There has been much discussion recently about the SEC’s use of administrative proceedings, rather than court proceedings, for enforcement purposes. Both Peter Henning  and Gretchen Morgenson  have addressed the issue in the New York Times. And Jay Brown at Race to the Bottom has devoted several posts to the issue. See here,  here,  here, and here. (This final post claims to be part 5, but I believe this was a numbering error.)  .

I do not want to rehash that discussion, but I do want to bring your attention to an excellent new book I have been reading, Is Administrative Law Unlawful?, by Philip Hamburger.  Hamburger is a Columbia Law School professor who specializes in constitutional law and history. The book is an extensive examination of the history of administrative legislation and adjudication in England and America, going back to the Magna Carta. He constructs a convincing argument that current administrative practice is inconsistent with both English and American history and practice.

This is not beach reading. The book is well-written, but the arguments and the history are complex and require serious thought. It is, however, worth the effort. The book is fascinating. It has given me an entirely new perspective on issues of administrative law, and that includes a great deal of what a securities law professor like me teaches and writes about. If you have some time and are willing to make the effort, I strongly recommend this book.

Here are more detailed reviews from The Economist and The Wall Street Journal,  if you’re interested. In addition, a podcast interview of Professor Hamburger is available here.