What I am reading today.
U.S. Supreme Court. Federal Communications Commission. Universal Service. Today, the United States Supreme Court entertains three questions regarding the non-delegation doctrine and universal service for telecommunications companies.
1. Whether Congress violated the nondelegation doctrine by authorizing the Commission to determine, within the limits set forth in Section 254, the amount that providers must contribute to the Fund.
2. Whether the Commission violated the nondelegation doctrine by using USAC’s financial projections in computing universal service contribution rates.
3. Whether the combination of Congress’s conferral of authority on the Commission and the Commission’s delegation of administrative responsibilities to USAC violates the nondelegation doctrine. — SHLB Coalition v. Consumers’ Research and Federal Communications Commission v. Consumers’ Research.
Note: The non-delegation doctrine restricts Congress from delegating its legislative powers to other branches of State power or administrative agencies without providing clear or specific guidelines or standards. Excessive delegation risks a violation of the separation of powers.
Federal Reserve Bank of New York. Community Depository Institutions Advisory Council. “The Federal Reserve Bank of New York today announced the appointment of Martin G. Morgado to its Community Depository Institutions Advisory Council (CDIAC), effective today. Morgado is president and CEO of Ives Bank, based in Danbury, Connecticut.” — Federal Reserve Bank of New York.
The data.
Foreign exchange per the Board of Governors of the Federal Reserve System.
EUR/USD=1.0806
GBP/USD=1.2896
USD/JPY=148.9800
Administered rates per the Board of Governors of the Federal Reserve System.
Discount Window: 4.50%
Effective Federal Funds Rate: 4.33%
Interest on Reserve Balances: 4.40%
Overnight Reverse Repurchase Facility Rate:4.25%
Reference Rates per the Federal Reserve Bank of New York.
Effective Federal Funds Rate:4.33%
Overnight Bank Funding Rate: 4.33%
Secured Overnight Financing Rate:4.30%
Broad General Collateral Rate:4.29%
Tri-Party General Collateral Rate:4.29%
Foreign exchange per the Eastern Caribbean Central Bank.
USD/XCD=2.70
GBP/XCD=3.48449
EUR/XCD=2.91573
CAD/XCD=1.89467
JPY/XCD=0.01799
KWD/XCD=8.75529
AED/XCD=0.73509
CNH/XCD=0.37168
Administered rates per the Eastern Caribbean Central Bank
ECCB Discount Rate: 3.0%
ECCB Call Rate: 2.4%
ECCB Fixed Deposit Rate (one month): 2.8%
If you would like a legal analysis of today’s reported events, contact me at altondrew@altondrew.com.
DISCLAIMER: I am not a financial adviser. These blog posts are for educational purposes only. Investing of any kind involves risk. Your investment and other financial decisions are solely your responsibility. It is imperative that you conduct your own research and seek professional advice as necessary. I am merely sharing my opinions.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning at no cost to you I earn a commission if you click through and make a purchase.
Lawyers Write the Bets. Bankers Sell the Bets. 