Transcript
The U.S. Court of Appeals remanded the Security and Exchange Commission’s mutual fund rule because of the Commission’s failure to consider the costs of, and alternatives to the rule. In attempting to reissue the rule a week later, the Commission has ignored the Court’s demand that the Commission thoroughly consider the costs and alternatives. Proceeding in such a hasty manner constitutes a profound departure from the requirements of the Administrative Procedure Act. The decision by the SEC chairman to rush the rule through a day before his departure gives every appearance that the commission’s decision was pre-ordained. If the rule passes again-the SEC will find itself back in court.
--Steve Bokat
General Counsel, U.S. Chamber of Commerce
& Executive Vice President,
National Chamber Litigation Center
| 
