Friday, April 19, 2019 6:14:40 PM
The misjudgments of the courts are indefensible. Calabria is right that the NWS violates HERA.
Here is the authoritative text passage in HERA:
‘‘SEC. 1313. DUTIES AND AUTHORITIES OF DIRECTOR.
‘‘(a) DUTIES.—
‘‘(1) PRINCIPAL DUTIES.—The principal duties of the Director shall be—
‘‘(A) to oversee the prudential operations of each regulated entity; and
‘‘(B) to ensure that—
‘‘(i) each regulated entity operates in a safe and sound manner, including maintenance of adequate capital and internal controls;
The law is crystal clear here. It does not allow two opinions. On the basis of this section we will win en banc. At the latest, however, at the Supreme Court.
If all courts disregard this section, the legal system is threatened with irreparable damage. The same applies to the authority of the government in insolvency law proceedings.
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