Please note: On May 18, 2016, Mr. Stephen M. Silberstein withdrew his petition before the D.C. Circuit. Mr. Silberstein’s Stipulation of Voluntary Dismissal can be found here.
“…Fundamentally, by means of this year’s Consolidated Appropriations Act, Congress and the President have precluded the Commission from acting upon Mr. Silberstein’s request. This fact is sufficient to deny the Petition, on the merits or otherwise. Moreover, the Act explicitly demonstrates Congress’s position that this policy question is not a priority for the Securities and Exchange Commission, especially where mandatory rulemaking stemming from previous legislation remains unfinished.
But even without this binding statutory language, the Petition vastly overstates both the merits of the underlying rulemaking petition and the public interest implicated therein. While the Petition bears every indication that Mr. Silberstein is motivated by his passionate views on campaign finance law, and his civic engagement is commendable, the Petition nonetheless fails to establish how such rulemaking would further the SEC’s core mission, and it does not support the issuance of a writ of mandamus.”