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Who's the Boss at the CFPB? [November 28, 2017]
"As consumers flocked to shopping outlets nationwide on Black Friday, a leadership shakeup ensued at the Consumer Financial Protection Bureau (CFPB). The CFPB's Director, Richard Cordray, announced that he had appointed Leandra English, the agency's chief of staff, to the position of Deputy Director. Cordray then resigned and stated that English would become the Acting Director of the agency, meaning that she would serve until the Senate confirms a permanent replacement. However, later that day, President Trump announced that he was designating Mick Mulvaney, the Director of the Office of Management and Budget, to serve as Acting Director of the CFPB. On Sunday, November 26, English brought suit in federal court seeking a declaration that she is the Acting Director of the CFPB, along with a temporary restraining order barring Mulvaney from acting in the position and President Trump from appointing any individual to the position. As of the date of this Sidebar, both English and Mulvaney have reportedly claimed to be Acting Director in communications to CFPB staff. Ruling from the bench on November 28, the federal judge presiding over English's suit denied English's motion for a temporary restraining order that would have prohibited Mulvaney from holding the position."
Library of Congress. Congressional Research Service
Brannon, Valerie C.; Cole, Jared P.
2017-11-28
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D.C. Circuit Upholds as Constitutional the Structure of the CFPB - Part I [February 12, 2018]
"The entire U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit) issued a potentially important decision on January 31, upholding the structural design of the Consumer Financial Protection Bureau (CFPB). The en banc court held by a vote of 7-3 that the agency's various statutory elements of independence, including a provision that limited the President's authority to remove the CFPB Director, do not infringe upon the President's powers under Article II of the Constitution. The decision, PHH Corp. v. CFPB, comes after a previous (but since vacated) three-judge panel decision held that providing removal protections to the sole director of the CFPB violated the Constitution. Although the en banc court rejected the earlier panel's constitutional reasoning, the D.C. Circuit nonetheless reinstated the previous decision's statutory holding, which had invalidated the CFPB's interpretation of the Real Estate Settlement Procedures Act of 1974 (RESPA). The D.C. Circuit's latest decision therefore effectively rejected the CFPB enforcement action that gave rise to the case, but reaffirmed, and may expand, what is likely Congress's chief tool for ensuring agency independence: the use of 'for-cause' removal protections. This two-part Sidebar series begins with a brief summary of the Supreme Court's views of the President's removal power before addressing the PHH litigation and the en banc majority opinion. Part II of this series will address some of the separate opinions issued in the case and then highlight certain implications for Congress."
Library of Congress. Congressional Research Service
Garvey, Todd; Cole, Jared P.
2018-02-12
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D.C. Circuit Upholds as Constitutional the Structure of the CFPB - Part II [February 12, 2018]
"As discussed in Part I of this two-part Sidebar, the en banc U.S. Court of Appeals for the District of Columbia Circuit (D.C. Circuit) issued a decision last week upholding the structural design of the Consumer Financial Protection Bureau (CFPB). The court ruled in PHH Corp. v. CFPB that the features of independence granted to the agency in the Dodd Frank Act, including a provision that limits the circumstances in which the President can remove the CFPB Director, do not violate Article II's vestment of executive power in the President. While Part I discusses the court's majority opinion, this part examines several of the separate opinions from PHH that take a different view of the constitutional issues at stake in the case. The Sidebar then concludes with some considerations for Congress, including the potential impact of the decision for the independence of federal agencies and the possibility of Supreme Court review of the en banc ruling."
Library of Congress. Congressional Research Service
Cole, Jared P.; Garvey, Todd
2018-02-12
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Terrorist Databases and the No Fly List: Procedural Due Process and Hurdles to Litigation [April 2, 2015]
"In order to protect national security, the government maintains various terrorist watchlists, including the 'No Fly' list, which contains the names of individuals to be denied boarding on commercial airline flights. Travelers on the No Fly list are not permitted to board an American airline or any flight on a foreign air carrier that lands or departs from U.S. territory or flies over U.S. airspace. Some persons have claimed that their alleged placement on the list was the result of an erroneous determination by the government that they posed a national security threat. In some cases, it has been reported that persons have been prevented from boarding an aircraft because they were mistakenly believed to be on the No Fly list, sometimes on account of having a name similar to another person who was actually on the list. As a result, various legal challenges to placement on the list have been brought in court."
Library of Congress. Congressional Research Service
Cole, Jared P.
2015-04-02
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No Fly List: Procedural Due Process and Hurdles to Litigation [September 18, 2014]
"In order to protect national security, the government maintains various terrorist watchlists, including the 'No Fly' list, which contains the names of individuals to be denied boarding on commercial airline flights. Travelers on the No Fly list are not permitted to board an American airline or any flight on a foreign air carrier that lands or departs from U.S. territory or flies over U.S. airspace. Some persons have claimed that their alleged placement on the list was the result of an erroneous determination by the government that they posed a national security threat. In some cases, it has been reported that persons have been prevented from boarding an aircraft because they were mistakenly believed to be on the No Fly list, sometimes on account of having a name similar to another person who was actually on the list. As a result, various legal challenges to placement on the list have been brought in court. […] The Due Process Clause provides that no person shall be 'deprived of life, liberty, or property, without due process of law.' Accordingly, when a person has been deprived of a constitutionally protected liberty interest, the government must follow certain procedures. Several courts have found that placement on the No Fly list may impair constitutionally protected interests, including the right to travel internationally, and the government's redress procedures must therefore satisfy due process. […] Resolution of the issue is currently pending as at least two federal courts have ruled that the government's redress procedures for travelers challenging placement on the No Fly list violate due process."
Library of Congress. Congressional Research Service
Cole, Jared P.
2014-09-18
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Commodity Futures Trading Commission: Background and Current Issues [June 24, 2013]
"The 113th Congress is interested in an array of issues faced by the Commodity Futures Trading Commission (CFTC). The congressional committees with oversight of the agency, the House and Senate Agriculture Committees, have begun to hold hearings related to various policy issues faced by the agency, as part of the CFTC reauthorization process. This process occurs roughly every five years and is currently underway, as the last authorization of appropriations for the agency expires September 30, 2013. […] This report provides summaries and abbreviated analyses of selected issues faced by the CFTC that may be relevant to the 113th Congress. It is not an exhaustive list of issues facing the agency. The appendix offers detailed background information on derivatives markets and related policy issues addressed in the Dodd-Frank Act. This report will be updated as events warrant."
Library of Congress. Congressional Research Service
Miller, Rena S.
2013-06-24
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Dodd-Frank Wall Street Reform and Consumer Protection Act: Title VII, Derivatives [November 6, 2012]
"The 2008-2009 recession was long and deep, and according to several indicators was the most severe economic contraction since the 1930s (but still much less severe than the Great
Depression). The slowdown of economic activity was moderate through the first half of 2008, but at that point the weakening economy was overtaken by a major financial crisis that would
exacerbate the economic weakness and accelerate the decline. [...] In regard to the long-term debt problem, in an economy operating close to potential output, government borrowing to finance budget deficits will in theory draw down the pool of national saving, crowding out private capital investment and slowing long-term growth. However, the U.S. economy is currently operating well short of capacity and the risk of such crowding out occurring is therefore low in the near term. Once the cyclical problem of weak demand is resolved and the economy has returned to a normal growth path, mainstream economists' consensus policy response for an economy with a looming debt crisis is fiscal consolidation-cutting deficits. Such a policy would have the benefits of low and stable interest rates, a less fragile financial system, improved investment prospects, and possibly faster long-term growth."
Library of Congress. Congressional Research Service
Ruane, Kathleen Ann; Miller, Rena S.
2012-11-06
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Defense Acquisition Workforce: The Air Force Needs to Evaluate Changes in Funding for Civilians Engaged in Space Acquisition, Report to Congressional Committees
From the Highlights: "The United States and DOD depend on space assets to support national security, civil, and commercial activities. Having sufficient quantities of qualified personnel to acquire space assets--on which DOD expects to spend $8 billion in fiscal year 2013--is critical to DOD's ability to carry out its mission. Approximately 1,800 federal civilians at the Air Force SMC [Space and Missile Systems Center] manage the acquisition of space systems. During fiscal year 2012, the Air Force implemented a pilot program that moved $187.1 million for SMC's acquisition civilian personnel from its O&M [Operation and Maintenance] to its RDT&E [Research, Development, Test, and Evaluation] appropriation. GAO [Government Accountability Office] was mandated to review the Air Force pilot program. This report addresses (1) the extent to which the Air Force evaluated the impact of the pilot, and (2) the processes in place to manage realignment of the funds. GAO obtained and reviewed documentation of the pilot implementation; compared the implementation with established practices GAO has identified for implementing and evaluating pilot programs; and interviewed officials at the Air Force and DOD. GAO also reviewed applicable regulations and guidance about realigning funds and interviewed knowledgeable officials. GAO recommends that the Air Force evaluate the pilot program, to determine the impact of moving funding for acquisition civilian personnel to the RDT&E appropriation, and the value of expanding this change to other Air Force civilian workforces. In written comments on a draft of this report, DOD concurred with all four recommendations."
United States. Government Accountability Office
2013-07
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Financial Regulatory Reform and the 111th Congress [June 1, 2010]
"The financial regulatory reform being considered in the 111th Congress is the continuation of a policy debate beginning before the September 2008 financial panic. For example, Treasury Secretary Henry Paulson issued a blueprint for financial reform in March 2008. In September 2008, after this blueprint was issued but before congressional action, the financial system suffered severe distress as Lehman Brothers and AIG failed. This accelerated the review of financial regulation and refocused some of the policy debate on areas that experienced the most distress. […] One issue in financial reform is the potential reorganization of the financial system regulatory architecture. Currently, the United States has many regulators, some with overlapping jurisdictions, but many believe there are gaps in the oversight of some issues. This structure evolved largely in reaction to past financial crises, with new agencies and rules created to address the perceived causes of the particular financial problems at that time. One option would be to consolidate agencies that appear to have similar missions. […] This report reviews issues related to financial regulation. It provides brief descriptions of the two main comprehensive reform bills in the 111th Congress that address these issues. This report will be updated to reflect congressional activity in financial regulatory reform."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Murphy, Edward Vincent; Miller, Rena S. . . .
2010-06-01
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Dark Pools in Equity Trading: Policy Concerns and Recent Developments [September 26, 2014]
"The term 'dark pools' generally refers to electronic stock trading platforms in which pre-trade bids and offers are not published and price information about the trade is only made public after the trade has been executed. This differs from trading in so-called 'lit' venues, such as traditional stock exchanges, which provide pre-trade bids and offers publicly into the consolidated quote stream widely used to price stocks. […] This report examines the confluence of factors that led to the rise of dark pools; the potential benefits and costs of such trading; some regulatory and congressional concerns over dark pools; recent regulatory developments by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA), which oversees broker-dealers; and some recent lawsuits and enforcement actions garnering significant media attention. These include a 2014 civil suit filed by New York Attorney General Eric Schneiderman against the securities firm Barclays for its dark pool operations. A central allegation was that in marketing materials for prospective investors, Barclays misrepresented the extent and nature of the high-frequency trading in its pool. The report also examines steps regulators in Canada and Australia have taken to address any reduction in price transparency from dark pool trading."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Miller, Rena S.
2014-09-26
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Federal and State Quarantine and Isolation Authority [October 9, 2014]
From the Summary: "In the wake of increasing fears about the spread of highly contagious diseases, federal, state, and local governments have become increasingly aware of the need for a comprehensive public health response to such events. An effective response could include the quarantine of persons exposed to infectious biological agents that are naturally occurring or released during a terrorist attack, the isolation of infected persons, and the quarantine of certain cities or neighborhoods. The public health authority of the states derives from the police powers granted by their constitutions and reserved to them by the Tenth Amendment to the U.S. Constitution. The authority of the federal government to prescribe quarantine and other health measures is based on the Commerce Clause, which gives Congress exclusive authority to regulate interstate and foreign commerce. Thus, state and local governments have the primary authority to control the spread of dangerous diseases within their jurisdictions, and the federal government has authority to quarantine and impose other health measures to prevent the spread of diseases from foreign countries and between states. In addition, the federal government may assist state efforts to prevent the spread of communicable diseases if requested by a state or if state efforts are inadequate to halt the spread of disease. This report provides an overview of federal and state public health laws as they relate to the quarantine and isolation of individuals and a discussion of constitutional issues that may be raised should individual liberties be restricted in a quarantine or isolation situation."
Library of Congress. Congressional Research Service
Cole, Jared P.
2014-10-09
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Measles: Background and Federal Role in Vaccine Policy [February 9, 2015]
"The earliest accounts of measles date back over 1,000 years. This report presents basic information about this infectious disease, its history in the United States, available treatments to prevent individuals from contracting measles, and the federal role in combatting measles - from funding, to research, to the authority of the federal government in requiring mandatory childhood vaccinations. The report provides additional resources for information on measles and recommendations for vaccination against the disease. According to the U.S. Centers for Disease Control and Prevention (CDC), 'measles is a highly contagious virus that lives in the nose and throat mucus of an infected person.' It is transmitted through coughing and sneezing, and it can live for up to two hours on a surface or in an airspace where an infected person coughed or sneezed. Someone who is not immunized against measles and comes into contact with the virus has a 90% chance of becoming infected. According to the CDC, in 2013 (the most recent year in which data are available) 'the overall national coverage for MMR vaccine among children aged 19-35 months was 91.9%.' However, MMR (measles, mumps, rubella) vaccine coverage levels continue to vary by state, with 10 states reporting 95% of children aged 19-35 months receiving at least one dose of MMR vaccine, while in 17 other states, less than 90% were vaccinated. The role of the federal government in vaccine policy, particularly in the development of guidelines for when to administer specific vaccines (and when not to) and to what populations is extensive."
Library of Congress. Congressional Research Service
Barry, Matthew B.; Cole, Jared P.
2015-02-09
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Financial Regulatory Reform and the 111th Congress [March 31, 2010]
"Financial regulatory reform is being discussed in the 111th Congress, the continuation of a policy debate that began before the September 2008 financial disruption. For example, Treasury Secretary Henry Paulson issued a blueprint for financial reform in March 2008. In September 2008, after this blueprint was issued but before congressional action, the financial system suffered severe distress as Lehman Brothers and AIG failed. This financial panic accelerated the review of financial regulation and refocused some of the policy debate on areas that experienced the most distress. […] This report reviews issues related to financial regulation. It provides brief descriptions of comprehensive reform bills in the 111th Congress that address these issues. This report will be periodically updated to reflect congressional activity in financial regulatory reform."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Murphy, Edward Vincent; Miller, Rena S. . . .
2010-03-31
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Financial Regulatory Reform and the 111th Congress [April 16, 2010]
"Financial regulatory reform is being discussed in the 111th Congress, the continuation of a policy debate that began before the September 2008 financial disruption. For example, Treasury Secretary Henry Paulson issued a blueprint for financial reform in March 2008. In September 2008, after this blueprint was issued but before congressional action, the financial system suffered severe distress as Lehman Brothers and AIG failed. This financial panic accelerated the review of financial regulation and refocused some of the policy debate on areas that experienced the most distress. […] This report reviews issues related to financial regulation. It provides brief descriptions of comprehensive reform bills in the 111th Congress that address these issues. This report will be updated to reflect congressional activity in financial regulatory reform."
Library of Congress. Congressional Research Service
Webel, Baird; Carpenter, David Hatcher; Labonte, Marc . . .
2010-04-16
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Disclosure of FISA Opinions-Select Legal Issues [February 24, 2014]
"In response to the disclosure of various National Security Agency (NSA) surveillance and data collection programs, a number of legislative changes to the government's intelligence operations authority have been suggested. Under the Foreign Intelligence Surveillance Act of 1978 (FISA), the Foreign Intelligence Surveillance Court (FISC) reviews government applications to conduct surveillance and engage in data collection for foreign intelligence purposes, and the FISA Court of Review reviews rulings of the FISC. Most FISA opinions are classified by the executive branch. Some have raised concerns that this practice permits the government to rely upon 'secret law' to justify its activities, and have proposed requiring the public release of legal opinions and orders issued by the FISC and the FISA Court of Review. However, others might regard these proposals as raising separation of powers questions, including the scope of the executive branch's control over national security information. FISA opinions and orders, most of which seem to contain at least some sensitive facts pertaining to national security, involve the legal analysis of sensitive national security information. Requiring the executive branch to release them implicates Article II of the Constitution because it compels the President to disclose potentially sensitive documents, and could override the President's classification decisions. After briefly reviewing the FISC's current procedures, this report will examine the Article II implications of requiring the executive branch to disclose FISA opinions."
Library of Congress. Congressional Research Service
Cole, Jared P.
2014-02-24
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Administrative Law Primer: Statutory Definitions of 'Agency' and Characteristics of Agency Independence [May 22, 2014]
"Congress has created a variety of federal agencies to execute the law. To this end, agencies may adopt rules to implement laws and adjudicate certain disputes arising under such laws. As such, agencies enjoy considerable power to regulate different industries and affect the legal rights of people. In order to control the manner in which agencies operate, Congress has passed numerous statutes that impose procedural requirements on federal agencies. The Administrative Procedure Act, for example, dictates the procedures an agency must follow to establish a final, legally binding rule. Other statutes govern how agencies must operate internally with respect to hiring and labor practices, the maintenance of federal records, financial management, and a diverse range of other topics. […] Next, the report will explore several important statutes that regulate agencies and these statutes' respective definitions of 'agency.' These statutes include the Administrative Procedure Act, the Freedom of Information Act, the Federal Records Act, statutes governing federal employees, and the Paperwork Reduction Act. In interpreting the reach of these statutes, courts have sometimes limited their application based on an agency's operational proximity to the President, or how much control the executive branch has over the entity."
Library of Congress. Congressional Research Service
Cole, Jared P.; Shedd, Daniel T.
2014-05-22
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Reform of the Foreign Intelligence Surveillance Courts: A Brief Overview [March 31, 2014]
"In the wake of recent disclosures concerning various National Security Agency (NSA) surveillance and data collection programs, several legislative changes to the government's intelligence operations authority have been suggested. Under the Foreign Intelligence Surveillance Act of 1978 (FISA), the Foreign Intelligence Surveillance Court (FISC) reviews government applications to conduct surveillance and engage in data collection for foreign intelligence purposes, and the FISA Court of Review reviews rulings of the FISC. Some have proposed altering the underlying legal authorities relied on by the government when applying to the FISC, while others have suggested changes to the practices and procedures of the FISA Courts. This report provides a brief overview of the legal implications of the latter group of proposals. Some have proposed establishing an office led by a 'public advocate' who would represent the civil liberties interests of the general public and oppose the government's applications for foreign surveillance. This proposal raises several constitutional issues. For example, assuming the advocate is an agent of the government, depending on the scope of the authority provided and the amount of supervision placed over the FISA advocate's office, the lawyer who leads such an office may be a principal or inferior officer of the United States whose appointment must abide by the Appointments Clause's restrictions. Moreover, an advocate might not satisfy Article III of the Constitution's requirements for parties seeking relief."
Library of Congress. Congressional Research Service
Cole, Jared P.; Nolan, Andrew
2014-03-31
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Mandatory Vaccinations: Precedent and Current Laws [May 21, 2014]
"Historically, the preservation of the public health has been the primary responsibility of state and local governments, and the authority to enact laws relevant to the protection of the public health derives from the state's general police powers. With regard to communicable disease outbreaks, these powers may include the enactment of mandatory vaccination laws. This report provides an overview of the legal precedent for mandatory vaccination laws, and of state laws that require certain individuals or populations, including school-aged children and health care workers, to be vaccinated against various communicable diseases. Also discussed are state laws providing for mandatory vaccinations during a public health emergency or outbreak of a communicable disease. Federal jurisdiction over public health matters derives from the Commerce Clause of the United States Constitution, which states that Congress shall have the power '[t]o regulate Commerce with foreign Nations, and among the several States....' Congress has enacted requirements regarding vaccination of immigrants seeking entry into the United States, and military regulations require American troops to be immunized against a number of diseases. The Secretary of Health and Human Services has authority under the Public Health Service Act to issue regulations necessary to prevent the introduction, transmission, or spread of communicable diseases from foreign countries into the states or from state to state. Current federal regulations do not include any mandatory vaccination programs; rather, when compulsory measures are needed, measures such as quarantine and isolation are generally utilized to halt the spread of communicable diseases."
Library of Congress. Congressional Research Service
Cole, Jared P.; Swendiman, Kathleen S.
2014-05-21
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MF Global Bankruptcy, Missing Customer Funds, and Proposals for Reform [August 1, 2013]
"On October 31, 2011, MF Global, a large brokerage firm registered with the Securities and Exchange Commission (SEC) as a broker-dealer and with the Commodity Futures Trading Commission (CFTC) as a futures commission merchant (FCM), filed for bankruptcy, marking the eighth-largest bankruptcy in U.S. history. Based on the subsequent investigation by the bankruptcy trustee, it appears that the firm failed as a result of a 'run on the bank' by customers seeking withdrawals, combined with increased margin calls on the firm's proprietary trading positions related to distressed European debt, which the firm could not meet. […] The MF Global failure raised questions about whether enforcement mechanisms for segregation of futures market customer funds were reliable--particularly in times of unusual stress. It also provided an opportunity to evaluate the effectiveness of regulatory cooperation during a rapid failure of a large, complex financial institution. It prompted a number of policy questions: is the enforcement of segregation requirements for futures customers' accounts sufficient for unusual market conditions, such as a run? Should some type of SIPC-like [Securities Investor Protection Corporation] insurance, such as is offered for customers of securities broker-dealers, be contemplated for futures customers or would costs be too great? The CFTC on November 14, 2012, proposed a rule aimed at increasing disclosure requirements for futures brokers to give customers greater accounting for their funds. This report provides information about MF Global's failure, the rules for handling of customer funds, the enforcement of those rules, the bankruptcy proceeding, related policy issues and reform proposals to ensure greater protections for futures customers. It will be updated as events warrant."
Library of Congress. Congressional Research Service
Miller, Rena S.
2013-08-01
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Key Issues in Derivatives Reform [December 1, 2009]
From the document: "Financial derivatives allow users to manage or hedge certain business risks that arise from volatile commodity prices, interest rates, foreign currencies, and a wide range of other variables. Derivatives also permit potentially risky speculation on future trends in those rates and prices. Derivatives markets are very large--measured in the hundreds of trillions of dollars--and they grew rapidly in the years before the recent financial crisis. The events of the crisis have sparked calls for fundamental reform. Derivatives are traded in two kinds of markets: on regulated exchanges and in an unregulated over-the-counter (OTC) market. During the crisis, the web of risk exposures arising from OTC derivatives contracts complicated the potential failures of major market participants like Bear Stearns, Lehman Brothers, and AIG. In deciding whether to provide federal support, regulators had to consider not only the direct impact of those firms failing, but also the effect of any failure on their derivatives counterparties. Because OTC derivatives are unregulated, little information was available about the extent and distribution of possible derivatives-related losses. The OTC market is dominated by a few dozen large financial institutions who act as dealers. Before the crisis, the OTC dealer system was viewed as robust, and as a means for dispersing risk throughout the financial system. The idea that OTC derivatives tend to promote financial stability has been challenged by the crisis, as many of the major dealers required infusions of capital from the government."
Library of Congress. Congressional Research Service
Miller, Rena S.
2009-12-01
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'Dark Pools' In Equity Trading: Significance and Recent Developments [August 27, 2014]
"'Dark pools' are relatively recent and controversial electronic stock trading alternatives to traditional exchanges, such as the New York Stock Exchange (NYSE), and now account for about 15% of overall trading volume. A dark pool is a type of 'alternative trading system' (ATS), a broker-dealer who matches the stock trading orders of multiple buyers and sellers outside of exchanges. Orders sent to dark pools to buy or sell certain stocks are not publicly displayed. When they emerged in the late 1990s, that opacity attracted the pools' initial clients, institutional investors (such as pension and mutual funds), who used it to conceal large trading interests, thus helping to reduce the risk of the market moving against their trades. Quote concealment is a legacy of a regulation adopted by the Securities and Exchange Commission (SEC) in 1998, Regulation ATS, which allowed ATSs with less than an average 5% share of the trading volume to not publicly display their quotes. This contrasts with the 'lit' venues, Nasdaq and the exchanges, which do. Under Regulation ATS, dark pools are required to register either as exchanges with the SEC or as broker-dealers with the Financial Industry Regulatory Authority (FINRA). FINRA, which the SEC oversees, is the frontline regulator of SEC-registered broker-dealers. Dark pools are subject to the same rules that govern trading either on an exchange or by a broker-dealer."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Miller, Rena S.
2014-08-27
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Judge Neil M. Gorsuch: His Jurisprudence and Potential Impact on the Supreme Court [March 8, 2017]
From the Document: "On January 31, 2017, President Donald J. Trump announced the nomination of Judge Neil M. Gorsuch of the U.S. Court of Appeals for the Tenth Circuit (Tenth Circuit) to fill the vacancy on the Supreme Court of the United States created by the death of Justice Antonin Scalia in 2016. Judge Gorsuch was appointed to the Tenth Circuit by President George W. Bush in 2006. The Tenth Circuit's territorial jurisdiction covers Colorado, Kansas, New Mexico, Oklahoma, Utah, Wyoming, and parts of Yellowstone National Park that extend into Idaho and Montana. […] This report provides an overview of Judge Gorsuch's jurisprudence and discusses how the Supreme Court might be affected if he were to succeed Justice Scalia. In particular, the report focuses on those areas of law where Justice Scalia can be seen to have influenced the High Court's approach to particular issues or provided a fifth and deciding vote on the Court, with a view toward how the nominee might approach those same issues. The report begins by discussing the nominee's views on two cross-cutting issues-the role of the judiciary and statutory interpretation. It then addresses fourteen separate areas of law, arranged in alphabetical order, from 'administrative law' to 'takings.' The report includes a table that notes the cases where the Supreme Court has reviewed majority opinions written or joined by Judge Gorsuch. Another set of tables in this report analyzes the nominee's concurrences and dissents and those of his colleagues on the Tenth Circuit."
Library of Congress. Congressional Research Service
Nolan, Andrew; Lewis, Caitlain Devereaux; Manuel, Kate . . .
2017-03-08
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Statutory Interpretation: Theories, Tools, and Trends [April 5, 2018]
"Regardless of their interpretive theory, judges use many of the same tools to gather evidence of statutory meaning. First, judges often begin by looking to the ordinary meaning of the statutory text. Second, courts interpret specific provisions by looking to the broader statutory context. Third, judges may turn to the canons of construction, which are presumptions about how courts ordinarily read statutes. Fourth, courts may look to the legislative history of a provision. Finally, a judge might consider how a statute has been--or will be--implemented. Although both purposivists and textualists may use any of these tools, a judge's theory of statutory interpretation may influence the order in which these tools are applied and how much weight is given to each tool. This report begins by discussing the general goals of statutory interpretation, reviewing a variety of contemporary as well as historical approaches. The report then briefly describes the two primary theories of interpretation employed today, before examining the main types of tools that courts use to determine statutory meaning. The report concludes by exploring developing issues in statutory interpretation."
Library of Congress. Congressional Research Service
Brannon, Valerie C.
2018-04-05
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High-Frequency Trading: Background, Concerns, and Regulatory Developments [June 19, 2014]
"High-frequency trading (HFT) is a broad term without a precise legal or regulatory definition. It is used to describe what many characterize as a subset of algorithmic trading that involves very rapid placement of orders, in the realm of tiny fractions of a second. Regulators have been scrutinizing HFT practices for years, but public concern about this form of trading intensified following the April 2014 publication of a book by author Michael Lewis. The Federal Bureau of Investigation (FBI), Department of Justice (DOJ), Securities and Exchange Commission (SEC), Commodity Futures Trading Commission (CFTC), the Office of the New York Attorney General, and the Massachusetts Secretary of Commerce have begun HFT-related probes. […] This report provides an overview of HFT in the equities and derivatives markets regulated by the SEC and the CFTC. It also examines the Flash Crash of 2010 and the role that HFT may have played, as well as recent regulatory developments."
Library of Congress. Congressional Research Service
Shorter, Gary W.; Miller, Rena S.
2014-06-19
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Department of Homeland Security Performance Budget Overview: Fiscal Year 2008
"The Performance Budget Overview (PBO) is a high level summary of the program performance levels associated with the FY 2008 President's Budget and implementation of the first year of the Department's Future Year Homeland Security Program (FYHSP) FY 2008 to FY 2012. It identifies the contribution of each FYHSP program to fulfill the DHS mission and achieve the Secretary's two year goals. In addition, individual program performance goals, performance measures, and budgets are provided. Appendices to the PBO provide information on the verification and validation of measured values, changes in goals and performance measures based on the achievement of goals in fiscal year 2006, and program information by the goals and objectives of the strategic plan."
United States. Department of Homeland Security
2008
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Small Vessel Security Strategy [April 2008]
"This strategy identifies specific goals where efforts can achieve the greatest impacts across the breadth of the maritime domain. Its guiding principles are: developing risk-based decision making solutions; enhancing security and safety through education and training; reducing risk without excessively impeding freedom of operation adversely affecting the economy, or compromising national security needs. It proceeds with the understanding that one-size-fits-all solutions cannot address the widely different characteristics of small vessels; that risk mitigation efforts should be based on coordinated efforts, operator education and appropriate use of technology. The overarching goals of the Small Vessel Security Strategy are to: enhance maritime security and safety based on a coherent plan with a layered, innovative approach; develop and leverage a strong partnership with the small vessel community and public and private sectors in order to enhance maritime domain awareness; leverage technology to enhance the ability to detect, infer intent, and when necessary, interdict small vessels; and enhance cooperation among Federal, state, local, and Tribal partners and the private sector (e.g., marinas, shipyards, small vessel and facility operators), as well as international partners. This strategy lays out the appropriate way forward in managing and controlling risks posed by the threat of small vessel exploitation."
United States. Department of Homeland Security
2008-01-09
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United States Secret Service: Fiscal Year 2008 Annual Report
"The FY2008 annual report focuses on the specific accomplishments related to the agency's core dual mission, coupled with the recognition that in order to grow and remain strong in an ever-changing security environment, Secret Service personnel must constantly have access to advanced training and exposure to diverse cultural and professional opportunities. As such, the three main sections of this annual report--Protection, Investigations and Mission Support and Human Capital--highlight the agency's specific initiatives and successes that are already meeting the goals identified in the United States Secret Service Strategic Plan (FY2008 -- FY2013) released in early 2008."
United States. Secret Service; United States. Department of Homeland Security
2008
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Congressional Budget Office Cost Estimate: H.R. 3973, Native American Energy Act
From the Summary: "H.R. 3973 would make several changes related to environmental laws, energy programs, and the management of mineral resources on Native American reservations. CBO [Congressional Budget Office] estimates that implementing the bill would cost $58 million over the 2013-2017 period, assuming appropriation of the necessary amounts. Pay-as-you-go procedures apply because enacting the legislation would affect direct spending. However, CBO estimates that the net effects would be insignificant over the 2013-2022 period. Enacting H.R. 3973 would not affect revenues. H.R. 3973 would impose an intergovernmental and private-sector mandate, as defined in the Unfunded Mandates Reform Act (UMRA), by requiring plaintiffs, including public and private entities, to post a bond when seeking a preliminary injunction to stop energy-related activities on Native American energy projects. CBO estimates that the costs for public and private entities would probably fall below the annual thresholds established in UMRA ($73 million and $146 million, respectively, in 2012, adjusted annually for inflation)."
United States. Congressional Budget Office
2012-09-19
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Congressional Budget Office Cost Estimate: H.R. 5961, Farmer's Privacy Act of 2012
"H.R. 5961 would prohibit the Environmental Protection Agency (EPA) from conducting aerial surveillance of agricultural land when enforcing the Clean Water Act (CWA) unless EPA receives voluntary written consent from the owner or operator of the land or obtains a certification of reasonable suspicion from a district court that a violation of the CWA is occurring. In addition, this bill would prohibit EPA from disclosing information collected through aerial surveillance unless that information is needed for purposes of an investigation or prosecution. Finally, the bill would exempt the information collected from the Freedom of Information Act and would require EPA to destroy the information collected within 30 days unless it is pertinent to an investigation or prosecution. According to EPA, the use of aerial surveillance provides an efficient and cost-effective tool for investigating CWA issues, especially those related to animal feeding operations. Such over-flights generally cost between $1,000 and $2,500 per flight and allow several animal feeding operations to be inspected at one time. The cost of on-site inspections, on the other hand, varies depending on the location, time in field, and time needed to analyze any samples taken during the inspection. On-site inspections at a livestock or poultry operation, for example, can cost as much as $10,000 or more per inspection, depending on the extent of the inspection required."
United States. Congressional Budget Office
2012-09-12
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Congressional Budget Office Cost Estimate: S. 3276, FISA Amendments Act Reauthorization Act of 2012
"S. 3276 would extend the authority of the federal government to conduct surveillance pursuant to the FISA [Foreign Intelligence Surveillance Act] Amendments Act of 2008 (Public Law 110-261). Because CBO [Congressional Budget Office] does not provide cost estimates for classified programs, this estimate addresses only the budgetary effects on unclassified programs affected by the bill. On that basis, CBO estimates that implementing S. 3276 would have no significant cost to the federal government. Enacting the bill could affect direct spending and revenues; therefore, pay-as-you-go procedures apply. However, CBO estimates that any effects would be insignificant for each year. The FISA Amendments Act of 2008 clarified the authority of the federal government to surveil and intercept communications of certain persons located outside the United States. S. 3276 would extend the provisions of that act until June 1, 2017 (otherwise they expire after December 31, 2012). As a result, the government might be able to prosecute criminal cases that it otherwise would not be able to pursue. CBO expects that S. 3276 would apply to a relatively small number of additional offenders, however, so any increase in costs for law enforcement, court proceedings, or prison operations would not be significant. Any such costs would be subject to the availability of appropriated funds."
United States. Congressional Budget Office
2012-07-19
