In a letter dated today, the Fifth Circuit has asked the parties to focus their rehearing arguments on two topics:
(A) With respect to the remedy argument, expressly state whether, and under what circumstances, the proper remedy in a separation-of-powers case is to set aside the agency actions . . . or to excise the unconstitutional portion of the statute?; and
(B) In practical terms, what would setting aside the Net Worth Sweep entail and how would it affect other functions of the FHFA?
a copy of the clerk’s letter to the parties is attached to this e-mail messsage.