2012-10-01 — americanbanker.com
``Meanwhile, Dodd-Frank suffered a legal defeat on Friday when a federal judge ruled against the Commodity Futures Trading Commission's "so-called position limits rule," which caps the number of derivatives contracts a trader can hold on certain commodities. Judge Robert L. Wilkins vacated the rule because he felt the agency did not have a clear mandate to impose it. His decision sends the rule back to the CFTC for "further proceedings," but the Times seems to believe the agency will appeal, citing CFTC chairman Gary Gensler's statement that it is "considering ways to proceed." Either way, the paper says the judge's ruling "is sure to embolden Wall Street as it shifts the attack on Dodd-Frank from piecemeal lobbying to broader legal challenges," especially since, last summer, a federal appeals court overturned a Dodd-Frank provision that would have allowed shareholders to oust company directors.''
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