Chamber Sues SEC Over Share Repurchase Rules

On Friday, the U.S. Chamber of Commerce announced that, together with the Texas Association of Business and the Longview Chamber of Commerce, it had filed litigation in the Fifth Circuit against the SEC to prevent implementation of the SEC's new rulemaking about stock buybacks (see this PubCo post). According to the press release, the lawsuit challenges the SEC's rule under the Administrative Procedure Act and the Constitution: the SEC's "mandatory disclosure requirements not only risk the public airing of important managerial decisions but also compel speech in violation of the First Amendment." The Chamber has been openly hinting at this course of action (see this press release), so it's not much of a surprise. The initial filing is in the form of a petition, simply asking the court to review the order of the SEC approving the final rule, Share Repurchase Disclosure Modernization, entered on May 3, 2023.