Saturday, May 17, 2014

Riegle v. Federal Open Market Committee case brief summary

Riegle v. Federal Open Market Committee

656 F.2d 873 (D.C. Circuit 1981)
Facts:  FOMC consists of seven members who hold their offices by virtue of presidential appointment confirmed by Senate, and five members who are elected by boards of directors of the Reserve Banks and who hold their offices subject to approval of Board of Governors.
Issue:  Does a United States Senator have standing to challenge the constitutionality of the procedures established by the Federal Reserve Act for the appointment of the five Reserve Bank members of the FOMC?
Holding:  Yes

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