(C) Common Dreams
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Corner Post v. Federal Reserve: The Supreme Court Could Open a Pandora’s Box for Federal Regulation [1]
['Sydney Bryant', 'Devon Ombres', 'Senior Director', 'Media Relations', 'Director', 'Federal Affairs', 'Safety', 'Justice Campaign', 'State', 'Local Government Affairs']
Date: 2024-07
On February 20, 2024, oral arguments will be heard by the U.S. Supreme Court in Corner Post Inc. v. Board of Governors of the Federal Reserve System. On its face, this case deals with the maximum swipe fees retailers can be charged by financial institutions when customers use their debit cards for purchases. At its heart, however, Corner Post is intended to allow a swarm of legal challenges to rules that have protected the American people from bad actors and corporate malfeasance for decades. Many of these rules and regulations are taken for granted every day by Americans, most of whom are unaware that billionaires and corporations are taking steps to undermine these bedrock protections. The petitioner in this case and the groups that filed supporting briefs claim that the six-year statute of limitations to facially challenge a final action by the federal government—in this case, a rule or regulation under the Administrative Procedure Act (APA)—begins ticking not when the action was finalized but at any time an individual party is injured. This tenuous reading of the law would effectively eliminate statute of limitations (the requirement that a lawsuit is brought within a certain period of time) to challenge federal rules as facially illegal, arbitrary, or capricious, potentially resulting in an unending stream of lawsuits challenging rules that have been on the books protecting and benefiting everyday Americans for decades.
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Corner Post is not the story of David versus Goliath but rather the Trojan Horse, where moneyed interests attempt to sneak in their anti-regulation politics under the guise of altruism.
See also
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[1] Url:
https://www.americanprogress.org/article/corner-post-v-federal-reserve-the-supreme-court-could-open-a-pandoras-box-for-federal-regulation/
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