Eugene Scalia has been testing for weaknesses in the government’s financial reform regulations and winning. The chairman of the administrative law and regulatory practice group at Gibson, Dunn & Crutcher, Scalia has challenged on behalf of big business newly imposed rules at the U.S. Securities and Exchange Commission designed to restructure the financial system.
In the latest of four victories, Scalia challenged the SEC’s “proxy access” rule, which aimed to make it easier for shareholders to nominate their own board members. In Business Roundtable v. SEC, Scalia argued that the SEC failed to account for the cost burden associated with implementing such a rule. The U.S. Court of Appeals for the D.C. Circuit on July 22, 2011, struck down the rule, calling the reasons behind one provision “unutterably mindless.” The ruling set off a chain reaction in Congress and among regulators over how to enact financial reform, particularly the Dodd-Frank Wall Street Reform and Consumer Protection Act.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]
