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Investor Presentaiton

45 Yet courts do not jump to invalidate statutes on constitutional grounds. If "fairly possible," they will construe a statute "to avoid not only the conclusion that it is unconstitutional but also grave doubts upon that score." Almendarez-Torres v. United States, 523 U.S. 224, 237-38 (1998). Thus, unless "plainly contrary to the intent of Congress," courts reject constructions that “would raise serious constitutional problems” even if they are "otherwise acceptable." Solid Waste Agency of N. Cook Cnty. v. U.S. Army Corps of Eng'rs, 531 U.S. 159, 173, (2001). Even if the lower court's interpretation were acceptable, it would raise grave doubts about Section 111's constitutionality because it endorses an improper delegation of legislative power. The Court should reject it on this basis, too. First, the standard. Delegation is constitutional only through statutes with “specific restrictions” that "meaningfully constrain[]" agency discretion. Touby v. United States, 500 U.S. 160, 166-67 (1991). The Constitution bars Congress from giving "literally no guidance" or overly vague standards when conferring agency power. Whitman, 531 U.S. at 474. At a minimum, Congress must provide “an intelligible principle to which [the agency] is directed to conform." Gundy, 139 S. Ct. at 2123 (cleaned up); see also id. at 2139-40 (Gorsuch, J., dissenting) (questioning whether even a few “intelligible principles" are enough to save an overbroad delegation of legislative power). Agencies may fill in statutory gaps with "judgments of degree,” Whitman, 531 U.S. at 475 (cleaned up), but Congress cannot ask them to set "the criteria against which to measure" their own decisions, Gundy, 139 S. Ct. at 2141 (Gorsuch, J., dissenting). Policymaking directives must instead be “sufficiently definite and precise" to know whether the agency stays
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