New Street Warns of Negative Impact for Business if SCOTUS Overturns Chevron
An expected Supreme Court decision in West Virginia v. EPA appears likely to overturn the Chevron doctrine and fundamentally alter how the FCC and other regulatory agencies operate, New Street’s Blair Levin told investors Friday. If SCOTUS rules as he…
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expects, “the decision would cause a massive shift in authority from the expert agencies to the courts, which, because of the many different courts that may decide any matter, will result in long-term uncertainty and unpredictability as to regulations,” he said: “If agencies don’t get deference, courts then will occupy the high ground of decision making. ... The new regulator for each sector will be the over 670 district court judges, the courts of appeals judges in the 13 Circuits and the Supreme Court.” While many investors think all regulation is negative, they should consider a more nuanced view of the potential impact, Levin said. “There is now a significant chance that any FCC process (approximately 9-15 months) is merely a preliminary step in a process that a Court of Appeals (whose panel will not be known for some time and that may take an additional several years for its process to play out) will be the principal decision maker,” he said. Some experts say what the court will do remains to be seen (see 2206150059) and note the court hasn’t cited Chevron deference in a case since 2016 (see 2206170069).