“Deep in enemy territory, Wall Street has found a powerful ally.

An appeals court in Washington has become ground zero for legal challenges to financial reform. Over the years, judges have rejected several major rules, saving financial firms millions of dollars in compliance costs and exposing government regulators to further litigation.

As regulators once again take aim at Wall Street with the Dodd-Frank regulatory overhaul, the financial industry is racing to fill the docket of its favorite court.”

“Proponents of regulation fear that the court created an impossible standard. In a 2012 report, the advocacy group Better Markets noted that the S.E.C.’s “pre-eminent duty” is to “protect investors.” The group also argued that the S.E.C.’s cost-benefit analyses should account for the cost of government bailouts that might result from lax regulation.”

Read Ben Protess’ full article here