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SEC’s Cozy In-House Courtroom Under Siege By All Branches Of Government

Does anybody trust the SEC anymore?
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Who could object to this?

For the last five years, the Securities and Exchange Commission has enjoyed the right to drag people in front of judges who happen to work for it for the swift administration of justice in all sorts of things. And when people would whine about it, the SEC would—not unfairly—point out that it was just doing what Congress told it to do in the 2010 Dodd-Frank law, although this argument appears to carry less and less water these days. Still, what Congress giveth it can taketh away, and Rep. Scott Garrett—perhaps concerned that altogether too many Republicans were getting large bills from an SEC judge under a law that he probably doesn’t like anyway—is ready to do some taking.

Rep. Scott Garrett, (R., N.J.), the chairman of the House Financial Services subcommittee on capital markets, said in an interview he plans to introduce a bill that would give defendants the right to choose a trial by a federal judge or jury, rather than before one of the SEC’s five administrative law judges….

Mr. Garrett said the SEC’s much higher success rate against defendants in contested cases heard before its own judges, as opposed to federal court, raised concerns about the fairness of the agency’s tribunal.

SEC Faces New Attack on In-House Judges [WSJ MoneyBeat blog]



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