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Chamber of Commerce of the United States of America v. Securities and Exchange Commission

United States Court of Appeals for the District of Columbia
412 F.3d 133 (2005)


Facts

The Securities and Exchange Commission (defendant) created a rule pursuant to the Investment Company Act, stating that all mutual funds must have a board in which 75 percent of the directors are independent, including an independent chairman. The Chamber of Commerce of the United States of America (plaintiff) brought suit against the SEC challenging this rule. The district court ruled in favor of the SEC. The Chamber then appealed to the D.C. Circuit Court of Appeals.

Rule of Law

Issue

Holding and Reasoning (Ginsburg, J.)

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