orders directed to particular persons after notice and hearing, with
findings of fact and of law based upon the record made in the hearing,
the Court has ruled that such general terms as "public interest,"[28]
"public convenience, interest, or necessity,"[29] or "excessive
profits,"[30] were sufficient to satisfy constitutional requirements.
But in two cases arising under the National Industrial Recovery Act, a
policy declaration of comparable generality was held insufficient for
the promulgation of rules applicable to all persons engaged in a
designated activity, without the procedural safeguards which surround
the issuance of individual orders.[31] By subsequent decisions, somewhat
more elaborate, but still very broad, standards have been deemed
adequate for various price fixing measures.[32] In a recent case,[33]
the Court sustained a statute which, without any explicit standards
whatever, authorized the Federal Home Loan Bank Board to make rules and
regulations for the supervision of Federal Savings and Loan
Associations. That decision was influenced by the fact that the
corporation was chartered by federal law as well as by the peculiar
problems involved in the supervision of financial institutions. The
Court was at pains to make clear that this decision would not
necessarily govern the disposition of dissimilar cases.[34]


RULE-MAKING POWER

After Wayman _v._ Southard, nearly three quarters of a century elapsed
before the Court had occasion to approve the delegation to an executive
officer of power to issue regulations for the administration of a
statute. In 1897 it sustained the authority granted to the Commissioner
of Internal Revenue to designate the "marks, brands and stamps" to be
affixed to packages of oleomargarine.[35] Soon thereafter it upheld an