The U.S. Supreme Court heard oral arguments on Wednesday in the case of SEC v. Jarkesy, which could have sweeping consequences for the power of federal agencies to enforce the law. The case centers around the Securities and Exchange Commission's (SEC) ability to take enforcement actions outside of the court system. During the oral arguments, the justices questioned the government lawyer about stripping the SEC of some of its enforcement discretion. The outcome of the case could have a major impact on the power of federal agencies to enforce the law, and a ruling is expected in the coming months.