Congress should give serious consideration to abolishing SEC administrative proceedings. They are not necessary to an effective securities enforcement program, and they fail to meet the standards of impartiality and fairness we expect from federal institutions.
Contrary to some observers’ fears, this would not be the end of the administrative state. It would strengthen confidence in the operations of agencies that have enforcement powers. It would say that those agencies may no longer judge their own cases and that a charge of misconduct must be supported with evidence and legal argument persuasive enough to convince an impartial and objective decisionmaker.
‘Enforcement 40’ for 2020
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