Jake Johnson is a senior editor and staff writer for Common Dreams.
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 . In the 6-3 decision, the high court's conservative supermajority deemed the SEC's in-house proceedings unconstitutional, siding with the U.S.
' 'Today's decision is another step in the long-term corporate project of neutering federal agencies' ability to protect the public from fraudsters, rip-offs, dangerous products, carbon polluters, and more,' Robert Weissman, president of Public Citizen, said in a statement. 'The decision will have near-term consequences for the financial system, as it hinders the SEC's ability to seek critical penalties.
Corporate Power National Labor Relations Board Public Citizen Revolving Door Project Sec V. Jarkesy Securities And Exchange Commission Us Chamber Of Commerce Us Supreme Court
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