Emory Corporate Governance and Accountability Review


Forrest E. Lind III rebuts criticisms of the D.C. Circuit for its decisions in recent cases involving successful challenges to SEC corporate governance rules. Using a Chevron Analysis, Lind argues that the D.C. Circuit followed well-settled precedent and applied the proper standard of review. Lind first establishes the Proper Standard of Review for administrative action by combining precedent from the administrative law cases that developed the modern Chevron Analysis. Lind then provides a thorough walkthrough of each criticized D.C. Circuit opinion before rebutting the critics' arguments point by point. Lind compares the D.C. Circuit's methods and reasoning with established Supreme Court precedent and finds that the D.C. Circuit, contrary to its critics' view, applied the Proper Standard of Review. Lind concludes with the reminder that it is the SEC's responsibility, not the courts, to provide the agency with the proper justifications for its actions.