BACK TO NACUANOTEFN4. The Rules
implementation date was initially set for January 15, 2009, 60 days after the Rule was
published in the Federal Register. See id. at. 67,651.
However, the effective date of the Rule was delayed several times (to May
19, 2009, June 30, 2009, then finally September 8, 2009) so that President Barack
Obamas Administration could review the Rule and briefing could take place in a lawsuit filed by the U.S.
Chamber of Commerce in federal court in Maryland requesting that the Rule be declared
invalid. On July 8, the Administration indicated its
full support of the Rule, and on August 26, the federal court upheld the Rule
and dismissed the suit by the Chamber. Although
the Chamber appealed the ruling and requested expedited consideration of its emergency
motion to enjoin the Rule pending appeal, the federal court denied the motion. The Rule thus became effective September 8, 2009. See infra. |