SEC v. Cochran
SEC v. Cochran
SEC v. Cochran
21-1239
In The
___________
SECURITIES AND EXCHANGE COMMISSION, ET AL.,
Petitioners,
v.
MICHELLE COCHRAN,
Respondent.
___________
On Writ of Certiorari
to the United States Court of Appeals for the
Fifth Circuit
___________
BRIEF OF THE CATO INSTITUTE AS AMICUS
CURIAE IN SUPPORT OF RESPONDENT
___________
Clark M. Neily III
Counsel of Record
Jennifer J. Schulp
William M. Yeatman*
CATO INSTITUTE
1000 Mass. Ave., NW
Washington, DC 20001
(202) 842-0200
[email protected]
QUESTION PRESENTED
Whether a federal district court has jurisdiction to
hear a suit in which the respondent in an ongoing
Securities and Exchange Commission administrative
proceeding seeks to enjoin that proceeding, based on an
alleged constitutional defect in the statutory provisions
that govern the removal of the administrative law judge
who will conduct the proceeding.
ii
TABLE OF CONTENTS
Page
TABLE OF AUTHORITIES
Page(s)
Cases
Free Enter. Fund v. Pub. Co. Acct. Oversight
Bd., 561 U.S. 477 (2010)................................... 4, 11
Lucia v. SEC, 138 S. Ct. 2044 (June 21,
2018)........................................................................ 8
United States v. Arthrex, Inc., 141 S. Ct.
1979 (2021) ............................................................. 6
Regulations
17 C.F.R. § § 201.900 ................................................. 7
17 C.F.R. § 201.155 .................................................... 5
17 C.F.R. § 201.233 .................................................... 2
17 C.F.R. § 201.360 ................................................ 6, 7
17 C.F.R. § 201.410 .................................................... 7
17 C.F.R. § 201.411 .................................................... 7
17 C.F.R. § 201.451 .................................................... 7
17 C.F.R. § 201.542 .................................................... 7
60 Fed. Reg. 32,738, 32,738 (June 23, 1995) ............. 4
68 Fed. Reg. 35,787, 35,787 (July 17, 2003).............. 4
81 Fed. Reg. 50,212, 50,213 (July 29, 2016).............. 6
Other Authorities
Alexandre S. Clug et al., Exchange Act
Release No. 10886, Admin. Proc. File No.
3-16318 (Nov. 9, 2020) ........................................ 3, 8
iv
6 Available at https://tinyurl.com/2mhwnt9a.
7 Available at https://tinyurl.com/3r6sekx3.
11
Respectfully submitted,
July 7, 2022