Key Points
WASHINGTON, Nov 21 (Reuters) - Facing a wave of new rules and encouraged by a sympathetic judiciary, U.S. financial firms and their trade groups are growing bolder about fighting Democratic President Joe Biden's regulators in court...
Biden's regulatory appointees were given a mandate to take on perceived corporate profiteering, bolster rules relaxed by the Republican former President Donald Trump's administration, and address Democratic priorities such as income inequality and climate change..
Over the past 18 months, more than 30 companies and trade groups representing banks, funds and other firms have brought at least 15 suits against financial regulators over major rules, policies and supervision issues, according to a Reuters tally..
In September, six industry groups including the Managed Funds Association (MFA) and Alternative Investment Management Association (AIMA) alleged in a filing with the Fifth Circuit Court of Appeals that SEC private fund rules violated the APA, the pair's first suit against a regulator...
The SEC "undertakes rulemaking consistent with its authorities and laws governing the administrative process, and we will vigorously defend challenged rules in court," an SEC spokesperson said.. "These rules are incredibly important to protecting consumers, investors, and financial stability," said Dennis Kelleher, CEO of nonprofit Better Markets..
