Friday, April 9, 2010
Steven Pearlstein, of The Washington Post, has an excellent column today on the D.C. Circuit's anti-regulation attitude as reflected in its frequent vacating of agency rules on questionable grounds. Regulatory failure? Blame the D.C. Circuit.
Other recent examples include Fin. Planning Ass'n v. SEC, 482 F.3d 481 (D.C. Cir. 2007) (vacating the SEC's rule excluding broker-dealers that charged asset-based fees from definition of investment adviser if certain conditions met) and Amer. Equity Life Ins. Co. v. SEC, 572 F.3d 933 (D.C. Cir. 2009) (holding that SEC failed to consider adequately effect on competition of rule that state fixed indexed annuities were securities).