Scalia, a go-to litigator for private equity, helps create nonprofits in Texas to bring litigation to the 5th Circuit, known for its hostility towards financial regulation.
The 5th Circuit panel, consisting only of Republican appointees, overturned SEC's anti-fraud regulations, setting a precedent that could weaken financial regulations.
Regulation plays a crucial role in preventing financial crises and ensuring economic security for citizens, but the actions of the 5th Circuit jeopardize these safeguards.
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