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To analyze the impact of recent legislation that amended the Securities Exchange Act of 1934 to expressly empower the U.S. Securities and Exchange Commission (SEC) to seek disgorgement in federal district court proceedings and to codify applicable statutes of limitations.

This article provides an overview of the authors’ prior work analyzing courts’ treatment of SEC disgorgement and summarizes how the scope of the remedy has evolved since Kokesh v. SEC (2017). Then, the article analyzes the changes to the Securities Exchange Act of 1934 contained in Section 6501 the 2021 National Defense Authorization Act (NDAA), which statutorily empowered the SEC to seek and obtain disgorgement in federal court actions. Finally, the authors discuss the impact of the legislation on the Supreme Court’s decisions in Kokesh and Liu v. SEC (2020).

The availability and appropriateness of SEC disgorgement have been the subject of vigorous debate. Just as courts began to iron out the contours of SEC disgorgement in the wake of Kokesh and Liu, Congress intervened by granting to the SEC explicit statutory authority to seek a remedy traditionally obtained at equity. In passing this legislation, Congress answered some questions that remained after Liu but also raised many new ones. These new questions will likely take years to resolve through subsequent litigation and potentially additional legislation.

Original, practical analysis and guidance from experienced lawyers in financial services regulatory and enforcement practices, many of whom have previously worked in the SEC’s Division of Enforcement.

Sexual misconduct (sexual assault and sexual harassment) in the US military is a long-standing problem. The military has implemented many policies and programs to address sexual misconduct in its ranks. The purpose of this paper is to examine how the processes of military sexual misconduct policy and programs have evolved since the 1940s.

Punctuated equilibrium and multiple streams theories were the guiding frameworks for this process analysis of the policies and programs implemented to address military sexual misconduct based on existing literature, news media and press.

Three punctuations are found in military sexual misconduct policy that demonstrate large-scale departures from the periods of equilibrium as the result of either a significant sexual misconduct allegation or new survey findings revealing sexual misconduct prevalence rates. In between these major-issue defining events, incremental policy change has occurred resulting in a period of stasis or return to the status quo requiring correction. Despite returns to stasis, each policy punctuation has built on the prior punctuation, generating new military directives, policies and programs.

Using the lenses of punctuated equilibrium and multiple stream theories, this paper shows how the processes of US military sexual misconduct policies and programs have evolved. The US military and militaries globally can utilize these policy frameworks to help predict future patterns of military sexual misconduct and improve responses to these problems.

The purpose of this paper is to estimate the impact of a pay-for-performance (PFP) rule change on US Department of Defense (DoD) employees’ job satisfaction by looking at changes in the DoD’s National Security Personnel System.

The data for the analysis are derived from the 2002, 2004, 2006 and 2008 Federal Human Capital Survey. A difference-in-differences (DID) quasi-experimental methodology was used to examine the effect of a PFP rule change on DoD employee job satisfaction. The Department of Air Force and Navy are analyzed as a proxy for the DoD. This study also undertakes a subgroup analysis strategy to understand the effect of PFP systems on specific subgroups (classified by gender, race and supervisory status).

This study’s results indicate that the overall effect of the introduction of a new PFP rule at DoD is a decrease of approximately 7.9 percentage points in employee job satisfaction, which is a substantial negative effect. In addition, this paper further finds that DoD’s PFP system has widened the gender gap in job satisfaction at DoD.

This study contributes to both the theoretical and the empirical understanding of PFP systems and public employee work morale and attitudes.