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U.S. Supreme Court divided over challenge to SEC in-house judges
Source: Reuters
BUSINESS NEWS APRIL 23, 2018 / 11:37 AM / UPDATED 5 HOURS AGO
U.S. Supreme Court divided over challenge to SEC in-house judges
Andrew Chung
4 MIN READ
WASHINGTON (Reuters) - U.S. Supreme Court justices on Monday appeared divided over a challenge to the constitutionality of the Securities and Exchange Commission’s selection of in-house judges to enforce investor protection laws in a case involving a former radio host and investment adviser backed by the Trump administration.
The court heard arguments in an appeal by Raymond Lucia, who was given a lifetime ban from investment-related work by an SEC administrative law judge for misleading investors in his “Buckets Of Money” retirement wealth presentations. The case could expand the control by the president and political appointees over officials in various federal agencies.
California-based Lucia argued that the SEC exceeded its authority in its hiring of the judges, violating part of the U.S. Constitution that gives the president the power to appoint certain types of federal officials.
A ruling favoring Lucia could reverberate through the federal government, which has nearly 2,000 administrative judges who decide matters as varied as unfair trade practices, veterans benefits and patent infringement. Such a ruling could make it easier for these judges to be fired by political appointees.
-snip-
U.S. Supreme Court divided over challenge to SEC in-house judges
Andrew Chung
4 MIN READ
WASHINGTON (Reuters) - U.S. Supreme Court justices on Monday appeared divided over a challenge to the constitutionality of the Securities and Exchange Commission’s selection of in-house judges to enforce investor protection laws in a case involving a former radio host and investment adviser backed by the Trump administration.
The court heard arguments in an appeal by Raymond Lucia, who was given a lifetime ban from investment-related work by an SEC administrative law judge for misleading investors in his “Buckets Of Money” retirement wealth presentations. The case could expand the control by the president and political appointees over officials in various federal agencies.
California-based Lucia argued that the SEC exceeded its authority in its hiring of the judges, violating part of the U.S. Constitution that gives the president the power to appoint certain types of federal officials.
A ruling favoring Lucia could reverberate through the federal government, which has nearly 2,000 administrative judges who decide matters as varied as unfair trade practices, veterans benefits and patent infringement. Such a ruling could make it easier for these judges to be fired by political appointees.
-snip-
Read more: https://www.reuters.com/article/us-usa-court-sec/u-s-supreme-court-divided-over-challenge-to-sec-in-house-judges-idUSKBN1HU275
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