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A couple of big-time SCOTUS opinions released yesterday will leave their mark on the financial world—

First, the High Court found that internet retailers can be “required to collect sales taxes in states where they have no physical presence,” overruling a 1992 decision that found the Constitution bars states from collecting sales taxes in states without a “substantial connection” – NYTimes and WSJ and Bloomberg and Marketplace and Law360

[The decision is expected to take an outsized toll on small businesses – WSJ]

Second, the Court ruled that the appointments process for SEC in-house judges violated the Constitution’s Appointments Clause. Though the decision will directly affect only 5 SEC judges (who now need to be appointed by the five-member commission rather than by other staff), the reverberations will surely be felt by the thousands of ALJs throughout the executive branch – WSJ and Law360

Meanwhile, a NY federal court may have helped propel another question of constitutionality to the High Court by disagreeing with a D.C. Circuit ruling and finding that the CFPB is “unconstitutionally structured because it is an independent agency that exercises substantial executive power and is headed by a single director” – Law360

The Fed released the results of its latest round of big bank stress tests on Thursday, and it was good news across the board, with all of the nation’s 35 largest banks having enough capital on hand to “survive the combination of a recession, crater of housing prices and double-digit unemployment” – NYTimes and WSJ and Bloomberg and MarketWatch

Intel CEO Brian Krzanich is out after disclosing a “past consensual relationship with an Intel employee” in violation of a “non-fraternization policy that applies to managers”  – NYTimes and WSJ

The White House is proposing removing the federal charters for Fannie Mae and Freddie Mac, a plan that would release them from governmental control (and part of a much larger governmental reorganization plan) – Bloomberg

Three years after the SEC approved revamped rules for Reg A offerings—often called mini-IPOs—dealmakers consider them far from perfect – Law360

The EU’s getting in on the trade war, too, announcing tariffs of its own this morning on $3.2 billion of American goods like bourbon, motorcycles, and OJ – NYTimes

The 5th Circuit’s driven a final nail in the DOL fiduciary rule’s coffin – Law360

Deutsche Bank is breaking apart its global corporate-strategy group, an apparent continuation of the large-scale reshuffling of top execs under new chief Christian Sewing – WSJ

New Chipotle CEO Brian Niccol is making a first big mark on the company with his roll-out of quesadillas—already a non-menu item at some of the chain’s stores. So, not exactly a Dorito taco shell, but it’s something – NYTimes

Here’s a chilling phrase (especially for you Civil War buffs out there) to send you into the weekend: “limb pit” – NYTimes

Have a great weekend.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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