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Lawsuit-proofing the Bailout?



It looks like they're going to try, anyway. The draft plan, created by Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke and submitted to Congress today by the White House, contains the following language designed to protect Treasury's judgment calls from legal challenge:

Decisions by the Secretary pursuant to the authority of this Act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.

That seems like a lot of independence for a program budgeted at $700 billion, but I agree that getting trial lawyers involved could do more harm than allowing Congress to keep an active hand in.

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Rafael Mangual
Project Manager,
Legal Policy
rmangual@manhattan-institute.org

Katherine Lazarski
Manhattan Institute
klazarski@manhattan-institute.org

 

Published by the Manhattan Institute

The Manhattan Insitute's Center for Legal Policy.