Ms. White probably will go down in history as one of the SEC’s most effective and successful leaders. In its 2015 fiscal year, the agency brought 807 enforcement cases, an unprecedented number, and secured orders directing penalties and disgorgement totaling $4.2 billion, an all-time high. There is no need to conscript Google, Yahoo and others to snoop into Americans’ emails. The SEC can obtain emails as it always has, by directly subpoenaing the people it is investigating, which allows the recipient’s attorney to review and object before any email or file is handed over.
The power to obtain emails through the back door should be left to criminal agencies like the Justice Department, where constitutional and statutory privacy protections are safeguarded by vigorous and established judicial oversight.
‘Enforcement 40’ for 2020
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