PAPER CHASE NEWSBURSTDigest RSS feedFull RSS feed
Serious law. Primary sources. Global perspective.


Monday, September 29, 2008

US House rejects financial rescue bill with judicial review provision
Joe Shaulis at 2:20 PM ET

Photo source or description
[JURIST] The US House of Representatives on Monday rejected a financial rescue bill [PDF text; summary] that would have allowed courts to review purchases of troubled assets made by the US Treasury Department [official website]. The Emergency Economic Stabilization Act of 2008, defeated by a vote of 228-205, would have permitted courts to set aside Treasury actions that were "arbitrary, capricious, an abuse of discretion, or not in accordance with law." The bill further shielded the Treasury secretary from injunctive relief except for constitutional violations and provided that any requests for restraining orders or injunctions be considered on an expedited basis. CNN has more.

Last week, Senate Democrats questioned the legality [JURIST report] of the Bush administration's proposed version of the legislation, which would have precluded judicial oversight of the asset purchases. Led by US Sen. Christopher Dodd (D-CT), chairman of the Senate Banking Committee [official websites], the Democrats put forth their own proposal that included the judicial review language. Some observers had expressed concern that the Bush proposal would represent an unconstitutional delegation of the spending powers granted to Congress by Article I of the US Constitution [text].



Link | |  | print | subscribe | RSS feeds | latest newscast | Facebook page

For a one-stop snapshot of the latest legal news that matters, with breaking documents, new legal videos, live law-related webcasts, commentary by expert law professors and more - all updated through the day in real time, with no ads and no registration barriers - visit JURIST's homepage and check back often...


LATEST LEGAL NEWS

 FBI charges 14 more in Galleon Group insider trading scandal
1:23 PM ET, November 7

 Taiwan high court rules prostitution law unconstitutional
1:16 PM ET, November 7

 HRW claims Iran police sexually assaulted detainees held after election protests
12:42 PM ET, November 7

 click for more...

Get JURIST legal news on your intranet, website, blog or news reader!

LATEST FORUM

Beyond Guantanamo

Lt. Col. Stephen Abraham
US Army (ret.)

ABOUT

Paper Chase is JURIST's real-time legal news service, powered by a team of 30 law student reporters and editors led by law professor Bernard Hibbitts at the University of Pittsburgh School of Law. As an educational service, Paper Chase is dedicated to presenting important legal news and materials rapidly, objectively and intelligibly in an accessible, ad-free format.

CONTACT

Paper Chase welcomes comments, tips and URLs from readers. E-mail us at JURIST@pitt.edu