Regulation is the process of the promulgation, monitoring, and enforcement of rules, established by primary and/or delegated legislation, and the resulting written instrument containing rules having the force of law. Regulation creates, limits, or constrains a right, creates or limits a duty, or allocates a responsibility.
- The general rule, at least, is that while property may be regulated to a certain extent, if regulation goes too far it will be recognized as a taking.
- Oliver Wendell Holmes, Jr., Pennsylvania Coal Company v. H. J. Mahon, 260 U.S. 415, 415 (1922).
- It is hardly lack of due process for the Government to regulate that which it subsidizes.
- Robert H. Jackson, Wickard v. Filburn, 317 U.S. 131, 131 (1943).
- Will one of you gentlemen tell me in what civilized country of the earth there are important government boards of control on which private interests are represented? Which of you gentlemen thinks the railroads should select members of the Interstate Commerce Commission?
- Attributed to Woodrow Wilson, at a meeting of bankers and the president shortly before he asked Congress to enact legislation creating a Federal Reserve System; reported in Carter Glass, An Adventure in Constructive Finance (1927, reprinted 1975), chapter 7, p. 116. This appears to be the origin of what is frequently quoted as: "You don't put robbers to work in a bank".