⚖ Intro Alpine and FINRA overreach

[JFWooten4]

In bringing up the SRO oversight constitutionality, we can point to how the rulemaking and arbitration bankrupted shut down this firm:

It is sad that a small BD like Ages, with over 40 years in the industry, was forced out of business because of a [Finra arbitration] panel’s overreach.

— Kirsten Patzer, counsel

[tehchives]

Really interesting subject here. I want to hear more about the constitutionality argument you brought up in TakingStock #60, and need to actively engage more in learning about that. I know you quoted a specific clause or line I need to look up as well, or could you link it here?

[JFWooten4]

Sorry to miss this when it came up. I'll be getting back into the flow of wrapping up TAR now and can answer more specific questions here and in the letter as they come up.

The core of the constitutionality argument is whether or not you have to be a member of FINRA to participate in the securities industry. Since this is true, we can trivially construe arguments about unaccountable public appointments of an administrative agency not within the bounds of Congressional public policy.

The clauses are generally documented in the filings which just reached the Supreme Court (see note 34). The FINRA opposition doc sets up the statutory bar they'll need to hurdle to get this one across the Article II nondelegation finish line.