Created by Congress in high hopes and great expectations, the independent regulatory agencies, the "fourth branch of Government," have long counted among Washington's most notorious messes—entangled in red tape, beset by lobbyists, tainted with scandal, and years behind on their work. Within days of his election John F. Kennedy appointed crusty New York Lawyer (and sometime dean of Harvard Law School) James McCauley Landis to look into the mess. Landis brought to the task plenty of firsthand experience in the regulatory-agency mazes. Back in New Deal days, he was a Federal Trade commissioner, then a Securities and Exchange commissioner, then...
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