Watchdogs warn the decision could have implications that extend beyond the Securities and Exchange Commission.
The U.S. Supreme Court on Thursday ruled along ideological lines that the Securities and Exchange Commission cannot use in-house legal proceedings to civilly penalize fraudsters, a decision that could strike a devastating blow to federal agencies’ ability to fight corporate crime., the high court’s conservative supermajority deemed the SEC’s in-house proceedings unconstitutional, siding with the U.S.
Congress would have to give a bunch of federal agencies VASTLY more money and personnel to handle all the jury trials they would need to conduct to patch the hole that SCOTUS just blew in their enforcement powers. It won't happen. This case will just let lawbreakers off the hook.
As a result of Thursday’s ruling, said Weissman, some federal agencies “will need new authority from Congress, which is not doing much legislating, in order to be able to enforce the law.”
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