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As Business Takes Aim At Dodd-Frank, Battle Shifts To Courts

Publication Date: 
July 29, 2011
Source: 
The Wall Street Journal Online
Author: 
Jean Eaglesham

Professor Joe Grundfest is quoted by Jean Eaglesham in this Wall Street Journal article on whether he thinks the SEC will "be able to get a large number of complex, economically sophisticated, highly interrelated rules…past judicial scrutiny on the first try."

First Congress was lobbied, then the regulators. Now the battle over the Dodd-Frank law is shifting to the courts.

Some business groups are considering filing lawsuits aimed at blocking parts of the financial overhaul passed by Congress last July. While legal challenges likely won't happen unless efforts to win changes from regulators or lawmakers fail, Dodd-Frank opponents are emboldened by last week's appeals-court ruling that toppled a Securities and Exchange Commission rule designed to help investors oust corporate directors.

...

"What are the chances that the SEC will be able to get a large number of complex, economically sophisticated, highly interrelated rules…past judicial scrutiny on the first try?" said Joseph Grundfest, a Stanford Law School professor and former SEC Democratic commissioner. "I wouldn't bet the farm on it."