Tomorrow the Supreme Court hears oral argument in Securities Exchange Commission v. Jarkesy, a broad challenge to the SEC's authority to use agency adjudication as a means of enforcing the nation's securities laws. This is one of seveal significant adminsitrative law cases before the Court this term, and (despite the arcane subject matter) may be the case that garners the most attention.
Jarkesy presents three separate questions about the constitutionality of administrative adjudication at the SEC:
(1) Whether statutory provisions that empower the Securities and Exchange Commission to initiate and adjudicate administrative enforcement proceedings seeking civil penalties violate the Seventh Amendment;
