大統領選の結果に関するメモランダム

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President-Elect Trump’s transition website promises to “dismantle the Dodd-Frank Act and replace it with new policies to encourage economic growth and job creation.” To help our clients keep up with the reorientation of the financial regulatory framework, Davis Polk is launching a new blog, FinRegReform.com. Our most recent entry on the blog is our memorandum on Rep. Jeb Hensarling’s (R-TX) Financial CHOICE Act, introduced earlier this year, which we view as a starting point that signals a potential general direction of travel for financial reform. It is not the end, however, as we expect that the Republican Congress and Administration will have more ambitious plans for changes to the regulatory framework, and complex negotiations both within the Republican Party and with Democrats will further shape the ultimate result. The first post on our blog describes, in more technical detail, how a regulatory rollback might work.

米国証券取引委員会のPiwowar委員による規制における経済分析

Given the importance of economic analysis to its work, I commend the Board for adopting formal guidance on the subject. Like the SEC’s own internal guidance on conducting economic analysis, the PCAOB’s guidance on rulemaking recognizes four main elements: (1) the need for the rule, (2) the baseline for measuring the rule impacts, (3) the alternatives considered, and (4) the economic impacts of the rule and alternatives. With respect to the last point, there are consequences when rules are adopted – some intended, others not. It is the latter set of consequences, the unintended consequences, for which a robust economic analysis can particularly helpful. …

Myth 1: “Economic analysis” and “cost-benefit analysis” are the same thing …

Myth 2: Economic analysis in rulemaking just slows down the rulemaking process …

Myth 3: Economic analysis is a partisan political issue …

Myth 4: Economic analysis is only relevant to rulemaking …

Myth 5: Economic analysis is only a fad … (footnote omitted)

See also Staff of the U.S. Securities and Exchange Commission, Current Guidance on Economic Analysis in SEC Rulemakings (Mar. 16, 2012).