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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.


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