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The midnight regulation phenomenon has been well documented. The reasons behind it range from the desire of the outgoing administration to extend its influence into the future to the opportunity to impose costs on the incoming administration. But regardless of the rationale, the high political costs faced by a new administration to overturn those last minute rules makes it an effective strategy for the outgoing administration to project its influence beyond its term.The debates surrounding midnight regulations have been fierce during the last few transitions of power. Not only donbsp;midnight regulationsnbsp;raise issues concerning accountability, but they also seem to be at odds with a democratic process. During the midnight period the regulatory review process is seriously weakened. As we have seen, at the end of each administration–and especially between administrations of opposite parties–there is a dramatic spike in regulatory activity without a corresponding increase in the resources available to the Office of Information and Regulatorynbsp;Affairs (OIRA). If the number of regulations OIRA must review goes up significantly, and the man-hours and resources available to it remain constant, we can expect the quality of review to suffer.Several solutions have been tried in the past such as delaying the effects of new rules and rescinding unpublished rulesnbsp;by using the 1996 Congressional Review Act. However, these solutions have proven to be quite ineffective. To discuss these problems and address the proposed solutions to this important issue, two of the Mercatus Center’s Senior Research Fellows, Jerry Brito and Veronique de Rugy, will present an insightful look on midnight regulations and their consequences.nbsp; Join us as we address such questions as:What are the specific effects of midnight regulations and how do they impact the new administration?How does the regulatory review process change during the midnight period?Why have previous attempts to solve the problem been proven ineffective and should others be considered?

While every nation weathers periodic economic storms and disarray, total and widespread financial collapse is rarely seen. It falls to history, then, to help us glean lessons from past actions and gain perspective on current situations. Most notably, an understanding of the United States' Great Depression and Japan's 1990 housing bubble could provide insight on how to emerge from today's financial turbulence.In the 1990s, Japan faced its own financial crisis that crippled the nation. Prior to 1990, the land beneath Japan's Imperial Palace in Tokyo was said to be worth more than the entire state of California; but by 2001, land had reportedly dropped 70% in value. The collapse of the real estate bubble rocked the Japanese economy and launched what became known as The Lost Decade in Japan when GDP growth slowed to only 1% a year. To help policy makers understand the economics behind these events, Dr. Garett Jones, a professor with George Mason University, will present an overview of the similarities between the 1990s Japanese turmoil and the United States' credit crunch in addition to new policy ideas to avoid replicating the elements of previous strategy and avoid such a slowdown in the American economy.

This summer has proved to be a turbulent time with troubled financial markets seeking to rebuild capital, rising and falling gas prices, presidential campaigns, and destructive hurricanes - but what will this mean for the American economy?nbsp; In order to keep Congressional staffers up to date on the latest economic trends, the Mercatus Center at George Mason University hosts quarterly briefings that survey the economic scene. Specific attention will be paid to trends in GDP growth, employment, inflation and interest rates, all conveyed in a way that is understandable to the economist and non-economist alike. This birds-eye-view of the economy will be valuable to staffers interested in promoting policies intended to aid economic performance.

In the 1950's it would have been difficult to imagine the American economy without a strong manufacturing sector, but many changes have led to the rise of the service economy. With the information revolution we saw the rise of jobs in high-tech IT positions, computer programming, and communications while new tools paved the way for opportunities in scientific fields like research and development, engineering, and medicine. These highly productive fields have led to higher wages, but with the rise of high-skilled workers overseas, some have started to worry about outsourcing risk to these new service sector positions.To investigate these issues, Dr. J. Bradford Jensen of Georgetown University presents an insightful look at new trends in outsourcing in the services sector and at the impact seen on the labor market.

Job security is a primary concern to workers in any economy - the prospect of job loss creates anxiety precisely because real economic hardship can result. But at the same time, moving from an old job to a new one can mean higher wages because of increased productivity and innovation, benefiting not only the worker but the economy at large.Job security is a primary concern to workers in any economy - the prospect of job loss creates anxiety precisely because real economic hardship can result. But at the same time, moving from an old job to a new one can mean higher wages because of increased productivity and innovation, benefiting not only the worker but the economy at large.This dynamic is particularly true in the United States, which is characterized by an extremely fluid and turbulent economy. Jobs are constantly shuffled from one firm to another as firms emerge and disappear. nbsp;The popular press highlights the concerns that this turbulence creates, but what do the facts show?Dr. Julia Lane, from the University of Chicago's National Opinion Research Center, will share some of her research and experience using large scale datasets in analyzing our volatile economy. By focusing on specific industry sectors, the number of jobs in the economy, and the effects of market turbulence on worker's wages and career paths, Dr. Lane analyzes the complex nature of the economy and labor markets.