Bench Memos

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The Bailout’s Legal Issues


There has been much muddled discussion about what legal issues might be raised by the proposed bailout.  Heritage now has the bill of particulars laying out the constitutional problems with the Paulson plan, including:

(1) Congress’s enumerated power — or lack thereof — to intervene with private markets in the manner contemplated, (2) the lack of meaningful standards to guide the extremely broad grant of discretion to the Treasury secretary (the “legislative delegation” problem), (3) limitations on judicial review over the exercise of that almost limitless discretion, and (4) related separation of powers concerns.


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