Analysis and Commentary Posted in 2020-03
Which Laws Apply to Broker-Dealers? Federal Laws? State Laws? Both? General Principles Leading to an Answer

BU Law emerita professor Tamar Frankel explains the law of preemption as it pertains to broker-dealers and their investor clients. She predicts, among other things, that either the clients will demand that broker-dealers adhere to a fiduciary duty, or else that states will impose that duty on them.

Another Attempt to Find Optimism in American Politics

UF Levin College of Law professor Neil H. Buchanan continues his series of columns attempting to find optimism in what he describes as “post-constitutional life in America.” In this installment, Buchanan notes that President Trump’s reactions to COVID-19 are a reason for optimism because they reflect a fear that a pandemic (and market responses to a pandemic) could threaten his hold on the White House.

An Important Second Circuit Ruling on Sanctuary Jurisdictions May Have Reached the Right Result, but En Route it Misread the Momentous Sebelius Supreme Court Ruling on Conditional Federal Funding to States

Illinois Law dean and professor Vikram David Amar comments on a recent decision by the U.S. Court of Appeals for the Second Circuit regarding so-called “sanctuary” jurisdictions. Amar argues that while the Second Circuit may have arrived at the correct conclusion of law, it also misunderstood the Supreme Court’s decision in NFIB v. Sebelius, in which the Court struck down the “Medicare expansion” provision of the Affordable Care Act as unconstitutionally coercive. Amar points out that in Sebelius, the Court found the fact that the Medicare expansion provision of the ACA vitiated the terms of a preexisting deal was sufficient to hold that provision coercive.

Seila Law LLC v. Consumer Financial Protection Bureau: The Supreme Court Considers Whether an Independent Agency with a Single Director Who Can Be Removed Only “For Cause” is Constitutional

Rodger Citron, Associate Dean for Research & Scholarship and Professor of Law at Touro Law, comments on a case in which the U.S. Supreme Court will hear argument this week that presents the question whether an independent agency with a single director who can be removed only “for cause” violates the separation of powers principle enshrined in the Constitution. Citron notes that the decision to hear the case is unusual in that there is no conflict among the federal appeals courts, but he points out that that the government’s support of the cert. petition and then-Judge Brett Kavanaugh’s dissent on the issue when it came before the D.C. Circuit likely helped the present case come before the Court.

D.C. Circuit Dismissal of Congressional Subpoena Lawsuit (Further) Erodes American Democracy

Cornell law professor Michael C. Dorf comments on last week’s decision by the U.S. Court of Appeals for the D.C. Circuit holding that federal courts could not enforce a congressional subpoena to former White House Counsel Don McGahn because federal courts cannot adjudicate interbranch disputes. Dorf describes some of the major flaws in the court’s reasoning and explains why the ruling is a clear victory for Donald Trump and a loss for the constitutional system.

Meet our Columnists
Vikram David Amar
Vikram David Amar

Vikram David Amar is the Dean and Iwan Foundation Professor of Law at the University of Illinois... more

Neil H. Buchanan
Neil H. Buchanan

Neil H. Buchanan, an economist and legal scholar, holds the James J. Freeland Eminent Scholar... more

Sherry F. Colb
Sherry F. Colb

Sherry F. Colb is the C.S. Wong Professor of Law at Cornell University. Colb teaches courses in... more

John Dean
John Dean

John Dean served as Counsel to the President of the United States from July 1970 to April 1973.... more

Michael C. Dorf
Michael C. Dorf

Michael C. Dorf is the Robert S. Stevens Professor of Law at Cornell University Law School. He... more

Samuel Estreicher
Samuel Estreicher

Samuel Estreicher is the Dwight D. Opperman Professor, Director, Center for Labor and Employment... more

Leslie C. Griffin
Leslie C. Griffin

Dr. Leslie C. Griffin is the William S. Boyd Professor of Law at the University of Nevada, Las... more

Joanna L. Grossman
Joanna L. Grossman

Joanna L. Grossman is the Ellen K. Solender Endowed Chair in Women and Law at SMU Dedman School... more

Marci A. Hamilton
Marci A. Hamilton

MARCI A. HAMILTON is the Fels Institute of Government Professor of Practice, and Fox Family... more

Joseph Margulies
Joseph Margulies

Mr. Margulies is a Professor of Law and Government at Cornell University. He was Counsel of... more

Austin Sarat
Austin Sarat

Austin Sarat is Associate Provost, Associate Dean of the Faculty and William Nelson Cromwell... more

Lesley Wexler
Lesley Wexler

Lesley Wexler is a Professor of Law at the University of Illinois College of Law. Immediately... more