Three U.S. Senators said a lawsuit targeting controversial Securities and Exchange Commission rules promulgated under the Dodd-Frank Act also challenges the powers of Congress.
A group of trade associations launched a legal challenge targeting the SEC’s extraction payments disclosure rules in October 2012, arguing the commission misinterpreted Dodd-Frank’s requirements when it promulgated its final rule. In their amicus brief, the senators said the lawsuit also “implicates the ability of the legislature to make judgments regarding the national and energy security of the United States.”