Holding in-house hearings on charges the regulator itself has authorized is undermining public trust.
Over the past year or so, commentators, judges, the defense bar and Congress have assailed efforts by the Securities and Exchange Commission to move more of its enforcement actions out of federal court and into the agency's in-house hearings. At those hearings the SEC itself rules on the merits of the charges it authorized.
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Originally published in The Wall Street Journal on June 3, 2015.
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