Categorized | federal legislation, Reuters

Continued fallout from the infamous D.C. Circuit Court ruling

U.S. regulators are still feeling the fallout from the D.C. Circuit Court ruling from late last month, scrambling to bulletproof dozens of financial reforms.

The ruling sent shivers down the spines of the SEC and Commodity Futures Trading Commission, and has them bracing for more court challenges as they strain to complete well over 100 rules called for in Dodd-Frank that was enacted last year.

“I was afraid of this all along,” said Jill Sommers, a Republican commissioner at the CFTC. “The SEC had a rule that was challenged on grounds that I think there are concerns in our rules about, and I feel like we could equally have the same kind of challenges.”

Scott O’Malia, the other Republican CFTC commissioner, says he is going to call for a briefing with agency staff to review the ruling and assess the agency’s vulnerabilities.

“I just don’t want to make any mistakes that set us back,” O’Malia said. “It’s a very serious concern.”

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