Regulatory challenges based on the process of analyzing costs and benefits are only the beginning of wider consideration of the economic consequences of regulation, the financial industry’s leading lawyer in the issue said on Wednesday. The remarks by Eugene Scalia come on the heels of two major challenges against the Volcker rule and the cross-border swaps transaction rules in the last few weeks. In an environment of greater analysis and new rules in the pipeline, more legal challenges can be expected. The issue was part of an address by Scalia, a partner at Gibson, Dunn & Crutcher, and son of Supreme Court Justice Antonin Scalia. The discussion was held at the Securities Industry and Financial Markets Association (SIFMA), which the younger Scalia has represented in filing such lawsuits. These include arguing the current case against the Commodity Futures Trading Commission’s cross-border rule, and previously on CFTC position-limits rules. When regulating financial activities, Scalia
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