Partner Bruce R. Kraus has been selected as a winner of the 2014 Burton Awards for Legal Achievement, which honors excellence in legal writing. The winning submission, "Rational Boundaries for SEC Cost-Benefit Analysis," co-authored with Connor Raso, was published in 2013 in the Yale Journal on Regulation. The article was previously honored with the American Constitution Society’s Cudahy Award of the Outstanding 2013 Lawyer Paper, which is awarded for contributions to the field of administrative law.
Each year, this honor is given to only 30 articles, selected from entries submitted by the country's 1,000 largest law firms. The Burton Awards, celebrating its fifteenth anniversary this year, is a non-profit effort run in association with the Library of Congress. The awards ceremony will be held at the Library of Congress on June 9, 2014. The evening will feature a performance by comedian, actor, and television host Jay Leno.
Mr. Kraus and co-author Mr. Connor Raso’s article analyzes the case law surrounding a series of D.C. Circuit cases invalidating SEC rules on economic analysis grounds that has cast the agency’s rulemaking authority in doubt. The authors note the incompatibility of strict cost-benefit analysis procedures designed for executive agencies with the structure and processes of multimember commissions like the SEC.
The Burton Awards are funded by the Burton Foundation, a non-profit, academic effort, devoted to recognizing and rewarding excellence in the legal profession. The program focuses on the refinement and enrichment of legal writing. The submissions were judged by an Academic Board led by Virginia Wise, of Harvard Law School; Philip M. Genty, of Columbia Law School; Jeanne Merino, of Stanford Law School; Judge Ed Forstenzer, a retired judge of the California Superior Court; William Ryan, former Chair of the White House Plain Language Committee; and William C. Burton, author of Burton’s Legal Thesaurus and Founder and Chair of the event. The Burton Awards was established to honor the finest accomplishments in law, including writing, reform, public service and interest, regulatory innovation, and lifetime achievements in the profession.
Bruce R. Kraus is a partner in Kelley Drye’s New York office. Mr. Kraus joined Kelley Drye in 2012 after two years of service at the Securities and Exchange Commission as Co-Chief Counsel of the Division of Risk, Strategy and Financial Innovation. At the SEC, he focused on rulemaking and related economic and litigation matters. Prior to his public service, Mr. Kraus was a corporate transactional partner in another leading law firm for more than 20 years. At Kelley Drye, he maintains his practice of advising on mergers, acquisitions and restructuring, and also handles federal and state regulatory investigations.
Mr. Kraus is a 1979 graduate of Yale Law School, where he was an editor of the Yale Law Journal. He clerked for the Chief Judge of the Second Circuit Court of Appeals the following year.
Connor Raso is an Attorney-Advisor in the Legal Division of the Consumer Financial Protection Bureau. Mr. Raso is a 2010 graduate of Yale Law School and received his doctorate in political science from Stanford that same year. He clerked for the 2nd Circuit Court of Appeals the following year.