And finally, the other shoe has dropped on regulators.
Yesterday, the Supreme Court ruled that the Seventh Amendment requirement for jury trials applied to all civil and criminal charges under common law, ending the Securities and Exchange Commission’s kangaroo courts for fraud charges from regulators. And today, in Loper Bright v Raimondo, the court ruled 6-3 that courts should no longer give deference to regulators’ interpretations on ambiguous rules, ending 40-plus years of enforcement uncertainties.
Chief Justice John Roberts made it explicit in his majority opinion: “Chevron is overruled.” In reaching this decision, the majority leans heavily on the Administrative Procedure Act (APA) that Congress passed, which made clear that the judiciary had the role it had traditionally held all along before the court adopted a different approach in Chevron:
The APA thus codifies for…
