The conservative ‘war on the administrative state’ aims to weaken federal agencies across the board
A legal assault on the U.S. Securities and Exchange Commission is chipping away at its powers to oversee Wall Street and is likely to intensify with two imminent Supreme Court rulings.
While the conservative “war on the administrative state” aims to weaken federal agencies across the board, Gensler’s ambitious agenda has made the SEC, which oversees around 40,000 entities, a top target. Among the cases: hedge funds are suing in the 5th Circuit to overturn SEC short-selling disclosures and in a Texas district court to kill new Treasuries trading rules, while in March business groups including the U.S. Chamber of Commerce, as well as Republican-led states, sued to block SEC climate change rules.
Speaking to Reuters last Wednesday, SEC chair Gary Gensler did not discuss the private funds ruling but noted that only a handful of dozens of rules adopted under his leadership have been litigated. And the agency has notched some notable wins, including in the 5th Circuit, on diversity rules and proxy voting, legal experts note.“We do everything according to law and how courts interpret law. If the courts interpret law differently than we thought, we adjust, we pivot,” he said.
Some cases lean on a 2022 Supreme Court decision which raised doubts over whether federal agencies have the authority to tackle major policy questions. That ruling was among the reasons the SEC scaled back its climate change rule, Reuters previously reported, and was cited in some of the March suits.
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