The federal rulemaking process resulting from the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act is likely to be highly contentious. For potentially affected businesses or other parties, engaging in the rulemaking process through public comment is now the means to have an impact on the new regulatory regime. Because DC Circuit judges have recently sent several rules back to the SEC for reconsideration due to perceived weaknesses in the application of economic analysis (NetCoalition v. SEC (2010); Am. Equity Investment Life Co. v. SEC (2009); and Chamber of Commerce of US v. SEC (2005)), regulators are likely to pay increased attention to economic considerations in promulgating rules under Dodd-Frank. Public comments will carry more weight if they include meaningful economic analysis and urge the regulator to weigh these economic considerations in its rulemaking.

The purpose of this NERA seminar, held in New York City on 18 November 2010, was to hear from a panel of experts about how to effectively participate in the federal rulemaking process. NERA Industry Affiliate Dr. James Overdahl, former Chief Economist at the SEC, was joined by Paul S. Atkins, Managing Director at Patomak Partners and former SEC Commissioner, and Eugene Scalia, Partner at Gibson Dunn & Crutcher LLP.