Supreme Court Veteran Backs Crypto Bank After Toppling Chevron

July 3, 2024, 10:23 PM UTC

The method for choosing regional Federal Reserve Bank presidents is unconstitutional and shields them from political and judicial accountability, according to the attorney who successfully argued to overturn judicial deference to regulatory agencies.

Regional Fed presidents have the power to deny master accounts—key accounts that allow banks to access Fed payments and other functions—and should therefore be appointed by the president and confirmed by the Senate, or appointed by an official who won Senate confirmation, Paul D. Clement wrote in an amicus brief filed Wednesday.

In the case before the US Court of Appeals for the Tenth Circuit, Custodia Bank ...

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