As Supreme Court decisions loom, a legal assault is weakening SEC’s power | Reuters

A legal assault on the U.S. Securities and Exchange Commission is chipping away at its powers to oversee Wall Street and is likely to intensify with two imminent Supreme Court rulings.

A U.S. appeals court last week overturned a major SEC rule imposing stricter oversight of private funds, in a fresh blow for Democratic Chair Gary Gensler’s ambitious agenda to boost transparency and stamp out conflicts of interest on Wall Street.

The ruling from the New Orleans-based 5th U.S. Circuit Court of Appeals is another example of how business groups are using conservative-leaning courts to overturn SEC rules, limit its ability to write similar ones and bring enforcement actions.

While the conservative “war on the administrative state” aims to weaken federal agencies across the board, Gensler’s ambitious agenda has made the SEC, which oversees around 40,000 entities, a top target.

Source: As Supreme Court decisions loom, a legal assault is weakening SEC’s power | Reuters