The rejection made all future SEC rules vulnerable to a similar challenge, forcing Schapiro to redouble efforts to study cost-benefit effects. Since then, the pace of SEC rule-making has slowed by about half.
Among the rules in limbo are the so-called Volcker rule to ban banks' proprietary trading, restrictions on asset-backed securities deals and forcing firms to disclose whether manufacturing metals were mined in war-ravaged parts of Africa.
The SEC announced late yesterday that it will hold a meeting tomorrow on whether to adopt a joint rule with the U.S. Commodity Futures Trading Commission that would strengthen oversight of the $708 trillion global swaps market.