As I explained in this recent RealClearMarkets commentary, the Supreme Court, in Loper Bright Enterprises v. Raimondo, jettisoned the forty-year old Chevron deference doctrine. Under Chevron, a court reviewing an administrative agency action was required to defer to an agency’s permissible statutory interpretation if the court deemed the statutory language ambiguous. Thus, even if the court determined that the agency’s interpretation was not the best reading of a statutory provision, the court nevertheless was required to defer to the agency’s second-best interpretation.
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