If the SEC is in the market for a theme song, .

There are a good number of reasons to believe that the Associations' legal challenges to the new "Dealer Rule" rule will be successful. These reasons include those set forth in the Complaint: absence of statutory authority, failure to properly consider costs, claims of benefits that cannot be proved and inadequate time to comply. (These and others are described in some detail in a recent on the subject. Note: stay tuned for an update.)

Perhaps the most fundamental weakness of the…

FDIC Vice Chairman Travis Hill pointed out a number of policy tensions that exist with respect to banks that are in financial trouble. Underlying them, there may be an unsolvable dilemma. Banks are required to make honest public disclosure of their financial condition for the benefit of their depositors (at least those whose deposits are not fully insured) and for the benefit of the holders of their securities (or of the securities of their parent companies).  But an honest…

Commissioner Peirce's comments on the SEC's rulemakings having no limiting principle follows a along the same line by Commissioner Uyeda.

Much of the SEC's rulemaking under Chair Gensler has been adopted by 3-2 vote, with the dissenting Commissioners objecting not only to the substance of the rules, but questioning the underlying statutory authority and, arguing that even if there might be statutory authority, the process by which the rules were adopted did not meet the requirements…