The Powell Perspective™

06/06/2025

Publius

The Impact of SEC v. Jarkesy on Administrative State

The Supreme Court's decision in SEC v. Jarkesy has significant implications for the administrative state, as it ruled that the SEC cannot use in-house tribunals to impose civil penalties for securities fraud, requiring such cases to be heard in federal court where defendants are entitled to a jury trial[3][7]. This decision challenges the SEC's authority and potentially limits the use of administrative proceedings across various agencies, impacting the future of enforcement actions and the balance of power between agencies and the courts[3][5]. Full article - https://www.supremecourt.gov/opinions/23pdf/22-859_1924.pdf

The Unfolding Meaning of Jarkesy and Its Implications

The Jarkesy case has sparked debate about the administrative state and the reach of the Seventh Amendment, with the Supreme Court holding that SEC administrative proceedings violate constitutional rights by denying trial by jury[3]. This ruling not only affects the SEC but also raises questions about the broader implications for administrative law, potentially limiting agency enforcement functions and prompting defendants to claim jury trial rights in other contexts[3][2]. Full article - https://www.yalejreg.com/nc/the-unfolding-meaning-of-jarkesy-by-matthew-strada/

The RE Doctor

Commercial Real Estate in 2025: Hurdles and Horizons

This article discusses the current landscape of commercial real estate in 2025, highlighting both challenges and opportunities. The industrial sector remains strong due to e-commerce demands, while the office market is adapting to new work patterns with a focus on high-quality, sustainable spaces. Despite rising expenses and evolving market trends, there are opportunities for strategic investments and development. Full article - https://www.ccim.com/real-estate-insights/blog/commercial-real-estate-2025-hurdles-and-horizons

Statewide ADU Implementation in Massachusetts

This article details the legal status and implementation of Accessory Dwelling Units (ADUs) in Massachusetts. As of February 2, 2025, ADUs are allowed statewide by right, offering a solution to housing needs by providing more affordable housing options. The new regulations support intergenerational living and limit local restrictions on ADUs, making them a valuable tool in addressing housing affordability. Full article - https://www.abundanthousingma.org/statewide-adu-implementation/

Skier Tom

Ski Instructor Training and Certification with PSIA

PSIA (Professional Ski Instructors of America) offers comprehensive training and certification programs for ski instructors. These programs focus on developing professional skills in teaching skiing techniques, ensuring safety, and promoting inclusivity. PSIA certification is recognized worldwide and is crucial for obtaining instructor positions in U.S. ski areas. The certification process involves completing on-snow training hours, familiarizing oneself with teaching fundamentals, and understanding student needs. Full article - https://thesnowpros.org

Junior Instructor Programs and Community Impact

The PSIA Junior Instructor Program is designed for young enthusiasts aged 12-14, providing them with an opportunity to develop teaching skills and gain national recognition. This program enhances career skills such as public speaking and professionalism while fostering a passion for skiing. Participants learn through a combination of online modules and on-snow training, culminating in a portfolio that must be signed by a snowsports supervisor. Full article - https://www.mapleskiridge.com/psia-junior-instructor-ski-program

Founder's Paradox

The Perils of Founder Worship

This article discusses the dangers of elevating startup founders to mythic status and emphasizes the need for early implementation of robust governance and ethical standards. It warns that over-reliance on visionary founders can lead to weakened oversight and increased risk, especially in high-stakes or highly regulated environments. The piece highlights recent high-profile failures to underscore why startups should avoid novel board structures and not sideline basic compliance. Investors are encouraged to conduct thorough due diligence and insist on legal accountability, as private ordering and founder reverence are not enough to protect companies, employees, or the public. Startups are urged to treat governance not as a burden, but as a strategic advantage for long-term success—linking leadership, decision-making, founder psychology, and business structure. Full article - https://clsbluesky.law.columbia.edu/2025/05/20/the-perils-of-founder-worship/

Startup Evolution: Laying the Groundwork with Boards, Bylaws, and Operating Agreements

This article outlines the importance of early corporate governance in startups, focusing on the practical steps founders can take to protect their innovation and guide business growth. It explains how, after safeguarding intellectual property, startup teams should establish a board of directors and adopt formal bylaws and operating agreements that clearly delineate roles and responsibilities. By building strong governance from the outset, startups mitigate litigation risks and provide a foundation for strategic decision-making and high-stakes leadership. The piece highlights the significance of maintaining flexibility, encouraging transparency, and preparing for future growth by embedding good governance practices early in the company lifecycle. Full article - https://klehr.com/publications/startup-evolution-a-year-long-journey-through-a-founders-toolkit-early-corporate-governance-laying-the-groundwork-with-boards-bylaws-operating-agreements/

Secrets of Capital Raising

Private Equity Outlook 2025: Is a Recovery Starting to Take Shape?

This article discusses the outlook for private equity in 2025, highlighting a potential recovery. Dealmaking rebounded in 2024, but regaining fund-raising momentum may take longer. The report emphasizes the importance of strategic dealmaking and navigating changing market conditions. Full article - https://www.bain.com/insights/outlook-is-a-recovery-starting-to-take-shape-global-private-equity-report-2025/

Alternative Investments in 2025: Our Top Five Themes to Watch

This article focuses on alternative investments, including private equity, and outlines key themes for 2025. It notes the beneficial effects of lower rates and deregulation on private equity, alongside resilient growth. The report highlights strategic opportunities in sectors like energy and renewables, focusing on tangible returns and emerging technologies. Full article - https://www.jpmorgan.com/insights/investing/investment-strategy/alternative-investments-in-2025-our-top-five-themes-to-watch