At long last, the U.S. Court of Appeals for the DC Circuit hasleft intact the Federal Reserve Board's rule implementing theDurbin amendment of the Dodd Frank Act.
In a ruling released Friday, a three-judge panel overturned alower court's 2013 decision that largely gutted the Fed's rule.
“The district court granted summary judgment to the merchants,concluding that the rules violate the statute's plain language,”the panel wrote in its 38-page decision. “We disagree. Applyingtraditional tools of statutory interpretation, we hold that theboard's rules generally rest on reasonable constructions of thestatute …” the panel wrote.
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