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Unformatted text preview: making) Rule making is governed by the Administrative Procedures Act (first passed in 1946). Rule making usually takes the form of regulations – imposition of restrictions on the activity of market participants. Why do we have regulation? To maintain competition To police natural monopolies To reduce externalities When is rule making likely to occur? When Congress sets up an agency in the first place. When Congress passes a new law or modifies an existing one. When agencies go off on their own covertly....
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- Spring '08
- Federal Register, Bureaucracy I. Bureaucracy