Piling on Against Dodd-Frank
As reported by Jean Eaglesham in the Wall Street Journal, the fight over Dodd-Frank is shifting to the courts as business groups weigh lawsuits aimed at blocking parts of the sweeping financial reform law.
The Business Roundtable and the U.S. Chamber of Commerce already have one major victory under their belts — a successful challenge of the SEC’s proxy access rules, recently struck down by a U.S. appeals court. While other litigation, as Eaglesham notes, would only follow if efforts to “win changes” from regulators or lawmakers failed, the proxy access case is likely the opening shot in a long legal campaign directed at blunting Dodd-Frank’s impact on the business community. A battle likely to intensify in coming months as contentious debates on derivatives and the controversial Consumer Financial Protection Bureau — two issues of which businesses have a particularly high stake in the outcome — drag out.
The potential for a long court battle adds a new wrinkle to the already delay-plagued Dodd-Frank.
