A new bill in Congress seeks to curb securities regulators’ purported in-house advantage over defendants who are brought before the agency’s administrative law judges. But law scholars who have crunched the numbers say the legislation is inspired by incomplete data.
Rep. Scott Garrett, R-New Jersey, last month introduced the Due Process Restoration Act of 2015, which gives targets of the U.S. Securities and Exchange Commission the right to terminate any proceeding the agency brings in front of an administrative law judge rather than in a U.S. district court. The bill would also boost the government’s standard of proof for any defendant who keeps a case in the administrative venue.
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