After the Securities and Exchange Commission (SEC) determines that an enforcement investigation has unearthed evidence of a violation of the securities laws, the agency can institute an action for an injunction in a federal district court, refer the matter for criminal prosecution to the Department of Justice, or institute an administrative proceeding before an administrative law judge (ALJ).
All ALJs are hired by the commission’s Office of Human Resources with input from the chief ALJ and the U.S. Office of Personnel Management. The commission has no direct role in hiring the ALJs.1 Even though ALJs are SEC employees, their hiring process and other procedures are an effort to maintain the independence of the ALJs.
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