Conservative attack on government regulation reaches the Supreme Court

The Supreme Court is hearing arguments in a challenge to the Securities and Exchange Commission's ability to fight fraud, part of a broad attack on regulatory agencies led by conservative and business interests. The case before the justices Wednesday involves the Biden administration's appeal of a lower-court ruling that threw out stiff financial penalties imposed on hedge fund manager George R. Jarkesy by the SEC. The high court's decision could have far-reaching effects on the SEC and other regulatory agencies, and it's just one of several cases this term that could constrict federal regulators.