Oxfam’s lawsuit is the latest escalation in a pitched battle between activists and the business community over the rule. While activists and Democratic lawmakers have sought a stronger interpretation of the legislation, industry has fought hard to weaken the proposed rules, if not push the SEC to start over from scratch.
The nonprofit said it told the SEC on April 16 it would file suit if it did not issue the rule within 30 days. Oxfam noted in its statement that it has made numerous submissions to the SEC and has had multiple meetings with its staff about the rule, noting that investors also need a strong rule.
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