In two pending cases, the U.S. Supreme Court is considering whether to overrule the Chevron doctrine governing judicial deference to agency interpretations of the statutes they implement. A decision is expected toward the end of the term in June, and whether the Chevron doctrine is eliminated or upheld subject to guardrails, the decision likely will significantly affect rulemaking and regulations across industries from many different federal agencies, including the Securities and Exchange Commission (SEC), which has been pursuing an aggressive rulemaking agenda.
In this article, Sidley partners David R. Carpenter, David S. Petron, and Gordon D. Todd provide background to the Chevron doctrine, recap the oral arguments from the pending cases, and discuss the potential implications that overturning Chevron could have in general and on SEC rulemaking specifically.
Copyright 2024 Bloomberg Industry Group, Inc. (800-372-1033) The Potential Fall of the Chevron Doctrine & Its Implications for SEC Rulemaking. Reproduced with permission.
