The Powell Perspective™

05/22/2025

Publius

SEC v. Jarkesy: Constitutional Limits on SEC Enforcement Powers

This article details the U.S. Supreme Court's landmark 2024 decision in Securities and Exchange Commission v. Jarkesy, which held that defendants are entitled to a jury trial under the Seventh Amendment when the SEC seeks civil penalties for securities fraud. The ruling invalidated the SEC’s long-standing practice of using in-house administrative law judges to impose such penalties, significantly limiting the SEC’s enforcement capabilities and requiring civil penalty cases to be brought in federal courts. This decision also raises important constitutional questions about the administrative state, government overreach, and the protection of civil liberties within regulatory frameworks. The article explores the legal strategy implications, judicial precedents, and the broader impact on federal agencies’ administrative authority.
Full article - https://www.scotusblog.com/cases/case-files/securities-and-exchange-commission-v-jarkesy/

The Post-Jarkesy Landscape: SEC Enforcement and Administrative State Challenges

This article analyzes the aftermath of the Supreme Court’s ruling in SEC v. Jarkesy and its transformative effects on the SEC’s enforcement strategy and the administrative state at large. It highlights how the decision narrows the SEC's authority to conduct civil administrative actions for securities fraud without a jury trial, compelling the agency to shift enforcement actions to federal courts. The piece also discusses the strategic defense opportunities for defendants facing SEC enforcement, the constitutional debates over separation of powers, and the ongoing tension between regulatory frameworks and civil liberties protections. Furthermore, it considers how this ruling affects judicial precedent and the future approach of regulatory bodies toward administrative adjudications.
Full article - https://blog.counselstack.com/jarkesy-v-sec-supreme-court-limits-in-house-penalties/

The RE Doctor

Chicago’s Hidden Housing Solution: How Additional Dwelling Unit Expansion Can Make the City More Affordable

This article explores how the expansion of Additional Dwelling Units (ADUs) in Chicago offers a creative solution to the city’s housing affordability crisis. It discusses the current ordinance’s limitations, including pilot area restrictions and requirements in certain zones, and recommends 12 key expansions to unlock increased housing production. The piece argues that loosening regulations and increasing ADU development could provide more workforce and multi-generational housing options, ultimately making Chicago more affordable for a broader population. Full article - https://www.illinoispolicy.org/reports/chicagos-hidden-housing-solution-how-additional-dwelling-unit-expansion-can-make-city-more-affordable/


Commercial Real Estate in 2025: Hurdles and Horizons

This article provides an overview of the challenges and opportunities in the commercial real estate market as of 2025. It highlights the continued strength of the industrial sector due to e-commerce and logistics demand, as well as the ongoing adaptation of office spaces to new work patterns. The piece also discusses how rising rents, stabilized vacancies, and tenant preferences for high-quality, sustainable spaces are shaping investment strategies and urban planning considerations. Full article - https://www.ccim.com/real-estate-insights/blog/commercial-real-estate-2025-hurdles-and-horizons

Skier Tom

PSIA Certification and Training for Ski Instructors

PSIA-AASI offers comprehensive training and certification for ski instructors, focusing on professional development and education across multiple disciplines. The organization provides standards, training, and certification for U.S. ski and snowboard instructors, with certifications recognized worldwide. Programs like the PSIA Level 1 and Level 2 certification courses are designed to prepare instructors for exams and enhance their teaching skills. These courses often include on-snow training, video analysis, and access to lift-line privileges, making them ideal for aspiring instructors. Full article - https://thesnowpros.org/get-certified/

Junior Instructor Program for Community Impact

The Junior Instructor Program by PSIA-AASI is an innovative initiative aimed at fostering the next generation of snowsports instructors. This program combines online and in-person training, allowing young enthusiasts to earn a Level I Instructor certification. It emphasizes community involvement by connecting students with local snowsports schools, where they can shadow experienced instructors and develop their skills. The program requires completing on-snow training, shadowing lessons, and demonstrating minimum ski or ride ability. Upon completion, participants receive a nationally recognized certification, promoting community engagement and leadership in mountain sports. Full article - https://thesnowpros.org/get-certified/junior-instructor-program/

Founder's Paradox

The Perils of Founder Worship

This article explores the risks associated with elevating startup founders to near-mythical status, warning that such founder worship can undermine necessary governance structures. It argues for the early adoption of governance standards, stronger venture capital due diligence, and adherence to regulatory compliance, particularly in high-risk sectors. The article emphasizes that startups should not bypass legal norms simply because they are mission-driven, underscoring the importance of corporate governance in protecting investors, employees, and the public, as highlighted by examples like the FTX collapse. It calls for a balanced approach where founder influence is carefully checked by formal governance to ensure accountability and sustainability. Full article - https://clsbluesky.law.columbia.edu/2025/05/20/the-perils-of-founder-worship/

Start Smart: Founder-Proof Your Startup

This article focuses on practical strategies for "founder-proofing" startups by implementing legal and organizational measures to mitigate risks associated with founder dynamics. It stresses the importance of establishing an effective corporate governance regime early on, with a strong, independent board of directors that evolves as the company grows. The article highlights the need for formal governance practices such as regular board meetings with proper notice and documentation to ensure transparency and clear separation of management and board roles. These steps are essential to fostering investor confidence, supporting strategic decision-making, and sustaining long-term company stability. Full article - https://www.svrlawyers.com/news-highlights-posts/2025/2/6/start-smart-founder-proof-your-startup

Secrets of Capital Raising

Global Private Markets Report 2025

This report analyzes the state of private markets in 2025, highlighting that venture capital experienced a larger decline in deal count and slower growth in deal value compared to other private equity sub-asset classes globally. It provides insights into current trends in capital raising, investment strategies, and the evolving landscape of private equity and venture finance. The report serves as a valuable resource for understanding capital structuring and strategic funding in today’s private markets environment. Full article - www.mckinsey.com/industries/private-capital/our-insights/global-private-markets-report[1]

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

This article discusses the rebound in dealmaking activities throughout 2024, while emphasizing that regaining momentum in fundraising for private equity may take longer. It covers strategic funding approaches, financial modeling considerations, and fundraising tactics in the current market. The piece offers a comprehensive overview of how private equity firms are navigating investment strategies and capital structuring amid evolving market conditions. Full article - www.bain.com/insights/outlook-is-a-recovery-starting-to-take-shape-global-private-equity-report-2025[2]