The U.S. Chamber of Commerce filed a legal brief with the U.S. Court of Appeals for the District of Columbia Circuit Monday against the Securities and Exchange Commission's 2004 rule requiring independent chairman, Dow Jones reports. The Chamber says the SEC failed to adequately consider the costs and alternatives and did not follow federal procedures in adopting the rule.

The Chamber accuses the SEC of acting prematurely, even before the appellate court had issued its mandate in the case. The SEC reaffirmed the rule only eight days after the court's decision, by a slim vote of 2-3.

Subscribe Now

Access to premium content including in-depth coverage of mutual funds, hedge funds, 401(K)s, 529 plans, and more.

3-Week Free Trial

Insight and analysis into the management, marketing, operations and technology of the asset management industry.