![US Supreme Court questions SEC's regulatory powers](https://photo-cdn.urdupoint.com/images/UrduPoint-English-22.png)
US Supreme Court Questions SEC's Regulatory Powers
Muhammad Irfan Published November 30, 2023 | 10:00 AM
![US Supreme Court questions SEC's regulatory powers](https://photo-cdn.urdupoint.com/images/UrduPoint-English-22.png)
Washington, (APP - UrduPoint / Pakistan Point News - 30th Nov, 2023) The US Supreme Court on Wednesday heard the second of three cases the majority conservative bench will consider this term that could significantly curtail Federal regulatory authorities.
Wednesday's case challenges a tribunal system used by the Securities and Exchange Commission (SEC) to rule on fines issued by the agency.
A lower decision by a deeply conservative federal appeals court ruled in favor of plaintiff George Jarkesy, the founder of an investment fund who had been fined $300,000 for securities fraud and ordered to repay $685,000 in "illicit gains."
The discussion at the Court on Wednesday focused on whether Congress's authorization of the SEC to impose sanctions through its own administrative judges violated the right to trial by jury, enshrined in by the Seventh Amendment to the Constitution.
The six conservative judges, including Chief Justice John Roberts, raised numerous objections to calls by the Justice Department lawyer, Brian Fletcher, for the complete annulment of the decision by the appeals court.
"What sense does it make to say the full constitutional protections apply when a private party is suing you, but we're going to discard those core constitutional historic protections when the government comes at you for the same money?" said conservative judge Brett Kavanaugh.
The 1977 ruling invoked by the government is "50 years old.
And the extent of impact of government agencies on daily life today is enormously more significant than it was 50 years ago," said Roberts.
"This is not your grandfather's SEC, right?" added Neil Gorusch, another conversative.
Two other major cases on the federal regulatory authority will be decided this term by the court, which has a 6-3 conservative majority.
On October 3, most of the nine justices expressed skepticism over arguments in favor of upholding the same appeals court's decision that ruled funding for the Consumer Financial Protection Bureau (CFPB) to be unconstitutional. The CFPB was created after the financial crisis of 2008.
On their January docket is a case that stems from a requirement that herring fishermen in New England provide space onboard their vessels for observers from the National Marine Fisheries Service (NMFS).
Several fishing companies complained that they are being effectively forced to pay for the federal observers who are monitoring their operations.
A split appellate court ruled that the NMFS program was authorized under a 1984 ruling by the Supreme Court known as the "Chevron Doctrine" that says courts should defer to government agencies' interpretation of ambiguous federal laws.
The Supreme Court will issue its rulings in the cases by the end of June.
Related Topics
Recent Stories
![Cricket: England v West Indies 3rd Test scoreboard](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019914.jpg)
Cricket: England v West Indies 3rd Test scoreboard
![Finance minister briefs Chinese officials on refor ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019922.jpg)
Finance minister briefs Chinese officials on reform agenda, engagement with IMF
![Finland says Russian vessel violated its territori ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019912.jpg)
Finland says Russian vessel violated its territorial waters
![Olympic opening ceremony under way on River Seine](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019266.jpg)
Olympic opening ceremony under way on River Seine
![West Indies' treble strike rocks England in third ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019264.jpg)
West Indies' treble strike rocks England in third Test
![Ukraine court orders detention of suspect in murde ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019262.jpg)
Ukraine court orders detention of suspect in murder of nationalist ex-MP
![Long queues, ticketing problems ahead of Paris ope ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019015.jpg)
Long queues, ticketing problems ahead of Paris opening ceremony
![Rana Sanaullah Khan joins Paris 2024 Olympics inau ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019638.jpg)
Rana Sanaullah Khan joins Paris 2024 Olympics inauguration reception
![Glowing tributes mark 69th birthday of President Z ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019637.jpg)
Glowing tributes mark 69th birthday of President Zardari at Governor's House
![Players unaware of spying scandal as Canada Olympi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019635.jpg)
Players unaware of spying scandal as Canada Olympic coach sent home: official
![Naqvi hails Pak women cricketers for going down fi ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019013.jpg)
Naqvi hails Pak women cricketers for going down fighting against SL
!['Sabotage' on French rail network before Olympics: ..](https://photo-cdn.urdupoint.com/media/2024/07/_1/235x155/pic_1722019634.jpg)
'Sabotage' on French rail network before Olympics: What we know
More Stories From World
-
Biden talks Gaza ceasefire efforts with king of Jordan
5 hours ago -
Sinaloa Cartel co-founder pleads not guilty after stunning US capture
5 hours ago -
Panama says Venezuela blocked ex-presidents going to observe polls
5 hours ago -
Ethiopia mourns victims of landslide tragedy
6 hours ago -
Khan Yunis fighting displaces 180,000 Gazans in four days: UN
6 hours ago -
Trump slams rivals as he meets Netanyahu in Florida
6 hours ago
-
Obama & his wife, Michelle, officially endorse US VP Kamala Harris for president
6 hours ago -
Rain, cooling slow huge blaze in Canada's Jasper park
6 hours ago -
Airbus and Boeing supremacy secure despite turbulence
6 hours ago -
S.African police detain 95 Libyans at suspected military camp
6 hours ago -
'Slapping therapist' guilty over UK diabetic woman's death
7 hours ago -
Panama says Venezuela blocked flight of ex-presidents going to observe polls
7 hours ago