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50 Ga. L. Rev. 293 (2015-2016)
The Evolving Role of Economic Analysis in SEC Rulemaking

handle is hein.journals/geolr50 and id is 303 raw text is: THE EVOLVING ROLE OF ECONOMIC ANALYSIS IN SEC RULEMAKING Joshua T. White* TABLE OF CONTENTS I. INTRODUCTION ................................................................... 295 II. ECONOMIC ANALYSIS AT THE SEC ...................................... 299 A. BASIS FOR COST-BENEFIT ANALYSIS .............................. 299 B. THE PROXYACCESS RULE ............................................... 301 C. NEW GUIDANCE ON SEC ECONOMIC ANALYSIS ............... 303 1. Stated Need for Rulemaking .................................. 305 2. Defined Economic Baseline .................................... 305 3. Alternative Regulatory Approaches ........................ 306 4. Analysis of Economic Consequences ....................... 307 D. ORGANIZATIONAL CHANGES .......................................... 307 III. CASE STUDY: CREDIT RISK RETENTION .............................. 310 A. WHY STUDY THE RISK RETENTION RULE? ...................... 310 B. THE ROLE OF RESIDENTIAL MORTGAGE SECURITIZATION IN THE FINANCIAL CRISIS ................... 312 C. DODD-FRANK, RISK RETENTION, AND QUALIFIED RESIDENTIAL MORTGAGES ............................................. 314 D. EVOLUTION OF THE RULE .............................................. 315 Assistant Professor of Finance, Terry College of Business, University of Georgia; E- mail: jtwhite@uga.edu. I am grateful to Robert Ahdieh, Scott Bauguess, Audra Boone, Steven Schwarcz, Sean Wilkoff, and the attendees of the Georgia Law Review Symposium on Financial Regulation for helpful comments and feedback. This analysis draws upon my experience as a Financial Economist at the Securities and Exchange Commission (SEC). The SEC, as a matter of policy, disclaims responsibility for any private publication or statement by any of its employees. The views expressed herein are those of the author and do not necessarily reflect the views of the author's former colleagues or the staff of the Commission. 293

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