What is the test for determining whether the Federal Reserve has jurisdiction to intervene in the financial crisis?

MultiRegion, United States of America

The following excerpt is from Oregon Short Line Railroad Co. v. Department of Revenue Oregon, 139 F.3d 1259 (9th Cir. 1998):

Because neither waiver nor retroactivity principles will support the district court's determination that it did have jurisdiction, we must turn to the constitutionality issue. The district court did not reach that issue, but we may affirm "on any basis the record supports, including one the district court did not reach." Herring v. FDIC, 82 F.3d 282, 284 (9th Cir.), cert. denied, --- U.S. ----, 117 S.Ct. 581, 136 L.Ed.2d 512 (1996).

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