Administration Questions Validity of SEC Judges

WSJ writes

The Trump administration on Wednesday abandoned its defense of the Securities and Exchange Commission’s in-house judicial system, siding with opponents who say the hiring process for the SEC’s judges is unconstitutional. In a brief filed with the U.S. Supreme Court, lawyers for the Justice Department wrote they now consider the SEC’s administrative law judges to be officers like other presidential appointees, instead of employees who are picked through a human-resources process. That means the way the SEC hires the judges may violate a constitutional clause that safeguards separation-of-powers principles.

The Justice Department’s brief didn’t explicitly describe the judges’ appointments as unconstitutional, but said the selection process for the in-house judge at issue in the case “did not conform” to a constitutional requirement. Mark Perry, a partner at Gibson, Dunn & Crutcher LLP who represented the challengers, said the Supreme Court’s involvement is still needed to resolve a disagreement between lower courts over the judges’ status. The Supreme Court would have to appoint an outside party to argue the case since the Justice Department has turned its back on defending it, the brief says. “We are one step closer to victory,” Mr. Perry said Wednesday.

The SEC didn’t sign the Justice Department’s brief. The regulator likely felt it couldn’t join the position because SEC commissioners have previously issued opinions in contested cases stating that judges are employees, not officers, said Andrew Vollmer, a professor at the University of Virginia School of Law and a former deputy general counsel of the SEC. An SEC spokesman declined to comment.



 シカゴ大学の教授陣が2011年に法と経済学の未来についてのエッセーを執筆している。Richard Posner裁判官及びBecker教授の随筆など、興味深いものが多いが、Eric Posner教授の随筆で興味深い記述があった。


  • 契約
  • 商法
  • 破産法
  • 独占禁止法
  • 会社法
  • 証券法


  • 不法行為法
  • 刑法
  • 財産法
  • 民事訴訟法


  • 憲法
  • 移民法
  • 行政法
  • 国際法


Also Professor Wright

In Pursuit of the Perfect Portfolio: Eugene F. Fama

via Barry Ritholtz

  • 効率的市場仮説(efficient market hypothesis)という名称について

FAMA: A kind of bad choice though.

LO: Why do you say that?

F: Because it gets mixed with efficient portfolios. …. I don’t know what is the alternative.







〔追記2016年10月14日〕 CINIIからデータをダウンロードして更新しました。


Shareholder Rights Projectについての議論

Harvard大学のShareholder Rights Projectは,期差選任の上場会社を減少させるという成果を短期間で挙げたため,注目される存在だと思います。同プロジェクトの活動の合法性について疑義を表する論文が,スタンフォード大学の教授および現役の連邦証券取引委員会の委員から呈されました。