One of the ways that businesses have fought back against greater financial regulation since the financial crisis has been to claim that the new oversight threatens the bedrock principle of separation of powers.
These arguments have earned some sympathy from the federal judiciary. Courts in Denver and Washington have recently declared some aspects of the 2010 Dodd-Frank Act to be unconstitutional on separation of powers grounds.
But these declarations have been almost entirely empty of content. The courts have fallen over themselves to assure everyone that the unconstitutional agency powers should continue to be exercised almost exactly as before.
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