The wrangle between the Securities and Exchange Commission and the U.S. Chamber of Commerce took an intriguing turn last week when, fast on the heels of filing an anticipated legal brief in the U.S. Court of Appeals opposing the Commission's independent chairman rule, the Chamber launched a bi-partisan study into the impact of state and Federal regulations on the nation's capital markets.

The study, which will be chaired by William Daley of JPMorgan Chase and Robert Steel of Goldman Sachs, will consider the appropriate regulatory framework for the markets. Its premise is that many current rules might be outdated and that others may have been too hastily drafted during a period of extreme regulatory difficulty two years ago.

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