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Volume 92.8
Pardoning Corporations
Brandon Stras
B.A. 2021, the University of Michigan; J.D. Candidate 2026, The University of Chicago Law School.

I would like to thank Professors William Baude and Eugene Volokh, as well as Owen Hoepfner, Hank Minor, Quinten Rimolde, and David Stras, for early readthroughs and helpful conversations. I would also like to thank the editors and staff of The University of Chicago Law Review for their great edits.

In 1977, a company convicted of conspiring with the mob asked President Carter for a pardon. The government speculated that the President could so exercise the pardon power, but ultimately no pardon ever issued. Nearly fifty years later, President Trump has pardoned a company convicted of violating the Bank Secrecy Act. People are again speculating that the pardon power covers companies, but few can offer evidence either way. History shows that the pardon power covers companies. Before the Founding, the King would often pardon corporations. Both the city of London and the Massachusetts Bay Company were pardoned before the Founders were even born. This tradition was the background against which the Pardon Clause and many of its state analogs were drafted. That the President can pardon companies might feel surprising or even unsettling. But the prerogative fits comfortably into the nation's separation of powers. Congress can make exercising the power less attractive by withholding refunded fines or shifting crimes to civil infractions. These checks come with more tradeoffs when exercised int he context of human beings, which might explain why Congress has not exercised them so far.