The U.S. Supreme Court's conservative justices questioned the constitutionality of the Securities and Exchange Commission's ability to take enforcement actions outside of the court system during oral arguments.
Jarkesy raised three arguments against the SEC's case against him. First, he said that it was an unconstitutional delegation of power for Congress to allow federal agencies to conduct administrative proceedings. Second, he alleged that those proceedings violated his 7th Amendment right to a trial by jury. And, third, he argued that the administrative law judges, who oversee such proceedings, are unconstitutionally protected from removal by the president.
Two conservative judges on the U.S. Court of Appeals for the 5th Circuit agreed with Jarkesy's arguments in 2022, ruling that Congress "unconstitutionally" provided the SEC with the power to choose whether to bring proceedings inside the agency or in federal courts.
#U.S. Supreme Court #Conservative Justices #Securities and Exchange Commission #Federal Agencies #Administrative Proceedings
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