Legislating Entrepreneurship: An Oxymoron?

Can the passage of a federal law help entrepreneurs? This is not just an academic question. It arises frequently in federal policy discussions regarding the Internet, most recently during the net neutrality debate. Fostering entrepreneurial markets requires decisive commitment to a set of regulatory rules. However, passing major new legislation is rarely decisive; more frequently, it signals the opening of a multiple-act legal and regulatory soap opera. This point is not widely appreciated or acknowledged. Many politicians speak as if they have never thought about the topic. Yet, the events following the passage of the 1996 Telecommunications Act, which is used as an example in this article, amply illustrate the typical response to new legislation