The Development of Federal Professional Responsibility Rules: The Effect of Institutional Choice on Rule Outcomes

The article examines the critical issue of institutional choice in drafting professional responsibility rules for attorneys, focusing on the implications of the Sarbanes-Oxley Act of 2002. It argues that understanding which institution—Congress, administrative agencies, federal courts, or self-regulatory bodies like the ABA—should draft these rules is essential for effective reforms. The analysis evaluates the strengths and weaknesses of each institution, emphasizing factors such as authority, expertise, and susceptibility to external influence. The article ultimately advocates for delegation to institutions with greater institutional competence, depending on the context, to ensure balanced and effective rulemaking.