FS Credit Opportunities Corp. v. Saba Capital Master Fund, Ltd. · ¶39

At most, the dissent’s citations show that members of the House and Senate Committees wanted courts to imply causes of action in some unidentified provisions of the securities laws. But even if committee members would have put Section 47(b) on that list, what should we make of it? The House Report notes disapprovingly that “in recent years, the Supreme Court [has] turned its focus toward a strict construction of statutory language and expressed intent.” H. R. Rep., at 28. It then bemoans the Court’s unwillingness to imply causes of action and criticizes the Court for declining to imply a damages remedy in TAMA. H. R. Rep., at 28–29, n. 6. One wonders: If the House Committee wanted to authorize private remedies and knew that the Court would be reluctant to imply them, why did it not make them express? Were members of the House Committee uncertain whether express causes of action would…

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