WEBVTT - Former Solicitor General Garre on New SCOTUS Term

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<v Speaker 1>This is Bloomberg Law with June Grasso from Bloomberg Radio.

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<v Speaker 1>Oh yea, oh yea, oh yea. All persons having business

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<v Speaker 1>before the Honorable the Supreme Court of the United States

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<v Speaker 1>are admonished to give their attention, for the Court is

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<v Speaker 1>now sitting. Ever faithful to tradition, the Supreme Court began

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<v Speaker 1>its term on the first Monday in October with only

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<v Speaker 1>eight justices and seemingly oblivious to the upcoming battle over

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<v Speaker 1>the controversial nomination of a new justice. The terms docket

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<v Speaker 1>already includes a number of significant cases, perhaps the most

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<v Speaker 1>consequential being the challenge to Obamacare. The docket covers a

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<v Speaker 1>wide spectrum of issues, religious rights, gay rights, federal agency powers,

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<v Speaker 1>voting rights, robotexting, and even a suit over looted Nazi art,

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<v Speaker 1>just to name a few. Joining me to discuss the

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<v Speaker 1>new term is Gregory gar the global chair of Latham

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<v Speaker 1>and Watkins Supreme Court and Appellate Practice. He served as

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<v Speaker 1>the what do you Force Solicitor General of the United States.

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<v Speaker 1>It's wonderful to have you here. Let's start with the

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<v Speaker 1>challenge to Obamacare, which is coming up right after the election,

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<v Speaker 1>in which the Trump administration and Republican led states are

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<v Speaker 1>arguing to invalidate the law. The decision below seemed like

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<v Speaker 1>such an outlier, but now the question is will Obamacare

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<v Speaker 1>survives well. I think the challengers face an uphill battle here,

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<v Speaker 1>and I really think what's important to understand about the

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<v Speaker 1>cases there are three separate questions. The first is whether

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<v Speaker 1>the mandate itself is constitutional now that Congress has been

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<v Speaker 1>invalidated to financial penalty associated with it. The second is,

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<v Speaker 1>even if the mandate is unconstitutional, is it severable from

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<v Speaker 1>the Act? And on that there's a strong majority of

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<v Speaker 1>the Court that has seemed reluctant to invalidate acts as

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<v Speaker 1>a whole and instead look for ways to sever the

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<v Speaker 1>unconstitutional provisions and leave as much of the Act in place.

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<v Speaker 1>And so I think that's going to be a challenging

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<v Speaker 1>argument for the challengers here, even if they succeed on

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<v Speaker 1>the argument that the mandate is no longer constitutional given

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<v Speaker 1>that the tax associated with it has been validated. And

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<v Speaker 1>then there's actually a third question which is pretty interesting,

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<v Speaker 1>which is whether or not the challengers here even have

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<v Speaker 1>standing given that the mandate no longer applies to the

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<v Speaker 1>individual plainists and the states themselves aren't directly regulated under

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<v Speaker 1>the Affordable Care Act. There's a major religious rights case

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<v Speaker 1>on the docket where religious rights collide with gay rights.

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<v Speaker 1>The question is whether Catholic Social Services can be excluded

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<v Speaker 1>from Philadelphia's foster care system because it won't place children

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<v Speaker 1>with same sex couples. And this case has already gotten

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<v Speaker 1>a lot of attention the latest class between religion and

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<v Speaker 1>same sex couples or gay rights. And you know, it's interesting,

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<v Speaker 1>I mean, both sides take a quite different view of

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<v Speaker 1>what's going on here. The City of Philadelphia claims that

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<v Speaker 1>it's simply applying its general policy against discrimination, including discrimination

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<v Speaker 1>on the basis of sexual orientation, to the private contractor here,

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<v Speaker 1>which is the Catholic Social Services organization nonprofit organization which

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<v Speaker 1>helps the place children in the city with foster parents

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<v Speaker 1>and declines to do so in the case of foster

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<v Speaker 1>parents who are same sex couples. And so the city

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<v Speaker 1>argues it is just applying that generally applicable and neutral

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<v Speaker 1>principle to this particular organization, and the Catholic Social Services

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<v Speaker 1>and the individual plantiffs claimed that, you know, the city

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<v Speaker 1>really doesn't have a generally applicable policy here, that it

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<v Speaker 1>carves out lots of individual exemptions and has discretion to

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<v Speaker 1>do so with respect to other groups, and it's simply

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<v Speaker 1>declined to do so in permissively here with respect to

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<v Speaker 1>the Catholic Social Services, and so the failure to do

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<v Speaker 1>so to draw an exemption here violates the Catholic Social

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<v Speaker 1>Services free exercise rights. And the case also presents, you know,

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<v Speaker 1>what could be a hugely consequential question, and that the

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<v Speaker 1>petitioners here have asked the Court to reconsider it decision

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<v Speaker 1>and Employment Division versus Smith, And that was the decision

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<v Speaker 1>written by Justice Scalia, which held that the application of

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<v Speaker 1>neutral and generally applicable laws against religiously motivated conduct generally

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<v Speaker 1>does not violate the free exercise rights. The government in

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<v Speaker 1>the United States in this case claims that that the

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<v Speaker 1>Court doesn't have to reconsider Smith, that it can simply

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<v Speaker 1>recognize that the city has carved out these exemptions for

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<v Speaker 1>other groups and so therefore is violating the free exercise

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<v Speaker 1>rights of the Classolic Social Services by not allowing an

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<v Speaker 1>exemption in this case. But the question of whether the

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<v Speaker 1>Court would revisit Employment Division versus Smith is certainly one

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<v Speaker 1>that's important to follow. Another factor here is that the

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<v Speaker 1>Court has been expanding religious liberties. Even last terms. Think

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<v Speaker 1>there were three cases involving religion, and they ended up

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<v Speaker 1>with seven to two or five to four votes in

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<v Speaker 1>favor of expanding religious liberties. So can we expect more

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<v Speaker 1>of that same kind of expansion in this case? I

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<v Speaker 1>think you're absolutely right that we've seen in recent terms

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<v Speaker 1>a court that is more protective of religious liberties. And interestingly,

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<v Speaker 1>even the more liberal justices like Justice Kagan and Justice

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<v Speaker 1>Brier have gone along with the conservative justices in protecting

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<v Speaker 1>religious liberties. So I think that this city here probably

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<v Speaker 1>does face an uphill battle in persuading the Court to

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<v Speaker 1>leave the lower court decision in effact. And the fact

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<v Speaker 1>that the Court agreed to hear this case probably singles

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<v Speaker 1>at least sound concerned with the challenges free exercise clause

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<v Speaker 1>claim here. You may remember a case last term when

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<v Speaker 1>the Supreme Court broadened the federal ban on robocalls to

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<v Speaker 1>mobile phones, with Chief Justice John Roberts opining that no

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<v Speaker 1>one likes robocalls, nobody wants to get robocalls on their

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<v Speaker 1>cell phone. The idea that Congress would embrace that result

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<v Speaker 1>simply to save this government debt collection. Uh, they'd have

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<v Speaker 1>to be very anxious to be more unpopular, uh than

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<v Speaker 1>they otherwise would be. Well, there will be a reprise

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<v Speaker 1>of sorts this term involving Facebook robotexting. I've been talking

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<v Speaker 1>to former US Solicitor General Gregory gar a partner at

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<v Speaker 1>Latham and Watkins, about the Supreme Court's new term. So, Greg,

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<v Speaker 1>this is a class action lawsuit accusing Facebook of sending

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<v Speaker 1>unwanted text messages in violation of federal law. And I

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<v Speaker 1>remember last term during oral arguments that all the justices

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<v Speaker 1>seem to agree that nobody likes robocalls, So what about this? Now,

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<v Speaker 1>this is an interesting case. I mean, I think one

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<v Speaker 1>of the justices referred to as one of the most

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<v Speaker 1>popular laws that Angress has ever passed. But it's also

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<v Speaker 1>popular with planeff floors because we've seen a number of

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<v Speaker 1>class actions that you get a single person who receives

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<v Speaker 1>an unwanted text message, and then all of a sudden,

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<v Speaker 1>you've got sort of a multimillion dollar class action in

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<v Speaker 1>federal court. And the question in this case is sort

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<v Speaker 1>of a very technical statutory question, but is what device

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<v Speaker 1>qualifies as an automatic telephone dialing system? Which is the

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<v Speaker 1>phrase that Congress used in the statute. Is it enough

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<v Speaker 1>if the device has of the capacity to store numbers

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<v Speaker 1>and then dial them automatically, which is what the Ninth

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<v Speaker 1>Circuit held in this case, or does the device also

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<v Speaker 1>have to use a random or sequential number generated to

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<v Speaker 1>actually make the calls? Is Facebook argues in this case.

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<v Speaker 1>And you know, the one thing that Facebook really has

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<v Speaker 1>going for it here is that if the answer is

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<v Speaker 1>that the use of a random or sequential number generator

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<v Speaker 1>is not required, then basically every smartphone in America is

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<v Speaker 1>an automatic telephone dialing system and any call to a

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<v Speaker 1>wrong number or text is a t c P A violation.

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<v Speaker 1>And so you know, particularly since the justicism sells have

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<v Speaker 1>their own smartphones, I don't think that that result is

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<v Speaker 1>necessarily going to sit well with them, and it really

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<v Speaker 1>would be an extraordinary burden for Congress to have created generally,

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<v Speaker 1>So I think here the argument of the Ninth Circuit

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<v Speaker 1>simply construed the statute too broadly has a lot of force.

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<v Speaker 1>So perhaps advantage Facebook there. Let's turn down to a

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<v Speaker 1>high stakes dispute involving Fannie Mae and Freddie Mack and

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<v Speaker 1>the hundreds of billions of dollars in their profits that

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<v Speaker 1>have gone into the U. S. Treasury. This case involves

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<v Speaker 1>a challenge to the Federal Housing Finance Agency, much like

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<v Speaker 1>a challenge to the Consumer Financial Protection Bureau less term. Really,

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<v Speaker 1>this case falls on the heels of the failure Law

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<v Speaker 1>case last term, in which the Court held that the

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<v Speaker 1>CFPBS structure, which included having a single director in which

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<v Speaker 1>this great authority was vested in insulating the president's ability

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<v Speaker 1>to remove that director, violated the structural protections of the

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<v Speaker 1>separation of powers. And the Federal Housing Finance Agency it

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<v Speaker 1>has a very similar structure. It was creating in the

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<v Speaker 1>wake of the two thousand and eight economic crisis, and

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<v Speaker 1>they gave you a single head, enormous authority for an

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<v Speaker 1>independent agency. And so I think, especially in the light

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<v Speaker 1>of failure Law, it's hard to see how that structure

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<v Speaker 1>and the fore cause removal provision could survive intact. But

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<v Speaker 1>then the question again is, Okay, what's the remedy. You

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<v Speaker 1>just sever the fore cause removal provision or do you

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<v Speaker 1>take a more drastic approach and invalidate the actual administrative

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<v Speaker 1>action in this case, which is the focus of the

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<v Speaker 1>litigation and a massive transfer of economic interest from Fannie

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<v Speaker 1>Mae and Freddie Mack into the United States Treasury. Could

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<v Speaker 1>the outcome be different because of the difference between the

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<v Speaker 1>Consumer or Financial Protection Bureau and what it does and

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<v Speaker 1>what Fannie May and Freddie Matt do. The history there,

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<v Speaker 1>the interests of shareholders and investors and some people wanting

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<v Speaker 1>to unwind them for years. Well, I think it's the

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<v Speaker 1>particular structure of this new agency doesn't survive because of

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<v Speaker 1>the absence of the ability to the President to remove

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<v Speaker 1>the director for reasons that wouldn't qualify as cause. Then

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<v Speaker 1>I think the agency would have to be altered in

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<v Speaker 1>that respect, at the least. In terms of the broader

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<v Speaker 1>implications of the case for Freddie Mack and Fanny May,

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<v Speaker 1>it's harder to say. I mean, the government in this

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<v Speaker 1>case is, you know, taking a somewhat different tack and

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<v Speaker 1>is arguing that the challengers here really can't sue for

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<v Speaker 1>the relief that they're seeking the invalidation of this transfer

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<v Speaker 1>under the provisions of the statute, and so you know,

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<v Speaker 1>that presents another interesting and fairly statute specific question. But

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<v Speaker 1>I think that's the signal that the government doesn't feel

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<v Speaker 1>as though its arguments on the structure of the Statute

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<v Speaker 1>as a whole are as strong. The Court is going

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<v Speaker 1>to intervene in this long running fight over whether the

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<v Speaker 1>Federal Communications Commission can loosen ownership restrictions that affect TV

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<v Speaker 1>stations and newspapers. And the SEC has been trying to

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<v Speaker 1>do this since two thousand two and has been foiled

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<v Speaker 1>by the Third Circuit Court of Appeal. So tell us

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<v Speaker 1>what's that issue here? So this is a seventeen year

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<v Speaker 1>back and forth epic match between the FCC and the

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<v Speaker 1>Third Circuit. And basically, this time the Court held that

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<v Speaker 1>the FEC's new media ownership rules had to be set

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<v Speaker 1>aside because the FEC had failed adequately to analyze the

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<v Speaker 1>potential effect of its regulatory changes on female and minority

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<v Speaker 1>ownership of broadcast stations. And so basically it sets up

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<v Speaker 1>a challenge to the deference owed by federal courts to

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<v Speaker 1>the essentially policy decisions made by agencies in the course

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<v Speaker 1>of rulemaking. And it come at an interesting time because

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<v Speaker 1>we've seen in recent cases like the Census case, in

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<v Speaker 1>the Data case last term that the Court has taken

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<v Speaker 1>I think a harder look at the reasons that administrative

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<v Speaker 1>agencies give for their decisions and has generally been willing

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<v Speaker 1>to scrutinize administrative decisions a little bit more carefully. And

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<v Speaker 1>here the SEC in the government is arguing straight up

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<v Speaker 1>for more deference under the arbitrary and capricious standard and

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<v Speaker 1>arguing that the Third Circuit here, you know, failed reasonably

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<v Speaker 1>to defer to the agencies, you know, own judgments about

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<v Speaker 1>how to best serve the statutory purposes. So where do

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<v Speaker 1>you think the Court might come out, Well, I don't

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<v Speaker 1>think it will be happy with this sort of back

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<v Speaker 1>and forth between the Third Circuit and the SEC. And

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<v Speaker 1>you know, my guest is generally this may be a

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<v Speaker 1>case where it would be willing to defer and and

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<v Speaker 1>maybe sort of set out an an outpost of of

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<v Speaker 1>you know what arbitrary and capricious review means. But it's

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<v Speaker 1>tough to say. I mean that the Court in recent years,

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<v Speaker 1>you know, has gotten more receptive to UH challenges that

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<v Speaker 1>we're not going to defer to agency decision making. So

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<v Speaker 1>it's it's a new court in that respect. And you know,

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<v Speaker 1>this case sort of tease up another opportunity to see

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<v Speaker 1>where the Court is on administrative difference. Generally, the justices

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<v Speaker 1>are going to consider a case that involves child slavery

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<v Speaker 1>on Coco farms in the Ivory Coast. Six former child

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<v Speaker 1>slaves accused Nesley and Cargo of giving Ivory Coast farmers

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<v Speaker 1>financial assistance in the expectation that Coco prices would stay low,

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<v Speaker 1>which the companies deny. This case has been moving up

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<v Speaker 1>and down the federal court system since two thousand five,

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<v Speaker 1>and the question is whether they can sue that's right.

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<v Speaker 1>In this case, you know, rises under the one of

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<v Speaker 1>the country's oldest and really most confounding statutes, the Alien

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<v Speaker 1>Towards Statute, which gives the federal courts generally juristic action

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<v Speaker 1>to hear civil actions brought by aliens in a tourt

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<v Speaker 1>only for violations of international law. And you know, the

0:14:07.559 --> 0:14:11.760
<v Speaker 1>court generally in recent terms have been scaling back the

0:14:11.800 --> 0:14:15.360
<v Speaker 1>ability of plaintiffs to bring these claims. You know, it's

0:14:15.400 --> 0:14:19.400
<v Speaker 1>held that the statute does not apply extra territorially, so

0:14:19.440 --> 0:14:21.440
<v Speaker 1>that plaintiffs have to show a real connection with the

0:14:21.560 --> 0:14:26.880
<v Speaker 1>United States. It recently held that foreign corporations could not

0:14:27.000 --> 0:14:30.240
<v Speaker 1>bring suits under the Alien Towards Statute. And so in

0:14:30.240 --> 0:14:33.200
<v Speaker 1>this case, the questions are whether or not Number one,

0:14:33.320 --> 0:14:36.000
<v Speaker 1>you can sue a domestic corporation even though you can't

0:14:36.000 --> 0:14:39.480
<v Speaker 1>sue foreign corporation under the statute. And number two, if

0:14:39.480 --> 0:14:42.480
<v Speaker 1>you can do that, is there a domestic aiding and

0:14:42.520 --> 0:14:47.960
<v Speaker 1>abetting liability for a foreign violation? And does that overcome

0:14:47.960 --> 0:14:52.600
<v Speaker 1>the Alien Towards Statutes presumption against extra territoriality. Here the

0:14:52.680 --> 0:14:56.360
<v Speaker 1>claim is that because certain funding decisions were made in

0:14:56.360 --> 0:14:59.880
<v Speaker 1>the United States headquarters of the defendants that old to

0:15:00.280 --> 0:15:05.240
<v Speaker 1>we touched upon the overseas violations, that there's a sufficient

0:15:05.360 --> 0:15:08.640
<v Speaker 1>enough connection for aiding invetding liability. And I think the

0:15:08.680 --> 0:15:11.760
<v Speaker 1>plane of fear face an uphill battle given that the

0:15:11.800 --> 0:15:15.200
<v Speaker 1>Court has seemed, you know, concerned about the scope of

0:15:15.680 --> 0:15:20.040
<v Speaker 1>Alien Towards Statute in prior cases, and the court generally

0:15:20.320 --> 0:15:25.080
<v Speaker 1>is reluctant to sort of imply or infer private remedies

0:15:25.080 --> 0:15:28.760
<v Speaker 1>that haven't been expressly created by Congress, which would be

0:15:28.800 --> 0:15:31.840
<v Speaker 1>the case here if it were to recognize the scope

0:15:31.840 --> 0:15:36.560
<v Speaker 1>of the action would cover domestic corporations for aiding inbedding liability. Finally,

0:15:36.720 --> 0:15:40.160
<v Speaker 1>there's a case involving stolen Nazi art. The heirs of

0:15:40.240 --> 0:15:43.440
<v Speaker 1>Jewish art dealers say their ancestors were forced to sell

0:15:43.480 --> 0:15:46.120
<v Speaker 1>a collection of religious art to the Nazi government in

0:15:46.240 --> 0:15:50.000
<v Speaker 1>ninety five for a fraction of its value. Those forty

0:15:50.000 --> 0:15:52.400
<v Speaker 1>two pieces are now on display in a museum in

0:15:52.480 --> 0:15:55.560
<v Speaker 1>Berlin and are estimated to be worth nearly a quarter

0:15:55.600 --> 0:15:58.720
<v Speaker 1>of a billion dollars. The museum says the deal was

0:15:58.800 --> 0:16:02.440
<v Speaker 1>legal and fair. Will this case go forward. The basic

0:16:02.600 --> 0:16:06.120
<v Speaker 1>question in this case is that the scope of immunity

0:16:06.200 --> 0:16:11.040
<v Speaker 1>that foreign countries enjoined the Foreign Sovereign Immunities Act. As

0:16:11.120 --> 0:16:13.160
<v Speaker 1>you mentioned, I mean the plans here are areas of

0:16:13.280 --> 0:16:15.480
<v Speaker 1>Jewish art dealers who lived in Germany and the nineteen

0:16:15.480 --> 0:16:19.440
<v Speaker 1>thirties and who claimed that the Nazi regime stole art

0:16:19.560 --> 0:16:21.640
<v Speaker 1>from them, and they're seeking, like you know, others in

0:16:21.680 --> 0:16:24.800
<v Speaker 1>their position have to sue in the United States court

0:16:24.880 --> 0:16:28.480
<v Speaker 1>to reclaim the art, and the DC certain in this

0:16:28.520 --> 0:16:32.000
<v Speaker 1>case allowed the case to proceed. And it comes down

0:16:32.040 --> 0:16:35.880
<v Speaker 1>to a technical question about the scope of the expropriation

0:16:36.400 --> 0:16:40.320
<v Speaker 1>exception under the Foreign Sovereign Immunities Act, and in particular

0:16:40.800 --> 0:16:43.320
<v Speaker 1>whether or not when the claim is that a foreign

0:16:43.400 --> 0:16:47.560
<v Speaker 1>government took its own citizens property, as the claim is

0:16:47.600 --> 0:16:50.960
<v Speaker 1>here with respect to the Nazi regime, that that can

0:16:51.040 --> 0:16:54.760
<v Speaker 1>invoke the exception, even though as the government argues in

0:16:54.800 --> 0:16:57.720
<v Speaker 1>this case that a claim that a foreign government took

0:16:57.760 --> 0:17:02.280
<v Speaker 1>its own citizens property in general, he doesn't violate international law.

0:17:02.600 --> 0:17:05.840
<v Speaker 1>And so here importantly, while the United States goes out

0:17:05.840 --> 0:17:09.840
<v Speaker 1>of its way to condemned the deplorable atrocities committed by

0:17:10.040 --> 0:17:13.120
<v Speaker 1>the Nazi regime, it says that the DC Circuit had

0:17:13.160 --> 0:17:16.440
<v Speaker 1>aired in allowing the suit to proceed, and that instead

0:17:17.000 --> 0:17:20.119
<v Speaker 1>the foreign government, the Federal Republic of Germany, should have

0:17:20.160 --> 0:17:23.080
<v Speaker 1>been entitled to sovereign immunity. So these are, you know,

0:17:23.119 --> 0:17:28.840
<v Speaker 1>obviously very challenging cases and invoke strong emotions. So I

0:17:28.920 --> 0:17:31.960
<v Speaker 1>think they're difficult ones for the justices to resolve. Certainly

0:17:31.960 --> 0:17:34.560
<v Speaker 1>one that will be interesting to follow. This case is

0:17:34.640 --> 0:17:37.159
<v Speaker 1>likely going to draw a lot of attention. There have

0:17:37.200 --> 0:17:41.240
<v Speaker 1>been so many movies and documentaries about stolen Nazi art,

0:17:41.520 --> 0:17:44.920
<v Speaker 1>and there's such a sympathy factor here. Could that affect

0:17:44.920 --> 0:17:47.600
<v Speaker 1>this decision in any way? I mean, look, I mean

0:17:47.960 --> 0:17:51.879
<v Speaker 1>India and Jones said basically nobody likes Nazis, so and

0:17:51.920 --> 0:17:53.720
<v Speaker 1>you know, I'm sure that goes for the justice too.

0:17:53.760 --> 0:17:57.160
<v Speaker 1>But look, they will be deciding technical legal questions here

0:17:57.200 --> 0:17:59.240
<v Speaker 1>about the meaning of a statute, and that's what they

0:17:59.280 --> 0:18:01.840
<v Speaker 1>do all the time, and I'm sure that they'll do

0:18:01.920 --> 0:18:05.359
<v Speaker 1>their best to resolve this statutory question. Does it seem

0:18:05.400 --> 0:18:09.080
<v Speaker 1>as if this term there are less hot button issues,

0:18:09.240 --> 0:18:13.920
<v Speaker 1>less divisive issues that the Court is taken up than

0:18:13.960 --> 0:18:17.720
<v Speaker 1>in prior terms then last term. I think that's definitely

0:18:17.960 --> 0:18:20.879
<v Speaker 1>right that this term, you know, at the beginning and

0:18:21.119 --> 0:18:23.800
<v Speaker 1>there's a lot that lies ahead, you wouldn't say it

0:18:23.840 --> 0:18:26.879
<v Speaker 1>has the sort of blockbuster potential that we've seen in

0:18:26.880 --> 0:18:30.840
<v Speaker 1>the Court in recent terms. But that can change really quickly,

0:18:31.040 --> 0:18:34.959
<v Speaker 1>particularly with the presidential election less than a month away

0:18:35.280 --> 0:18:40.640
<v Speaker 1>and only about probably about the courts docket filled. So

0:18:40.880 --> 0:18:43.159
<v Speaker 1>as it's true, and you know, almost every term, the

0:18:43.160 --> 0:18:46.080
<v Speaker 1>beginning of the term only provides a brief glimpse of

0:18:46.119 --> 0:18:48.240
<v Speaker 1>what's going to be on the Court's docket, and we

0:18:48.320 --> 0:18:51.720
<v Speaker 1>certainly could see consequential cases getting up to the court

0:18:51.800 --> 0:18:53.879
<v Speaker 1>before the end of the term. Thanks for being on

0:18:53.880 --> 0:18:57.720
<v Speaker 1>the Bloomberg Law Show. Greg that's former Solicitor General Gregory

0:18:57.840 --> 0:19:00.960
<v Speaker 1>gar a partner at Latham and Walking. And that's it

0:19:01.040 --> 0:19:04.080
<v Speaker 1>for the edition of the Bloomberg Law Show. I'm June Grasso.

0:19:04.280 --> 0:19:06.760
<v Speaker 1>Thanks so much for listening, and remember to tune to

0:19:06.760 --> 0:19:09.040
<v Speaker 1>the Bloomberg Law Show every weeknight at ten p m.

0:19:09.080 --> 0:19:11.160
<v Speaker 1>Eastern right here on Bloomberg Radio.