First Bank & Trust Co. v. Board of Governors of Federal Reserve System

MEMORANDUM OPINION AND ORDER

WILHOIT, District Judge.

This action is before the Court on objections to the Magistrate’s Report and Recommendation (the “Report”) that declared portions of the Monetary Control Act of 1980 (MCA), as originally enacted, to be unconstitutional by virtue of the Fifth Amendment’s due process clause, although the Report upheld the constitutionality of the MCA as it was amended in 1982. The Board of Governors of the Federal Reserve (the “Board”) filed objections to the Report, to which First Bank & Trust Company (“First Bank”), the plaintiff herein, responded. The Board…