Gary Gensler

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Key Figures

The Supreme Court ruled 6-3 that the SEC violated the Seventh Amendment by imposing civil penalties for securities fraud through its internal administrative law judge tribunals rather than in federal court with a jury. Chief Justice Roberts wrote that securities fraud resembling common-law fraud must be tried before juries, and civil monetary penalties are punitive remedies historically available only in courts of law. Justice Sotomayor's dissent warned that more than two dozen federal agencies use similar in-house proceedings, threatening the entire modern administrative enforcement framework.

The Securities and Exchange Commission, under Chair Gary Gensler, finalizes rules requiring public companies to disclose climate-related risks and greenhouse gas emissions in their annual filings. The rules require large accelerated filers to disclose Scope 1 and 2 emissions (direct emissions and those from purchased energy) and material climate risks to their business operations. The rules are the first of their kind in the US and represent a major victory for investors seeking comparable, consistent climate data. Industry groups immediately challenge the rules in court and the SEC pauses their effective date pending litigation. Critics argue the rules were weakened significantly from the original 2022 proposal by dropping Scope 3 (supply chain) emissions disclosures.