007.

747 citations

Journal ArticleDOI
TL;DR: An overview of the changing US epidemiology of cannabis use and associated problems suggests national increases in cannabis potency, prenatal and unintentional childhood exposure; and in adults, increased use, CUD, cannabis-related emergency room visits, and fatal vehicle crashes.

405 citations

Posted Content
TL;DR: In this article, the authors used detailed information on lobbying and mortgage lending activities, and found that lenders lobbying more on issues related to mortgage lending had higher loan-to-income ratios, securitized more intensively, and had faster growing portfolios.
Abstract: Using detailed information on lobbying and mortgage lending activities, we find that lenders lobbying more on issues related to mortgage lending (i) had higher loan-to-income ratios, (ii) securitized more intensively, and (iii) had faster growing portfolios. Ex-post, delinquency rates are higher in areas where lobbyist' lending grew faster and they experienced negative abnormal stock returns during key crisis events. The findings are robust to (i) falsification tests using lobbying on issues unrelated to mortgage lending, (ii) a difference-in-difference approach based on state-level laws, and (iii) instrumental variables strategies. These results show that lobbying lenders engage in riskier lending.

223 citations

Journal ArticleDOI
TL;DR: The most widely embraced explanations of the financial crisis of 2008 have centered upon inadequate regulation stemming from laissez-faire ideology, combined with low interest rates as mentioned in this paper, which made the economy vulnerable to systemic dysfunction.
Abstract: The most widely embraced explanations of the financial crisis of 2008 have centered upon inadequate regulation stemming from laissez-faire ideology, combined with low interest rates. Although these widely-acknowledged causal factors are true, beneath them lie deeper determining forces that have received less notice: wage stagnation and a dramatic increase in inequality in the U.S. over the preceding 35 years. Wage stagnation and heightened inequality generated three dynamics that made the economy vulnerable to systemic dysfunction. The first is that they constrained consumption, reducing profitable investment potential in the real economy, and thereby encouraging an every wealthier elite to flood financial markets with credit, helping keep interest rates low, encouraging the creation of new credit instruments and greater indebtedness, and fueling speculation. The second dynamic is that consumption externalities were generated, forcing individuals to struggle harder to find ways to maintain the welfare of their families and maintain their relative social status. The consequence was that over the preceding three decades household saving rates plummeted, households took on ever- greater debt, and worked longer hours. The third dynamic is that, as the rich took larger shares of income and wealth, they gained more command over ideology and hence politics. Reducing the size of government, cutting taxes on the rich and reducing welfare for the poor, deregulating the economy, and failing to regulate newly evolving credit instruments flowed out of this ideology.

151 citations

Posted Content
TL;DR: The model of financial literacy education underlying public support for these programs today, identifies pervasive and serious limitations in existing empirical research used by policymakers as evidence of the effectiveness of this education, and recommends a number of alternative public policies suggested by the existing research.
Abstract: English version available at: http://ssrn.com/abstract=1098270. Financial literacy education has long been promoted as key to consumer financial well-being. Yet the claim has never had more than negligible statistically significant empirical support. This review (1) sets forth the model of financial literacy education underlying public support for these programs today, (2) identifies pervasive and serious limitations in existing empirical research used by policymakers as evidence of the effectiveness of this education, and (3) recommends a number of alternative public policies suggested by the existing research.

92 citations