The Future of the Securities & Exchange Commission

On Wednesday, November 29, the Supreme Court heard oral arguments in Securities and Exchange Commission v. Jarkesy. The case involves three constitutional challenges to the agency, involving the right to a jury trial; the nondelegation doctrine; and the scope of executive power. In this episode, Noah Rosenblum, assistant professor of law at NYU, and Ilan Wurman, assistant professor at the Sandra Day O’Connor College of Law at Arizona State University, join Jeffrey Rosen to break down the arguments in the case, which pits the federal regulatory agency against a hedge fund manager charged with securities violations. They break down the constitutional claims at play, and discuss how the case could affect the future of the SEC and the modern administrative state as we know it. 

Resources: 

• SEC v. Jarkesy (oral argument via CSPAN; transcript) 
• Noah Rosenblum, “The Case That Could Destroy the Government,” The Atlantic (Nov. 27, 2023) 
• Ilan Wurman, Brief in Support of Neither Party, SEC v. Jarkesy  
• Ilan Wurman, “Nondelegation at the Founding” (Yale L.J. 2021) 
• Julian Davis Mortenson & Nicholas Bagley, “Delegation at the Founding,” (Columbia L.Rev. 2021) 

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You can find transcripts for each episode on the podcast pages in our Media Library.