The Supreme Court of the United States has made a landmark decision to overturn the Chevron deference, a longstanding principle that required courts to defer to government agencies’ interpretations of ambiguous laws rather than interpreting them independently. Brownstein shareholder and co-chair of financial services practice Leah Dempsey joins Catalysts to discuss the implications of this decision.
Dempsey explains that over time, conservatives have viewed Chevron deference as "a separation of powers issue." She notes that agencies initially tasked with interpreting "silent or ambiguous" laws began to see it as an opportunity to create "rules that may align with a certain political party."
Regarding the ramifications for the financial industry, Dempsey tells Yahoo Finance, "Dozens and dozens of new regulations have been coming out of the Biden Administration. Many have already been challenged in court and are in the process of litigation. But this will certainly give ammo to others that are looking to challenge new regulations." She also highlights that this ruling will impact regulatory clarity around emerging technologies such as AI.
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