Supreme Court on Financial Regulation, Chrysler Closes Dealerships and Greenhouse Gases in Congress
The Supreme Court prepares to announce an important verdict on financial regulation.
Chrysler plans to eliminate nearly 800 dealerships.
Democratic leaders move forward with legislation to restrict greenhouse gas emissions.
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1. LEGAL
The Supreme Court prepares to announce an important verdict on financial regulation.
CEI Expert Available to Comment: Special Projects Counsel Hans Bader on the implications for the Public Company Accounting Oversight Board:
“The case challenges the PCAOB, the regulatory board set up by the 2002 Sarbanes-Oxley Act, as a violation of the Constitution’s Appointments Clause and separation of powers…the PCAOB’s red tape imposes annual compliance costs of over $35 billion, while providing only illusory benefits for investors, and driving businesses overseas. The PCAOB enjoys ‘massive power,’ that is ‘unchecked power by design,’ according to a Senator who voted to create it.”
2. BUSINESS
Chrysler plans to eliminate nearly 800 dealerships.
CEI Expert Available to Comment: Director of the Center for Investors and Entrepreneurs John Berlau on how the government could help the company recover:
“The merger of Chrysler and Fiat the government has pushed is pure ‘industrial policy’ of the type that led to stagnation in Japan and other nations where it has been practice. It may not be the most viable choice for Chrysler to specialize in smaller cars. Rather, a merger combination between Chrysler and General Motors with a concentration on larger vehicles such as SUVs may be the best option. This alliance had been discussed for years but was shelved because of concerns it might run afoul of antitrust laws.”
3.ENVIRONMENT
Democratic leaders move forward with legislation to restrict greenhouse gas emissions.
CEI Expert Available to Comment: Director of Global Warming Policy Myron Ebell on the prospects for the bill:
“Rep. Henry Waxman (D-Beverly Hills), Chairman of the House Energy and Commerce Committee, announced late Tuesday that the full committee would mark up the Waxman-Markey energy rationing bill next week and that he planned to vote the bill out of committee before the Memorial Day recess which begins on 22nd May. Waxman also released some details of the compromise bill that he and Rep. Edward Markey (D-Mass.) have negotiated with Blue Dog and other moderate Democrats on the committee. This bill should not be improved; it should be defeated.”
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