Chamber of Commerce of the United States of America v. Securities and Exchange Commission
United States Court of Appeals for the District of Columbia
412 F.3d 133 (2005)
Relevant factsFree
The Securities and Exchange Commission (defendant) adopted a rule under the Investment Company Act requiring that 75% of a mutual fund's board, including the chairman, be independent directors, aiming to reduce the risk of fund-management abuses. The Chamber of Commerce of the United States (plaintiff) sued to challenge the rule, and the district court ruled for the SEC. The Chamber appealed.
IssueFree
Whether the Securities and Exchange Commission may create rules under the Investment Company Act in response to perceived risks to investors, so long as the costs of implementing those rules are considered.
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