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This Article employs the economic, or "interest group," theory of regulation to explore the current debate about reform and regulation of the health care industry. It will focus on the Health Security Act (HSA), the work product of the Health Care Task Force which was organized by President Bill Clinton and directed by Ms. Hillary Rodham Clinton. Part I of the Article briefly contrasts the economic theory of regulation with public-interest theory, and then proceeds to discuss aspects of the economic theory that are of particular importance in understanding the health care debate. Part II provides a brief discussion of the critical features of health care reform, and then explores the interest-group aspects of those features.

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