Supreme Court Overturns Chevron Ruling: Biden Administration Warns Of 'Convulsive Shock'

Supreme Court Overturns Chevron Ruling: Biden Administration Warns Of 'Convulsive Shock'

最高法院推翻了雪佛龙判决: 拜登政府警告会有“震荡性冲击”
Benzinga ·  06/28 13:25

The U.S. Supreme Court has overturned a 40-year-old decision that gave the executive branch the power to rule on laws passed by Congress that were unclear.


The decision, known as the Chevron doctrine, stems from a unanimous Supreme Court case involving the energy company in an argument over the Clean Air Act that upheld an action by the Environmental Protection Agency under then-President Ronald Reagan.


Since then, the Chevron decision has required judges to defer to agencies' reasonable interpretations of congressional statutes. Friday's 6-3 ruling to overturn the doctrine allows judges to decide on laws that are considered ambiguous.


The 1984 ruling has long been in the crosshairs of conservatives and business groups who argue that it gives too much power to the executive branch, the Associated Press reported.


Also Read: Supreme Court Backs Jan. 6 Rioter: Could This Affect Trump's Case?


The Biden administration has defended the law, warning that overturning it would be destabilizing and could bring a "convulsive shock" to the nation's legal system.


But groups representing the gun industry and other businesses such as tobacco, agriculture, timber and homebuilding have urged the Supreme Court to overturn the decades-old ruling.


The Supreme Court took a close look at the Chevron ruling in January when presiding over a case brought by herring fishermen who objected to being forced to pay for federal inspections of their catch, USA Today reported.


Price Action: Makers of guns, tobacco and timber saw their stocks having mixed reactions to the Supreme Court decision by midday Friday. Smith & Wesson Brands, Inc. (NASDAQ:SWBI) slipped 2.2% to $14.45, while Olin Corporation (NYSE:OLN) edged up 0.24% to $47.74.

股价走势:枪支、烟草和木材制品制造商股票在周五中午对最高法院的决定产生了不同的反应。史密斯·威森品牌股份有限公司 (纳斯达克股票代码:SWBI) 下跌2.2% 至14.45美元,而欧林公司 (纽约证券交易所股票代码:OLN) 上涨0.24% 至47.74美元。菲利普·莫里斯国际公司 (纽约证券交易所股票代码:PM) 下跌0.33% 至101.23美元,英美烟草 p.l.c. (纽约证券交易所股票代码:BTI) 上涨0.24% 至30.97美元。国际纸业公司 (纽约证券交易所股票代码:IP) 在周五中午下跌了0.08% 至43.22美元。

Phillip Morris International Inc. (NYSE:PM) shed 0.33% to $101.23 and British American Tobacco p.l.c. (NYSE:BTI) jumped 0.24% to $30.97. International Paper Company (NYSE:IP) slid 0.08% to $43.22 by midday on Friday.

菲利普·莫里斯国际公司 (纽约证券交易所股票代码:PM) 下跌0.33% 至101.23美元,英美烟草 p.l.c. (纽约证券交易所股票代码:BTI) 上涨0.24% 至30.97美元,国际纸业公司 (纽约证券交易所股票代码:IP) 在周五中午下跌了0.08% 至43.22美元。

Read Now:


  • Massachusetts Attorney General Says Sacklers 'Will Be Held Responsible' After Supreme Court Vacates Purdue Bankruptcy Plan
  • 马萨诸塞州检察长表示,在最高法院取消普渡破产计划后,萨克勒家族将会被追究责任。

Photo: Shutterstock

Photo: shutterstock

声明:本内容仅用作提供资讯及教育之目的,不构成对任何特定投资或投资策略的推荐或认可。 更多信息