Document Type

Article

Publication Date

2012

Keywords

Securities and Exchange Commission, SEC, Dodd-Frank Wall Street Reform Act, financial markets, financial reform, SEC Exchange Act Rule 14a-11, United States Court of Appeals for the District of Columbia Circuit, D.C. Circuit, SEC rulemaking

Abstract

In The Emperor Has No Clothes: Confronting the D.C. Circuit’s Usurpation of SEC Rulemaking Authority, Professor James D. Cox of Duke University School of Law & Benjamin J.C. Baucom, recent law clerk to Justice Don R. Willett of the Supreme Court of Texas, argue “that the level of review invoked by the D.C. Circuit in Business Roundtable and its earlier decisions is dramatically inconsistent with the standard enacted by Congress.” They conclude “that the D.C. Circuit has assumed for itself a role opposed to the one Congress prescribed for courts reviewing SEC rules.”

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