I've been arguing that the corporate governance provisions of the Dodd Wall Street reform bill are seriously flawed both individually and collectively. One problem with all the provisions under consideration is that they impose one size fits all mandates that have no scope for private ordering.
The trouble, of course, is that corporate governance is not an arena in which one size fits all. Different firms have different governance needs. Boards of directors should be free to select the governance structures optimal for their unique firm without having Senator Dodd putting them in a straight jacket.
