Petition of the day

Issue: (1) Whether, when the Federal Arbitration Act (“FAA”) governs an arbitration, the FAA’s judicial review standards apply in state court and preempt application of different state-law judicial-review standards; and (2) whether, when arbitrators have jurisdiction to resolve a contract dispute, the FAA prohibits a court from holding that they “exceeded their powers” if the court concludes on the merits that their contract interpretation is “unambiguously” and “irrationally” incorrect.