In a legal filing Wednesday, the administration said it would no longer defend a federal appeals court decision that upheld the commission’s use of in-house judges.
U.S. Solicitor General Noel Francisco said SEC judges are “officers,” rather than employees, making them subject to constitutional requirements about how they can be appointed. Francisco urged the high court to hear an appeal from Raymond Lucia, an investment adviser fighting a finding that he misled prospective clients.
via Trump Administration Switches Sides on Challenge to SEC Judges – Bloomberg
