Justice Scott Skavdahl, who has been hearing the case between Custodia Bank and the Federal Reserve, changed his view on the issue of the Fed’s power over the master account applications. At first, Judge Skavdahl appeared to be doubtful that Congress had given the Federal Reserve complete freedom in determining such applications.
This viewpoint entailed a certain degree of limitation on the Fed’s discretionary authority. Yet in a later decision, Judge Skavdahl sided with the Federal Reserve, inferring that the legislative provisions actually grant the Fed the final power of determination.
NEW: These two opinions, made nearly a year apart, come from Judge Skavdahl in the @custodiabank vs. @federalreserve case.
The first is from his opinion denying the Fed’s Motion to Dismiss. The second is from Friday’s decision on Summary Judgment where he sided with the Fed… pic.twitter.com/bqu6dzKigN
— Eleanor Terrett (@EleanorTerrett) March 30, 2024
Custodia Bank vs the Federal Reser
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