![Regulation - Spring 2023 - Cover Image](/sites/cato.org/files/styles/serial_cover_phone/public/2023-03/regulation-v46n1-cover.png?itok=DOAG9bPN) # Spring 2023 Vol. 46 No. 1 [Subscribe](https://store.cato.org/collections/all-products/products/regulation-magazine) ##### From the Cover ### [Pandemic Mortgage Forbearance Design: A Practitioner’s Perspective ](/regulation/spring-2023/pandemic-mortgage-forbearance-design-practitioners-perspective) By [Mark A. Calabria](https://www.cato.org/people/mark-calabria) Federal housing finance assistance during COVID avoided problems that plagued similar assistance in the Great Recession. ##### Behind the Issue ### *Unintended Consequences* ##### The Podcast of *Regulation* In This Episode In this episode of the *Unintended Consequences* podcast, we start by investigating whether railroads are making excessive profits by cutting back labor expenses. That’s the subject of Peter’s new paper, which is particularly timely given the reaction to the train derailment in eastern Ohio. Then, Mark Calabria joins to discuss his cover article about his time as the head of the Federal Housing Finance Agency and the steps he took to prevent a mortgage meltdown during the pandemic. Finally, Peter and Paul tackle the limits of zoning reform as a solution for runaway housing inflation. [ Download Episode ](https://assets.pippa.io/shows/643947a1309d10001195d3e7/76a43766-c820-4784-b30a-21369b6f9094.mp3)Subscribe: [ Apple Podcasts ](https://podcasts.apple.com/us/podcast/unintended-consequences/id1684573879) [ Spotify ](https://open.spotify.com/show/693Xy6u85pJX42IPsUK7cE) ##### Immigration Reform #### [Immigration Reform: Introduction ](/regulation/spring-2023/introduction) By [Ike Brannon](https://www.cato.org/people/ike-brannon) While immigration remains a contentious issue in Congress, the skilled labor shortage continues to constrain the U.S. economy #### [Immigration Reform: Make H‑4 Visa Holders’ Permission to Work Permanent ](/regulation/spring-2023/make-h-4-visa-holders-permission-work-permanent) By M. Kevin McGee A bipartisan bill introduced last April by Reps. Carolyn Bourdeaux (D–GA) and Maria Elvira Salazar (R–FL) called the “H‑4 Work Authorization Act” would have granted H‑4 visa holders automatic work authorization without needing to apply for an EAD #### [Immigration Reform: Use USMCA Temporary Entry ](/regulation/spring-2023/use-usmca-temporary-entry) By Eric Miller There is no single solution to the current mismatches in the labor market #### [Immigration Reform: Eliminate the Application Backlog ](/regulation/spring-2023/eliminate-application-backlog) By Gordon Gray and Whitney Appel While making immigrants pay entirely for their own processing costs may seem fair, this financing model means that the agency has little to no capacity to increase resources to catch up when it falls behind #### [Immigration Reform: Reform H‑1B Visas and Green Cards ](/regulation/spring-2023/reform-h-1b-visas-green-cards) By [David J. Bier](https://www.cato.org/people/david-bier) The H‑1B visa’s restrictions are harming U.S. competitiveness and innovation ##### Features #### [The Origins of the Novice Administrative State ](/regulation/spring-2023/origins-novice-administrative-state) By Judge Glock The earliest regulatory commissions substituted for juries, and like juries they were not supposed to be experts. #### [Understanding the Railroads-Unions Fight ](/regulation/spring-2023/understanding-railroads-unions-fight) By [David Kemp](https://www.cato.org/people/david-kemp) and [Peter Van Doren](https://www.cato.org/people/peter-van-doren) Underlying last fall’s labor standoff is the highly competitive U.S. freight transport sector #### [Allowing Slaughter-Free Meat ](/regulation/spring-2023/allowing-slaughter-free-meat) By Randall Lutter Federal regulation is hindering the development of food from cell culture technology ##### Briefly Noted ##### [Is Grid Modernization Always Cost Effective? ](/regulation/spring-2023/grid-modernization-always-cost-effective) By Kenneth W. Costello Grid Modernization (GM) can have different meanings, but it generally refers to actions making the electricity system more resilient, responsive, and interactive ##### [How to End the Kidney Shortage ](/regulation/spring-2023/how-end-kidney-shortage) By Frank McCormick and Philip J. Held Few if any of these news stories lamenting the kidney shortage or touting hightech breakthroughs mention that we already have a solution to the shortage: compensating kidney donors to induce more supply ##### [Which Is Better, a Larger or Smaller Population? ](/regulation/spring-2023/which-better-larger-or-smaller-population) By Pierre Lemieux A major economic argument in support of population growth is that, ceteris paribus, more humans mean more trading partners and thus better opportunities for all. ##### [Psychedelics, the DEA, and Regulating Religion ](/regulation/spring-2023/psychedelics-dea-regulating-religion) By Victoria Litman The DEA cannot totally be blamed for failing to address the growing number of religious communities that use federally illegal drugs. ##### [Where Are the Retirement Tontines? ](/regulation/spring-2023/where-are-retirement-tontines) By Larry Pollack The guarantees provided by insured annuities are expensive. ##### In Review ##### [Book Review: *Silent Invasion*](/regulation/spring-2023/silent-invasion) By David R. Henderson ##### [Book Review: *The Immigrant Superpower*](/regulation/spring-2023/immigrant-superpower) By [Ike Brannon](https://www.cato.org/people/ike-brannon) ##### [Book Review: *Thinking like an Economist*](/regulation/spring-2023/thinking-economist) By Phil R. Murray ##### [Book Review: *Classified*](/regulation/spring-2023/classified) By George C. Leef ##### [Book Review: *The Man Who Broke Capitalism*](/regulation/spring-2023/man-wh-broke-capitalism) By Vern McKinley ##### [Book Review: *Plutocratic Socialism*](/regulation/spring-2023/plutocratic-socialism) By Pierre Lemieux ##### [Book Review: *Yellen*](/regulation/spring-2023/yellen) By Vern McKinley ##### [Working Papers ](/regulation/spring-2023/working-papers) By [Peter Van Doren](https://www.cato.org/people/peter-van-doren) ##### Final Word ##### [George Santos Meets Public Choice ](/regulation/spring-2023/george-santos-meets-public-choice) By Tim Rowland ##### Latest Issues [![Regulation - Fall 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-09/regulation-fall-2026-cover.jpg?itok=4PdTh8RK)](https://www.cato.org/regulation/fall-2026) [Fall 2026](/regulation/fall-2026) [![Regulation - Summer 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-06/regulation-summer-2026-cover.jpg?itok=mgR9E73X)](https://www.cato.org/regulation/summer-2026) [Summer 2026](/regulation/summer-2026) [![Regulation - Spring 2026 - Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2026-03/regulation-spring-2026-cover.png?itok=_E4_q18u)](https://www.cato.org/regulation/spring-2026) [Spring 2026](/regulation/spring-2026) [![Regulation Winter 2025-2026 Cover](/sites/cato.org/files/styles/serial_cover_phone/public/2025-12/regulation-v48n4-cover.jpg?itok=QSGuJRQT)](https://www.cato.org/regulation/winter-2025-2026) [Winter 2025–2026](/regulation/winter-2025-2026)