 The logjam of pending decisions from the United States Supreme Court broke up a little bit more today, the last couple of days of their term, with of interest to us in particular, a ruling in SEC versus Jarcosy about the power of federal agencies to make policy and then, most importantly, enforce it. Blake Emerson is a professor of law and political science at UCLA. He's our go-to on matters of administrative law. Professor Emerson, good to have you back on the program. Great to be here. First blush, what did you make of this decision?