1. The Dodd-Frank Act's Status on Proxy Access President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law on July 21, 2010. The Dodd-Frank Act passed the SEC's Proxy Access Rule by stating explicitly "A requirement that a solicitation of proxy, consent, or authorization by (or on behalf of) an issuer include a nominee submitted by a shareholder to serve on the issuer's board of directors." The Dodd-Frank Act also ensures to the SEC explicit authority to issue shareholder proxy access rules and signaling congressional support for such rules by stating: "The Commission may issue rules permitting the use by a shareholder of proxy solicitation materials provided by a issuer of securities for the purpose of appointing individuals as members of the board of directors of the issuer, under such terms and conditions as the Commission determines to be in the interests of shareholders and for the protection of investors. with the filing of the Business Roundtable complaint, the Dodd-Frank Act's grant of such statutory authority to the SEC was necessary to erase such doubts. And the SEC has already taken advantage of that authority and passed a rule allowing shareholders who own at least 3% of a company's stock to include nominees in up to 25% of executive positions.2. Events Related to the Evolution of the Dodd-Frank Act In the evolution of the Dodd-Frank Wall Street Reform and Consumer Protection Act, there were two events that influenced the characteristics of the proxy access rules that the SEC ultimately approved. The first event is that Senator Ch...... middle of paper ......is two years old. Research by David Larcker et al at Stanford Business School shows that stock prices react negatively to proxy access regulations.Notes:1. Frank, Barney. “Dodd-Frank Wall Street Reform and Consumer Protection Act.” The Library of Congress, July. vol. 21.2010.2. Cohn, Jonathan, Stuart Gillan, and Jay Hartzell. “On Strengthening Shareholder Control: A (Dodd-)Frank Assessment of Proxy Access.” Available at SSRN 1742506 (2012).3. Sharfman, Bernard S. “Why Proxy Access is Bad for Corporate Governance.” Journal of Corporate Law 37.2 (2012): 387-413.4. Becker, Bo, Daniel Bergstresser, and Guhan Subramanian. Does shareholder proxy access improve firm value? Evidence from the Business Roundtable Challenge. No. w17797. National Bureau of Economic Research, 2012.5. Fisch, Jill E. “Destructive Ambiguity of Access to Federal Prosecutors” Emory LJ61 (2011): 435.