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2012-08-16 — bloomberg.com
``Although it's easy to forget, the SEC had no power to punish wrongdoers during its first 50 years. It could ask a court to stop violations and prohibit future misconduct, but it couldn't impose penalties. The agency was primarily a regulator rather than a law-enforcement agency, and for good reason. Penal law enforcement is an executive branch function under the Constitution. It is therefore entrusted to the Justice Department headed by an attorney general who serves at the pleasure of the president, who in turn is politically accountable to the people. ''
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