CPA objects to SEC penalty.
Last week, the Supreme Court agreed to hear the Securities and Exchange Commission’s (SEC) argument to block a challenge to its penalization system. Certified public accountant Michelle Cochran alleges that the SEC is in violation of the Constitution’s Article II by fining her $22,500 and banning her from practice for five years. The commission did this after an SEC judge found Ms. Cochran’s audits of publicly traded companies to be in violation of the Securities Exchange Act.
The lower courts had allowed this challenge to go through their systems because the Supreme Court had deemed the SEC judge appointment process unconstitutional in 2018. SEC judge appointment processes have now been updated, prompting President Biden’s administration to once again appeal this case to the Supreme Court.
As the Lord Leads, Pray with Us…
- For the justices of the Supreme Court to have clarity over the authority of the SEC and its judges.
- For Chairman Gensler to seek the Lord’s guidance as he heads the SEC.
- For members of the SEC as they seek to safeguard sales practices and stock trading.
Sources: The Hill, Reuters
