Toward a New Federal Law on Arbitration
Publisher: Oxford University Press
Published: Oct 20, 2014
Language: eng
Format: hardcover
Number of pages: 288
ISBN-13: 9780199965519
Description: "Enacted as special interest legislation, the Federal Arbitration Act (FAA) legitimated arbitration for use in specialized merchant communities. The New York Chamber of Commerce advocated for the statute. The federal law nonetheless embodied larger principles that arbitration agreements were enforceable contracts, and courts could engage only in limited scrutiny of arbitral awards. These rules constituted an effective and modern legal regulation of arbitration. Despite its forward-looking content, the statute was never adapted by the Congress to contemporary developments. For political leaders, arbitration was a subsidiary matter. The U.S. Supreme Court undertook the task of adjusting the statute to new realities. In fact, it used the legislation to implement a revolution in civil adjudication, thereby fulfilling the expectations of U.S. citizenship and protecting American interests in the global marketplace. Toward a New Federal Law on Arbitration endeavors to update the content of the FAA. The author proposes to transform the statute into a genuine national law of arbitration based on the prevailing federal judicial doctrine. He argues that the law must not only benefit commercial parties and company interests, but also protect the individual interests of consumers and employees. The book codifies the Supreme Court's work on arbitration. It describes the current arbitral law and policy; explains the provisions of the envisaged statute; and sets the stage for future adjudicatory practice"--Unedited summary from book cover.