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Tees and sees apply, Samsung.com pricing shown. This is Texas.

This is CBS.

I'm John Bachelor.

The Fifth Circuit, Federal Circuit Court of Appeals, this is Texas.

Richard Epstein of the Hoover Institution guides me to this document dated May 2022. Congress has given the Securities and Exchange Commission's

substantial power to enforce the nation's security laws. It often acts as

both prosecutor and judge and its decisions have broad consequences for personal

liberty and property.

But the Constitution constrains the SEC's powers by protecting individual rights and the prerogatives of other branches of government.

This case is about the nature and extent of those constraints in securities fraud cases in which the SEC seeks penalties. The case is

Jarkesi. I welcome Richard Epstein of the Hoover Institution. He is a senior

fellow, he teaches law at NYU and the University of Chicago and he is my guide

through what Richard explains to me his constitutional history and an absence of clarity

about the SEC's powers since the New Deal.

Richard, a very good evening to you.

This case recently handed down, two to one decision in the Fifth Circuit

...