William S Jordan III

Clearing and Trade Execution Requirements for OTC Derivatives Swaps Under the Frank-Dodd Wall Street Reform and Consumer Protection Act

William S. Jordan III — Wed, 17 Nov 2010 12:58:47 PST

This paper examines Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act entitled the “Wall Street Transparency and Accountability Act of 2010” (the “Act”). The Act provides a comprehensive regulatory framework for swap transactions that designates the Commodities Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) as the primary regulators of the OTC derivatives swap market. The Act provides a very broad definition of swaps to include most OTC derivatives transactions, and it grants the CFTC regulatory jurisdiction over them with the exception of security-based swaps to which the SEC is granted regulatory jurisdiction. The hallmark of the legislation is the clearing, trade execution, and reporting requirements for OTC derivatives contracts modeled after similar regulatory requirements for securities and commodities to protect against systemic loss. Effectively, standardized OTC derivatives swaps contracts will be the only swap transactions subject to the clearing and trade execution requirements. The potential downside of the regulation is that customized contracts are not subject to clearing in light of the individualized nature of the terms of such contracts. Thus, traders of customized contracts are subject to certain margin and capital requirements along with reporting requirements to protect against systemic loss in trading customized contracts. The question is whether the alternative regulatory system for customized contracts can prevent against systemic loss in a manner comparable to the protections that the clearing, payment, settlement, and trade execution systems bring to trading in standardized contracts. Moreover, will the bifurcated regulatory system for swap transactions incentivize traders to customize contracts to avoid the clearing and to avoid the transparency associated with exchange trading? The Act grants broad authority to the CFTC and the SEC to promulgate rules and provide interpretative guidelines to implement the regulatory provisions of the Act. Ultimately, the effectiveness of the Act to prevent systemic loss and to protect the financial system against the type of market crisis experienced in 2008 will depend on the breadth and depth of the rules the agencies promulgate and the diligence with which they oversee and enforce those rules.

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 13:42:04 PST

Seventh Circuit holds EPA Clean Air Act compliance order is not final agency action. Acker v. EPA, 290 F.3d 892 (7th Cir. 2002), Alaska, Dept. of Environmental Conservation v. U.S. E.P.A., 244 F.3d 748 (9th Cir. 2001), Solar Turbines Inc. v. Seif, 879 F.2d 1073 (3d Cir. 1989), Asbestec Const. Services, Inc. v. U.S. E.P.A., 849 F.2d 765 (2d Cir. 1988), Allsteel, Inc. v. U.S. E.P.A., 25 F.3d 312 (6th Cir. 1994).

D.C. Circuit Upholds FAA Interpretive Rule Issued Without Notice and Comment. General Electric Co. v. EPA, 290 F.3d 377 (D.C. Cir. 2002), Air Transport Association of America, Inc. v. FAA, 291 F.3d 49 (D.C. Cir. 2002), GE v. USEPA, 53 F.3d 1324 (D.C. Cir., 1995).

D.C. Circuit - Request for Agency Reconsideration Renders Penalty Order Non-Final After 11 Years. Clifton Power Corp. v. FERC, 294 F.3d 108 (D.C. Cir. 2002).

Ninth Circuit Grants Chevron Deference to Informal Interpretive Statement. Schuetz v. Bank One Mortgage Corp., 292 F.3d 1004 (2002).

Third Circuit (en banc) Uses Absurdity Principle to Overcome Chevron Deference and Ease Disability Requirements. Thomas v. Commissioner of Social Security, 29f F.3d 568 (3d Cir. 2002).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 13:30:40 PST

Agency Amicus Brief Denied Chevron Deference. Matz v. Household International Tax Reduction Investment Plan, 265 F.3d 572 (7th Cir. 2001), Auer v. Robbins, 519 U.S. 452 (1997).

FAA’s Continued Refusal to Grant Exemptions to its Airline Pilot Age Sixty Rule Upheld Once Again. Yetman v. Garvey, 261 F.3d 664 (7th Cir. 2001).

D.C. Circuit Voids EPA Rule Extending its Clean Air Act Title V Federal Operating Plan Authority to Areas in which Indian Country Status is in Question and Requires EPA to Decide Jurisdictional Disputes by Noticeand- Comment Proceedings rather than by Adjudication. Michigan v. EPA, 268 F.3d 1075 (D.C. Cir. 2001).

Seventh Circuit Rejects IRS’s Interpretation of its own Regulation Using Skidmore Deference. U.S. Freightways Corp. v. Commissioner of Internal Revenue, 270 F.3d 1137 (7th Cir. 2001).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 13:17:20 PST

Federal Circuit Reinstates Veterans Preference. Meeker v. Merit Systems Protection Board, – F.3d –, 2003 WL 359390 (Fed. Cir. Feb. 20, 2003).

Reviewability of Action & Inaction. Montana Wilderness Ass’n, Inc. v.U.S. Forest Service, 314 F.3d 1146 (9th Cir. 2003), Public Citizen Health Research Group v. Chao, 314 F.3d 143 (3d Cir. 2002), Flue-Cured Tobacco Co-operative Stabilization Corp. v.U.S. EPA, 313 F.3d 852 (4th Cir. 2002).

Three Circuits grapple with Chevron. Krzalic v. Republic Title Co., 314 F.3d 875 (7th Cir. 2002), Wilderness Society v.U.S. Fish and Wildlife Service, 316 F.3d 913 (9th Cir. 2003), BellSouth Telecommunications, Inc. v. MCImetro Access Transmission Services, Inc., 317 F.3d 1269 (11th Cir. 2003).

Notice & Comment. NRDC v. Evans, 316 F.3d 904 (9th Cir. 2003), Sprint Corp. v. FCC, 315 F.3d 369 (D.C. Cir. 2003), Consolidated Edison Co. of New York v. FERC, 315 F.3d 316 (D.C. Cir. 2003).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 13:04:13 PST

ALJ Disqualification, Duties, and Credibility Rulings. Lowry v. Barnhart, 2003 WL 21107293 (9th Cir., May 16, 2003), He v.Ashcroft, 328 F.3d 593 (9th Cir., 2003), Reefer v. Barnhart, 326 F.3d 376 (3d Cir. 2003).

Finality and Ripeness. Reliable Automatic Sprinkler Co. v. CPSC, 324 F.3d 726 (D.C.Cir. 2003), FTC v. Standard Oil of Cal., 449 U.S. 232, 243 (1980), National Parks and Conservation Ass’n v. Norton, 324 F.3d 1229 (11th Cir. 2003), Atlantic States Legal Foundation v. EPA, 325 F.3d 281 (D.C.Cir. 2003), Louisiana Envtl. Action Network v. Browner, 87 F.3d 1379, 1385 (D.C.Cir.1996).

Enforcement Guidelines as Interpretive and Procedural Rules. Chao v. Rothermel, 327 F.3d 223 (3d Cir. 2003).

Standing. AFGE,AFL-CIO v. Rumsfeld, 321 F.3d 139 (D.C.Cir. 2003), Utility Air Regulatory Group v. EPA, D.C. Cir. 320 F.3d 272 (D.C.Cir. 2003), American Canoe Association, Inc. v. Murphy Farms, Inc., 326 F.3d 505 (4th Cir. 2003), American Society for the Prevention of Cruelty to Animals v. Ringling Bros. and Barnum & Bailey Circus, 317 F.3d 334 (D.C.Cir., 2003).

Attorney Fees – “catalyst” theory and EAJA. Sierra Club v. EPA, 322 F.3d 718 (D.C.Cir. 2003), Scarborough v. Principi, 319 F.3d 1346 (Fed. Cir. 2003), Edelman v. Lynchburg College, 535 U.S. 106 (2002), Scafar Contracting, Inc. v. Secretary of Labor, 325 F.3d 422 (3d Cir. 2003).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 12:51:42 PST

Of Carts and Horses: Eleventh Circuit finds EPA administrative orders unreviewable by holding them unconstitutional. TVA v.Whitman, 336 F.3d 1236 (11th Cir. 2003).

Chevron’s relationship to First Amendment, criminal statutes, and timing of interpretations. AFL–CIO v. FEC, 333 F.3d 168 (D.C.Cir. 2003), NLRB v. Oklahoma Fixture Company, 332 F.3d 1284 (10th Cir. 2003), Public Citizen v. Department of Health and Human Services, 332 F.3d 654 (D.C.Cir. 2003).

Interpretive Rules and Statements of Policy – When do they constitute legislative rules? Community Nutrition Institute v.Young, 818 F. 2d 943 (D.C.Cir. 1987), Alaska Professional Hunters Association, Inc. v. FAA, 177 F.3d 1030 (D.C.Cir. 1999), Hemp Industries Association v. Drug Enforcement Administration, (9th Cir. 2003), American Mining Congress v. Mine Safety & Health Administration, 995 F.2d 1106, 1109 (D.C.Cir.1993), Croplife America v. EPA, 329 F.3d 876 (D.C.Cir., 2003).

Mandamus denied – Vice President must respond to discovery and assert executive privilege as to FACA dispute over National Energy Policy Development Group. In re Cheney, 334 F.3d 1096 (D.C.Cir. 2003).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 11:51:47 PST

Rulemaking: Two circuits stymie Bush Administration attempts to derail regulatory efforts of previous administrations. NRDC v.Abraham, 355 F. 3d 179 (2d Cir. 2004), International Union, United Mine Workers of America v.U.S.Dep’t of Labor, 2004 WL 314904 (D.C. Cir.Feb. 20, 2004).

Rulemaking: Recent hard look decisions, Chevron analysis, and remanding without vacating. Sierra Club v.EPA,356 F.3d 296 (D.C. Cir. 2004), Sierra Club v.EPA,353 F.3d 976 (D.C. Cir. 2004), Public Citizen, Inc. v. Mineta,340 F.3d 39 (2d Cir. 2003), Northeast Maryland Waste Disposal Authority v.E.P.A., 2004 WL 330011 (D.C. Cir.,Feb. 24, 2004).

“Got milk?” - Agency Ad Campaigns – Are they reviewable? Can industry be forced to pay? Cochran v.Veneman,2004 WL 333103 (3d Cir.Feb. 24, 2004), Invention Submission Corp. v. Rogan,2004 WL 243353 (4th Cir.Feb. 11, 2004).

Access to judicial review – cases on finality, ripeness, preclusion, and standing. Air Brake Systems, Inc. v. Mineta, 2004 WL 239834 (6th Cir.Feb. 11, 2004), Alsea Valley Alliance v. Department of Commerce, 2004 WL 343587 (9th Cir. 2004), AT&T Corp. v.FCC, 349 F.3d 692 (D.C. Cir. 2003), Ammex,Inc. v.Cox,351 F.3d 697 (6th Cir. 2003), Riverkeeper, Inc. v. Collins, 2004 WL 343516 (Feb. 24, 2004), Amgen,Inc. v. Smith,2004 WL 257042 (D.C. Cir.,Feb. 13, 2004), Baur v.Veneman,352 F.3d 625 (2d Cir. 2003), Sierra Club, Inc. v.E.P.A.,2004 WL 309142 (7th Cir.Feb. 19, 2004).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 11:38:46 PST

Ninth Circuit Surveys Administrative Law in Rejecting Ashcroft’s Attempt to Stifle Oregon’s Death With Dignity Act. Oregon v. Ashcroft, 2004 WL 1162238 (May 26, 2004), Alaska Professional Hunters Ass’n, Inc. v.FAA,177 F. 3d 1030 (1999), Solid Waste Agency of N. Cook County v.U.S.Army Corps of Eng’rs, 531 U.S. 159, 172-74 (2001), Thomas Jefferson Univ. v. Shalala, 512 U.S. 504, 512 (1994).

D.C. Circuit: No Agency Subdelegation to States Without Express Congressional Authorization. United States Telecom Association v.FCC, 359 F.3d 554 (D.C. Cir. 2004), Fund Democracy,LLC v.SEC, 278 F.3d 21, 25–26 (D.C.Cir.2002).

Chevron – Refining the Mead Test for Application of Chevron Deference, and Articulating the Nature of Chevron Reasonableness Review. Pharmaceutical Research and Manufacturers of America v. Thompson, 362 F.3d 817 (D.C. Cir. 2004), Sierra Club v. Leavitt, 2004 WL 955357 (May 5, 2004).

FOIA – DC Circuit Addresses the Scope of Protection for Congressional and Presidential Communications. United We Stand America, Inc. v. IRS,359 F.3d 595 (D.C. Cir. 2004), Judicial Watch, Inc. v. Department of Justice, 365 F.3d 1108 (D.C. Cir., 2004).

Potpourri – Attorney Discipline, Standing, Defense to Civil Penalty, and res judicata Effect of State Administrative Decisions. Gadda v.Ashcroft, 363 F.3d 861 (9th Cir. 2004), National Wrestling Coaches Ass’n v. Department of Education, 2004 WL 1073836 (May 14, 2004), Delta Commercial Fisheries Association v. Gulf of Mexico Fishery Management Council,364 F.3d 269 (5th Cir. 2004), U.S. v.Allegheny Ludlum Corp., 366 F.3d 164 (3d Cir. 2004), Iowa Network Services, Inc. v. Qwest Communications, 363 F.3d 683 (8th Cir. 2004), Astoria Fed. Sav.& Loan Ass’n v. Solimino,501 U.S. 104, 108 (1991).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 11:25:55 PST

When is an Agency Statement an Interpretive Rule? Independent Equip. Dealers Ass’n v.EPA,372 F.3d 420 (D.C. Cir. 2004), Erringer v.Thompson,371 F.3d 625 (9th Cir. 2004), Coke v. Long Island Care at Home,2004 WL 1632642 (2d Cir. 2004).

FOIA—Two Circuits Refine Application of the “Deliberative Process” Privilege. Moye,O’Brien,O’Rourke, Hogan & Pickert v. National RR Passenger Corp., 2004 WL 1566567 (11th Cir. 2004), Enviro Tech Int’l, Inc. v. EPA,371 F.3d 370 (7th Cir. 2004).

Circuits Split on Access to Review – 4th Finds preclusion, D.C. Circuit Refuses to Mandate Exhaustion. National Taxpayers Union v.SSA,2004 WL 1575103 (4th Cir. 2004), Avocados Plus Inc. v.Veneman, 370 F.3d 1243 (D.C. Cir. 2004).

D.C. Circuit Debates Consideration of Costs and When Court May Remand Without Vacating.

The Limits of Chevron and Hard Look Deference: D.C. Circuit Walks a Fine Line in Rulings on Nuclear Waste Repository and Snowmobile Emissions. Nuclear Energy Institute, Inc. v.EPA, 373 F.3d 1251 (D.C. Cir. 2004), Bluewater Network v.EPA,370 F.3d 1 (D.C. Cir. 2004).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 11:15:37 PST

When does Chevron apply? If it doesn’t, what is the nature of Skidmore deference? BCCA Appeal Group v.U.S.EPA,348 F.3d 93, 100 (5th Cir. 2003), Alfaro v. Commissioner, 2003 WL 22509403 (5th Cir. 2003), Hospital Corporation of America and Subsidiaries v.Commissioner, 348 F.3d 136 (6th Cir. 2003), Boeing Company v. United States, 537 U.S. 437 (2003), Aeroquip–Vickers, Inc. v.Commissioner, 347 F.3d 173 (6th Cir. 2003).

7th Circuit on Buckhannon, the IDEA, and “prevailing party” status for the purpose of attorney fee awards. Buckhannon Bd.& Care Home v.W.Va.Dep’t of Health & Human Res., 532 U.S.598 (2001), T.D. v.La Grange School District No.102,2003 WL 22682466 (7th Cir. 2003).

Safety regulation of oil tankers as a taking of property – Federal Circuit accepts the possibility but holds no taking on the particular facts. Maritrans, Inc. v.U.S., 342 F.3d 1344 (Fed.Cir. 2003).

9th Circuit – NEPA challenge to state water management program is ripe despite absence of site-specific decisions – discussion of standing under NEPA – other ripeness and standing decisions. Ohio Forestry Ass’n v. Sierra Club,523 U.S.726 (1998), Laub v.US Department of the Interior, 342 F.3d 1080 (9th Cir. 2003), Maritrans, Inc. v.U.S., 342 F.3d 1344 (Fed. Cir. 2003), The University of Medicine and Dentistry of New Jersey v. Corrigan, 347 F.3d 57 (3d Cir. 2003), Ranger Cellular v.FCC,2003 WL 22681318 (D.C.Cir. 2003), Consumer Federation of America v.FCC,2003 WL 22461433 (D.C.Cir. 2003).

Various decisions on access to judicial review. Roberts v. US Railroad Retirement Board, 346 F.3d 139 (5th Cir. 2003), Consumer Electronics Association v.FCC, 347 F. 3d 291 (D.C.Cir. 2003), Public Citizen v. Mineta, 343 F.3d 1159 (9th Cir. 2003), Ruud v.US DOL, 347 F.3d 10086 (9th Cir. 2003).

News from the Circuits

William S. Jordan — Tue, 01 Dec 2009 07:00:18 PST

First Circuit Emphasizes Flexibility of APA Sec. 556. Citizens Awareness Network, Inc. v. United States, 2004 WL 2827697 (1st Cir.,Dec. 10, 2004).

D.C. Circuit Backtracks on Remand Without Vacating. Honeywell International, Inc. v. Environmental Protection Agency, 374 F.3d 1363 (D.C. Cir. 2004), Honeywell International, Inc. v.EPA, 393 F.3d 1315 (D.C.Cir. 2005).

D.C. Circuit Struggles with Standing, Mootness, Ripeness. Entergy Services, Inc. v.FERC, 391 F.3d 1240 (D.C. Cir. 2004), Electric Power Supply Association v.FERC, 391 F.3d 1255 (D.C. Cir. 2004), The Center for Law and Education v. Department of Education, 2005 WL 119831 (D.C. Cir. 2005), Rainbow/PUSH Coalition v.FCC,2005 WL 267951 (D.C. Cir. 2005), Havens Realty Corp. v.Coleman,455 U.S. 363 (1982).

D.C. Circuit Applies Barnhart Multi-factor Test. Mylan Laboratories, Inc. v.Thompson,389 F.3d 1272 (D.C.Cir. 2004), Mead’s reference to NationsBank of N.C.,N.A. v.Variable Annuity Life Ins.Co.,513 U.S. 251, 256-57 (1995), Barnhart v.Walton,535 U.S. 212, 222 (2002).

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 14:56:03 PST

FACA: D.C. Circuit Dilutes While 9th Circuit Signals Possible End to Some Claims. Cheney v.U.S. Dist.Court, 124 S. Ct. 2576 (2004); Public Citizen v.Department of Justice,491 U.S.440, 445-446,453-454 (1989); Manshardt v. Federal Judicial Qualifications Committee,401 F.3d 1014 (9th Cir. 2005); Judicial Watch, Inc. v.National Energy Policy Development Group, 219 F.Supp.2d 20, 33 (D.D.C. 2002); Manshardt v. Federal Judicial Qualifications Committee,2005 WL 1119626 (9th Cir. 2005); Manshardt v. Federal Judicial Qualifications Committee, 2005 WL 1119633, n. 3 (9th Cir. 2005).

FCC Guidance Documents: D.C. Circuit Applies Traditional Notice-&-Comment Test to One and New Non-APA “Crucial Statutory Element” Test to Other. Central Texas Telephone Cooperative, Inc. v.FCC,402 F.3d 205 (D.C.Cir. 2005); U.S.Telecom Ass’n v.FCC, 400 F.3d 29 (D.C. Cir. 2005).

D.C. Circuit Denies Chevron Deference, Strictly Construes FCC Ancillary Jurisdiction. American Library Ass’n v.FCC, 2005 WL 1047587 (D.C. Cir. 2005); United States v. Southwestern Cable Co., 392 U.S. 157, 178 (1968).

Other Decisions of Interest. Waterkeeper Alliance, Inc. v.USEPA, 399 F.3d 486 (2nd Cir. 2005); Jupiter Energy Corp. v.FERC, 2005 WL 834473 (5th Cir. 2005); Burlington Northern and Santa Fe Railway Company v. Surface Transportation Board, 403 F.3d 771 (D.C. Cir. 2005); Defenders of Wildlife v.Secretary of the U.S. Dept.of the Interior,354 F.Supp.2d 1156 (D.Oregon 2005); Combs v.Commissioner of Social Security,400 F.3d 353 (6th Cir. 2005); Cathedral Candle Company v. United States International Trade Commission, 400 F.3d 1352 (Fed. Cir. 2005); Legal Environmental Assistance Foundation, Inc. v. United States Environmental Protection Agency, 400 F.3d 1278 (11th Cir. 2005); Ahmed v. Gonzales, 398 F.3d 722 (6th Cir. 2005); Tunik v. Dethloff, 2005 WL 1110975 (Fed. Cir. 2005).

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 14:37:54 PST

D.C. Circuit Panel Battles over Congressmen’s Standing to Challenge FEC Rules. Shays v.FEC, 414 F.3d 76 (D.C.Cir. 2005); McConnell v.FEC,540 U.S. 93 (2003).

Final Agency Action: Two Opinions, One Judge. NAHB v.Norton, 415 F.3d 8 (D.C.Cir. 2005); NAHB v. U.S. Army Corps of Engineers, 2005 WL 1789740 (July 29, 2005).

FOIA and the Deliberative Process Exemption. Judicial Watch, Inc. v. Department of Energy, 412 F.3d 125 (D.C.Cir. 2005); National Council of La Raza v. Department of Justice, 411 F.3d 350 (2d Cir. 2005).

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 14:31:00 PST

Standing: Critters lose (but the door’s still open), while organizations may have a new opening in “informational standing.” Cetacean Community v.Bush, 386 F.3d 1169 (9th Cir. 2004); Sierra Club v.Morton,402 U.S. 727,742 (1972); Palila v.Hawaii Department of Land and Natural Resources, 852 F.2d 1106, 1107 (9th Cir.1988); American Canoe Ass’n, Inc. v. City of Louisa Water & Sewer Com’n, 2004 WL 2423536 (6th Cir. 2004); Laidlaw redux. See Friends of the Earth, Inc. v. Laidlaw Envtl. Servs. Inc.,528 U.S. 167, (2000).

Second Circuit uses Barnhart multi-factor analysis to apply Chevron deference to an agency policy statement. Kruse v.Wells Fargo Home Mortgage., Inc., 383 F.3d 49 (2d Cir. 2004); Barnhart v.Walton,535 U.S. 212 (2002).

D.C. Circuit Upholds DOT Rule Despite Inadequate Chevron Step 2 Explanation and Notice-and-Comment Challenge.

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 13:58:47 PST

Seventh Circuit slams Immigration Adjudications. Benslimane v. Gonzales, 430 F.3d 828 (7th Cir., 2005).

Four on Standing. Grassroots Recycling Network, Inc. v.U.S.EPA, 429 F.3d 1109 (D.C. Cir. 2005); The Wilderness Society v.Norton, 2006 WL 89195 (D.C. Cir. 2006); Sierra Club v. Johnson, 2006 WL 146230 (11th Cir. 2006); Freedom from Religion Foundation, Inc. v.Chao, 433 F.3d 989 (7th Cir. 2006).

D.C. Circuit – The FTC May Not Regulate Practice of Law. inAmerican Bar Association v. Federal Trade Commission,430 F.3d 457 (D.C.Cir. 2005).

Ripeness – Low Bar in the D.C. Circuit. Sabre, Inc. v.DOT, 429 F.3d 1113 (D.C. Cir. 2005); National Ass’n of Homebuilders v.U.S.Army Corps of Engineers, 2006 WL 250234 (D.C. Cir. 2006).

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 13:50:38 PST

1st Circuit Abandons Hearing on the Record Presumption. Seacoast Anti-Pollution League v. Costle, 572 F.2d 872 (1st Cir.1978); Marathon Oil Co. v.EPA, 564 F.2d 1253, 1264 (9th Cir.1977); U.S. Steel Corp. v.Train, 556 F.2d 822, 833-34 (7th Cir.1977); Dominion Energy Brayton Point,LLC v. Johnson, 443 F.3d 12 (1st Cir. 2006); National Cable & Telecommunications Ass’n v. Brand X Internet Services, 125 S.Ct. 2688 (2005); Mathews v. Eldridge,424 U.S. 319 (1976); Citizens Awareness Network, Inc. v. United States, 391 F.3d 338 (1st Cir.2004); Chemical Waste Management, Inc. v.EPA,873 F.2d 1477 (D.C.Cir. 1989).

D.C. Circuit Rejects SEC Independent Directors Rule. Chamber of Commerce of the United States of America v.SEC, 2006 WL 890669 (D.C.Cir. 2006); Chamber of Commerce of the United States of America v.SEC, 412 F.3d 133 (D.C.Cir. 2005).

4th Circuit: No Private Right of Action to Enforce Information Quality Act. FEC v. Akins,524 U.S.11 (1998).

D.C. Circuit Recognizes Substantive Due Process Right. Abigail Alliance for Better Access to Developmental Drugs and Washington Legal Foundation v.Von Echsenbach,2006 WL 1147758 (D.C.Cir.May 2, 2006); Cruzan v. Director, Missouri Department of Health,497 U.S. 261 (1990).

EPA Loses Two Plain Meaning Challenges. Friends of the Earth, Inc. v. Environmental Protection Agency,2006 WL 1071660 (D.C.Cir.,April 25, 2006); NewYork v.EPA, 2006 WL 662746 (D.C. Cir.March 17, 2006).

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 13:30:20 PST

Decisions Applying Brand X Reveal New Chevron Complexities. National Cable & Telecommunications Ass’n v. Brand X Internet Services, 125 S.Ct. 2688 (2005); Metrophones Telecommunications, Inc. v.Global Crossing Telecommunications, Inc, 423 F.3d 1056 (9th Cir. 2005); AARP v. Equal Employment Opportunity Commission,No. 05-CV-509 (E.D.Pa., filed Sept. 27, 2005).

When Does a New Interpretation in a Preamble to a Final Rule Violate the “Logical Outgrowth” Requirement? Environmental Integrity Project v.EPA, 425 F.3d 992 (D.C. Cir. 2005).

Tenth Circuit Denies Deference to BLM in “Primary Jurisdiction” Referral. Southern Utah Wilderness Alliance v. Bureau of Land Management, 425 F.3d 735 (10th Cir. 2005).

All that Work for Peanuts. Members of the Peanut Quota Holders Ass’n, Inc. v. United States, 421 F.3d 1323 (Fed. Cir. 2005).

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 10:46:59 PST

D.C. Circuit Denies Review of NHTSA Guideline Letter. Center for Auto Safety v. National Highway Traffic Safety Administration,2006 WL 1715358 (D.C.Cir. June 23, 2006); Community Nutrition Institute v.Young, 818 F.2d 943 (D.C.Cir.1987).

D.C. Circuit Rejects SEC Reversal But Upholds FCC Reversal. Goldstein v.SEC, 451 F.3d 873 (D.C.Cir. 2006); American Council on Education v. FCC, 451 F.3d 226 (D.C Cir. 2006).

9th Circuit Finds NRC Terrorism Decision Unreasonable. San Luis Obispo Mothers for Peace v.NRC, 449 F.3d 1016 (9th Cir. 2006).

FOIA I: D.C. Circuit Holds Electronic Calendars Constitute “Agency Records”. Consumer Federation of America v. Department of Agriculture, 2006 WL 1789006 (D.C.Cir. June 30, 2006); Bureau of Nat’l Affairs, Inc. v. United States Dep’t of Justice, 742 F.2d 1484 (D.C.Cir.1984); Kissinger v. Reporters Comm. for Freedom of the Press,445 U.S. 136 (1980); United States Department of Justice v.Tax Analysts,492 U.S. 136 (1989).

FOIA II: D.C. Circuit Clarifies Vaughn Index Requirements. Judicial Watch v. Food and Drug Administration, 449 F.3d 141 (D.C.Cir. 2006).

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 10:24:41 PST

9th Circuit Panel Divides on Meaning of Final Action. Oregon Natural Desert Association v. U.S. Forest Service, 465 F.3d 977 (9th Cir. 2006).

D.C. Circuit on Using Rulemaking Record to Show Injury in Fact. American Chemistry Council v. Department of Transportation, 2006 WL 3316788 (D.C. Cir. 2006).

DC Circuit on Legal Force of Post-Treaty Agreements. NRDC v.EPA, 464 F.3d 1 (D.C.Cir. 2006).

3d Circuit – State FOIA May Not Limit Access to Citizens of State. Lee v. Miner, 458 F.3d 194 (3d Cir. 2006)

News from the Circuits

William S. Jordan — Sat, 21 Nov 2009 10:03:46 PST

9th Circuit Holds Draft Policy Statement Reviewable as Final Agency Action. Animal Legal Defense Fund v.Veneman, 469 F.3d 826 (9th Cir. 2006).

9th Circuit Grants Chevron Deference to Notice-&-Comment Policy Statement. Northwest Ecosystem Alliance v. United States Fish and Wildlife Service, 2007 WL 286581 (9th Cir.,Feb. 2, 2007).

9th Circuit Rejects Agency Funding Decision Based on Committee Reports. Northwest Environmental Defense Center v. Bonneville Power Administration,2007 WL 163102 (9th Cir., Jan. 24, 2007).

D.C. Circuit Upholds Recovery of Self-Representational FOIA Attorney Fees. Baker & Hostetler LLP v.U.S. Dept. of Commerce, 473 F.3d 312 (D.C.Cir. 2006); Kay v. Ehrler,499 U.S. 432 (1991).

Update: Abigail Alliance to be reviewed en banc. Abigail Alliance for Better Access to Developmental Drugs and Washington Legal Foundation v.Von Echsenbach, 445 F.3d 470 (D.C.Cir. 2006).