SEC’s Appointments of ALJs Held Unconstitutional

By Andrew Friedman By a 7-2 vote in Lucia v. Securities and Exchange Commission, the U.S. Supreme Court held that the SEC’s cadre of administrative law judges (ALJs) are “inferior officers” who may be appointed by the President, the courts or heads of departments…but not SEC staff. The Commission has delegated ALJ appointments to its staff … More SEC’s Appointments of ALJs Held Unconstitutional