A controversial rule by the U.S. Securities and Exchange Commission that would require oil and gas extraction companies to disclose government payments was vacated today by a Washington federal judge.
The agency "fundamentally miscalculated the scope of its discretion" and "abdicated its statutory responsibility to investors," Judge John Bates of U.S. District Court for the District of Columbia ruled in granting summary judgment to the American Petroleum Institute. ...
He concluded that “given the proportion of the burdens on competition and investors associated with this single decision, a fuller analysis was warranted.”
This is something like the umpteenth time the SEC has lost one of these cases because it failed to do a proper cost benefit analysis. Can't anybody at that damned agency add and subtract anymore? In short, another black eye and profound embarrassment in the Obama era for a once proud agency.