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Dodd-Frank Facing Legal Challenges [Compliance Week]
Author: Proquest LLC , Published on: 28 October 2011
Emboldened by its legal victory over the Security and Exchange Commission's shareholder proxy access rule, the U.S. Chamber of Commerce is gearing up to contest other upcoming Dodd-Frank Act rules. The business lobbying group will launch legal challenges of other Dodd-Frank provisions if the SEC continues to produce insufficient economic analyses of these rules, says Tom Quaadman, vice president at the Center for Capital Markets Competitiveness at the Chamber...One example of a rule that the Chamber is considering challenging, according to Quaadman, is the SEC's proposed rule on conflict minerals. He says that while the Chamber agrees that the rule targets a human rights tragedy that must be resolved, the disclosure regime could impose a tremendous cost burden on companies without resolving the issue at hand.