SCOTUS shakes up SEC
Make Me Smart
Marketplace
4.6 • 5.5K Ratings
🗓️ 27 June 2024
⏱️ 13 minutes
🧾️ Download transcript
Summary
The U.S. Supreme Court dealt a huge blow to the Securities and Exchange Commission today when it ruled against its use of in-house judges to enforce securities fraud laws. We’ll get into why the decision will make the SEC’s job harder and what it could mean for other federal agencies. Plus, we’ll bust a common myth about Social Security and explain why homeownership is key factor in how Americans are faring in this economy.
Here’s everything we talked about today:
- “US Supreme Court faults SEC’s use of in-house judges in latest curbs on agency powers” from Reuters
- “The Supreme Court’s chaotic SEC v. Jarkesy decision endangers ‘hundreds of statutes'” from Vox
- “Social Security cuts are inevitable by 2035 unless lawmakers act” from Marketplace
- “How the Inflation Reduction Act could change the future of one Native American reservation” from Marketplace
- “Credit card delinquencies are climbing” from Marketplace
- “Are we living in a K-shaped economy?” from Marketplace
We love to hear from you. Send your questions and comments to makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.
Transcript
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| 0:00.0 | All right. If you're ready, I believe Drew is ready. If Drew is ready, then we're all ready. |
| 0:07.0 | If Drew is ready, we are all ready. |
| 0:10.0 | That's perfect. |
| 0:11.0 | We're rolling this podcast. |
| 0:12.0 | Hey everybody, I'm Kyleaya Rizdahl. |
| 0:13.0 | Welcome back to Make Me Smart. |
| 0:15.0 | Where we make today makes sense. |
| 0:16.0 | And I'm Kimberly Adams. |
| 0:18.0 | Thank you everyone for joining us. |
| 0:19.0 | It's Thursday, June 27th. |
| 0:21.0 | We are going to listen back today, as we do on Thursdays to some of the |
| 0:24.4 | big stories of the week. We've got some audio clips lined up as we do on Thursdays. |
| 0:28.3 | Here's one about a Supreme Court decision that came out this morning. |
| 0:31.6 | The SEC uses this in-house tribunal system. Supreme Court decision that came out this morning. |
| 0:32.5 | The SEC uses this in-house tribunal system to try hundreds of fraud cases a year and now that |
| 0:37.7 | power is going to be pulled back by the highest court in the land. |
| 0:41.3 | Essentially what the Supreme Court has decided here is that those fraud defendants do have a right |
| 0:45.6 | to a jury trial rather than being tried by the in-house judges at the SEC. |
| 0:50.0 | And this potentially is removing a key enforcement mechanism for these securities and |
| 0:54.4 | Exchange Commission. |
| 0:55.4 | Ah yes, the Seventh Amendment, you shall have a right to trial by jury. |
| 0:59.8 | So the Supreme Court this morning, that was Kaye Lens, by the way, on Bloomberg TV today, talking about |
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