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We the People

The Future of the Securities & Exchange Commission

We the People

National Constitution Center

History, News Commentary, News

4.61K Ratings

🗓️ 1 December 2023

⏱️ 50 minutes

🧾️ Download transcript

Summary

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) Questions or comments about the show? Email us at [email protected].  Continue today’s conversation on Facebook and Twitter using @ConstitutionCtr.  Sign up to receive Constitution Weekly, our email roundup of constitutional news and debate, at bit.ly/constitutionweekly.  You can find transcripts for each episode on the podcast pages in our Media Library.

Transcript

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0:00.0

On November 29th, the Supreme Court heard oral arguments in Securities and Exchange Commission versus Jarkasy.

0:07.0

The case involves three separate constitutional challenges to the structure of the SEC,

0:11.0

and it could reshape the ability of the SEC and it could reshape the

0:13.2

ability of the government to regulate the securities markets.

0:17.6

Hello friends, I'm Jeffrey Rosen, president and CEO of the

0:20.2

National Constitution Center and welcome to We the People, a weekly show of

0:24.0

constitutional debate. The National Constitution Center is a nonpartisan nonprofit chartered

0:28.8

by Congress to increase awareness and understanding of the Constitution among the American people.

0:34.8

In this episode, we'll break down the arguments in this important case.

0:38.2

We'll touch on the non-delegation doctrine, the scope of presidential authority, and the right to a jury trial and we'll hear from

0:45.3

our guests about how the case might shape the future of the administrative state.

0:50.3

Joining me to explore these questions are Noah Rosenblum, assistant professor of law at

0:55.4

NYU and Alan Werman, assistant professor at the Sandra Day O'Connor College of Law at Arizona State

1:01.8

University.

1:03.0

Noah Rosenblum's an assistant professor of law at NYU school of law where he was previously

1:07.4

the Samuel I Goli fellow in legal history.

1:10.8

He works on state and federal administrative law among other topics and he recently wrote a piece in the Atlantic on the SEC case,

1:19.0

the case that could destroy the government.

1:21.0

Noah, it is wonderful to welcome you to We The People.

1:25.0

Thank you for having me, so delighted to be here.

1:28.0

And Alon Worman is associate professor at the Sandra Day O'Connor College of Law at Arizona State

1:32.2

University where he teaches administrative law and constitutional law.

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