Some of the zanier happenings in the world of regulation:
–The Texas legislature was poised to pass a bill classifying the TSA’s pat-downs as misdemeanor sexual harassment – until the TSA threatened to ground all flights out of the state. The agency claimed it would be unable to guarantee passenger safety without the pat-downs. The legislature promptly backed down.
–Denmark has banned Marmite, a paste-like substance made from brewer’s yeast that is popular in Britain. The reason for the ban is that the paste has added vitamins and minerals. In Denmark, that’s a no-no.
–Don’t sell rabbits without a license. The Dollarhite family of Nixa, Missouri, found that out the hard way. The federal government has fined them over $90,000 for breeding rabbits and selling them to pet stores.
–Members of Congress have unusual investment acumen. A new paper finds that “A portfolio that mimics the purchases of House Members beats the market by 55 basis points per month (approximately 6% annually).” The study covers the period from 1985 to 2001. The subsidies, tax breaks, and other forms of corporate welfare that Congress indulges in couldn’t possibly have anything to do with their personal investment decisions, could it?