Speaking of Due Process

Speaking of Due Process

President Trump’s Tweet, “Is there no such thing any longer as Due Process?” Certainly not with regard to individual investor rights.

As Christine Emba of the Washington Post wrote, “Due Process Hasn’t Changed, Donald Trump Should” on February 10, 2018, regarding President Trump’s Tweet, “Is there no such thing any longer as Due Process?”

Ms. Emba writes, “I have written before about our persistent misunderstanding of due process, and how that real and quite specific constitutional standard is meant to apply to incidents where the government seeks to deprive someone of life, liberty or property… Where sexual misconduct is concerned, arguments for due process are rarely about legal standards or constitutional ideals. More often they’re about to whom the process is due.”

Harper Lee’s To Kill a Mockingbird, and the 1962 Movie adaptation with Gregory Peck’s depiction of Atticus[1] evidences “the fragility of democracy when prejudice, myth, and misinformation go unchecked.”

“Jean Louise (Scout) stand-up, your Father is passing”

Wall Street’s Sexist and Abusive Culture with Lack of Due Process Impact all of Us

To today-Wall Street has always been a “sexist and abusive culture” that extends to the oversight and “due process” of now over $8.2 trillion in IRA’s, according to the Investment Company Institute. The bulk of these assets are in brokerage accounts, most subject to mandatory arbitration, a process run by Wall Street’s self-regulator, FINRA.

FINRA’s Constitutionality and Lack of Due Process

“It is an open question whether FINRA, as currently constituted, is constitutional. It is arguably unconstitutional for at least two reasons: (1) the separation of powers, and (2) the Fifth amendment due-process clause and the associated private non-delegation doctrine. No matter how the courts ultimately rule on the constitutionality of FINRA’s current structure, the due-process, transparency, accountability, and governance questions raised are policy questions that Congress should address.”(David Burton, Senior Fellow, Economic Policy, the Heritage Foundation )

Monday, February 5, 2018 Market Drops over 1000 Points

Thousands of investors were blocked from trading their retirement assets when the markets went into a free fall last week. “To be sure, robos weren’t the only ones impacted by Monday’s market troubles. Customers of larger financial firms including T Rowe Price, Vanguard, and TD Ameritrade also experienced issues logging into their accounts.”[2]

“I am going to sue”. I will begin a class action lawsuit”, many of the investors proclaimed.

When they go to try to collect damages, through FINRA, they will quickly learn the concept of lack of due process as the Heritage Foundation writes of FINRA:

“That is, the due process requirement that federal government officials act pursuant to “the law of the land” when the life, liberty, or property interests of the public are at stake prohibits the officeholders in any of those branches from delegating lawmaking authority to private parties who are neither legally nor politically accountable to the public or to the individuals whose conduct they may regulate.” [3]

President Trump, to whom is due process due in your White House? Congress, to whom is due process due when investors are harmed and our nations’ retirement assets are at risk?

We all search for the leaders from Congress to the White House, that will stand up for justice and due process.

Jean Louise, stand-up, your Father is passing….

[1] https://en.wikipedia.org/wiki/Atticus_Finch Atticus Finch is a fictional character in Harper Lee‘s Pulitzer Prize winning novel of 1960, To Kill a Mockingbird. A preliminary version of the character also appears in the novel Go Set a Watchman, written in the mid 1950s but not published until 2015. Atticus is a lawyer and resident of the fictional Maycomb County, Alabama, and the father of Jeremy “Jem” Finch and Jean Louise “Scout” Finch. Lee based the character on her own father, Amasa Coleman Lee, an Alabama lawyer, who, like Atticus, represented black defendants in a highly publicized criminal trial

[2] http://www.businessinsider.com/betterment-and-wealthfront-crash-during-market-bloodbath-2018-2

[3] http://report.heritage.org/bg3181 February 1, 2017