The U.S. Chamber of Commerce is again trying to get the SEC's independent chairman rule overturned. On Monday, the trade group filed an appeal with the D.C. Circuit's U.S. Court of Appeals in which it argued the initial ruling should be voided because of "gross procedural errors" committed by the SEC.

The action promises to extend the dispute that has put the new independent director on hold for the foreseeable future. The rules were originally to have taken effect on January 16. That date will not be met as the court has stayed the rules until it has decided the case. Arguments before the court are not expected until January.

Details of the appeal was first reported in the Tuesday edition of the Wall Street Journal.

The Chamber argued in its brief that the SEC rushed to judgment in June when it considered issues that cause the D.C. Circuit Court to remanded the rule in June. The court ruled that the SEC did not adequately research the costs of the rule or whether there were alternative ways to accomplish its goals.

Rather than research the issues, outgoing SEC Chairman William Donaldson rushed a vote through the Commission on the eve of his resignation. The Chamber also argued that the SEC failed to obtain comment on the issues raised by the court and that it acted even before the appellate court issued its mandate. The vote took place just eight days after the court ruling.

The Chamber also argues that Donaldson the vote to beat his resignation and the resignation of Commissioner Harvey Goldschmid.  

Stay ahead of the news ... Sign up for our email alerts now
CLICK HERE