LITTLE POWER STRUGGLES EVERYWHERE: ATTACKS ON THE ADMINISTRATIVE STATE AT THE SECURITIES AND EXCHANGE COMMISSION

• 成果类型: Article
• 署名作者: Karmel, Roberta S.
• 署名单位: U.S. Securities & Exchange Commission (SEC)
• 刊物名称: ADMINISTRATIVE LAW REVIEW
• ISSN/ISSBN: 0001-8368
• 发表日期: 2020
• 页码: 207-257
• 关键词: COST-BENEFIT-ANALYSIS; DEFERENCE; rulemaking

摘要

This Article describes the power struggles among the three branches of the federal government and Democrats and Republicans to control rulemaking and other activities at the Securities and Exchange Commission (SEC). Although the SEC was designed to be an independent and nonpartisan agency where Commissioners and staff exercised independent judgment and expertise to protect the investing public form Wall Street depredations, partisan struggles have undermined the agency's work. Instead of protecting the SEC from these ideological power plays, the courts have also upended SEC rules in decisions that appear to be more political than respectful of governmental . efficiency and integrity and have resulted in regulatory ossification. Developments that have impacted the SEC's effectiveness are the imposition of cost-benefit regulations, skepticism about deference, and the erosion of independence.