Partner Bruce R. Kraus presented a program on “Rational Boundaries for SEC Cost-Benefit Analysis” to the Securities Regulation Committee of the City Bar Association.

The presentation discussed the series of D.C. Circuit cases invalidating SEC rules on economic analysis grounds which has cast the agency’s rulemaking authority in doubt. The presentation traced the evolution of this case law, noting the incompatibility of strict cost-benefit analysis procedures designed for executive agencies with structure and processes of multimember commissions like the SEC.