“The [SEC] was clearly thoughtful and deliberative and made some constructive changes to the final rule,” Lisa K. Burgess, with the U.S. Chamber of Commerce, an industry lobbying group that had threatened to file a lawsuit to stop the SEC’s implementation of these provisions, told IPS. “However, clearly, challenges remain, and we will need to analyse the text of the rule to determine our next steps.”
Indeed, in the immediate aftermath of Wednesday’s vote, both industry and watchdog groups hastened to note that the full strength, or weakness, of the new Dodd-Frank provisions will be understood only after a careful examination of the final details.