U.S. Securities and Exchange Commission building in Washington, D.C. January 5, 2019.

 

In a landmark ruling on June 27, the Supreme Court dramatically curtailed administrative enforcement powers that federal agencies have wielded for over a century. Until now, Congress enjoyed broad discretion to task agencies with policing rules governing vast areas of society by imposing fines in administrative settings. Those days appear to be over.

George Canellos, partner at Milbank. Courtesy Photo