The Supreme Court’s move to curb federal agency powers could curtail efforts by the U.S. Securities and Exchange Commission to establish new rules to police Wall Street and invite more litigation, legal experts said in the wake of Friday’s landmark ruling.
The SCOTUS decision, made 6-3, is likely to tie the SEC’s hands as it rolls out new rules, according to half a dozen legal experts. The SEC will likely have more reason to pause before acting when seeking to police new financial instruments, said Cary Coglianese, a law professor at the University of Pennsylvania who specializes in regulation.
Proponents of the approach argue that the Chevron deference allows federal regulatory bodies to adapt to changing times and circumstances. But the Chevron doctrine has come under growing criticism from conservatives, arguing it allows rule-writers to overstep their legal authorities. “Going forward, agency action will be under even greater scrutiny and there will likely be more opportunities for the regulated community to challenge agency rules and adjudications,” said Varu Chilakamarri, a partner at K&L Gates.
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