To preserve a key avenue for its enforcement actions, the SEC petitioned the U.S. Supreme Court to reverse the U.S. Court of Appeals for the Fifth Circuit’s 2022 decision that SEC enforcement proceedings before an administrative law judge were unconstitutional. The line of questioning during recently completed oral arguments before the Court potentially offers an indication about the Jarkesy ruling expected later in 2024. In an interview, Schulte Roth partner John P. Nowak shares insights on how the parties’ arguments have been received, as well as the potential outcomes and impacts of a ruling. See “Agency Power and Adjudication: The Government Seeks Supreme Court Review of Jarkesy v. SEC” (Jun. 21, 2023).