On January 17, 2024, the Supreme Court argued in two cases that could kill the Chevron Doctrine - Loper Bright v. Raimondo and Relentless v. Dept of Commerce.
Minneapolis partner Erin Bryan listened to the arguments and commented to American Banker on the impact the decision(s) will have in the banking and financial industry if Chevron is overturned.
"If the Supreme Court rules as most expect and kills Chevron, many fear it could throw the modern administrative state into chaos. Decades of regulations could face fresh legal challenges and bury agencies in endless litigation," said Erin Bryan, co-chair of Dorsey and Whitney's Consumer Finance Services Group.
Read the full article from January 17, 2024, in American Banker. (A subscription is required)
On January 18, American Banker reporter Claire Williams followed-up with Erin Bryan after the SCOTUS arguments about what a post-Chevron world would look like in Congress.
“Overturning Chevron wouldn’t give Congress more power than it already has, but it does place a lot of policymaking onus on lawmakers,” Erin told reporter Claire Williams.
Erin also discussed that she ‘expects greater delays’ between new issues popping up around new financial technologies and the enactment of meaningful regulation. “If Chevron is overturned and agency rulemakings on crypto and AI are challenged, which they will be, then any meaningful technology regulation will depend on Congress making clear, specific, timely laws.”
Read the full article in American Banker. (A subscription is required)