Sunday, July 21, 2024

Chevron' Ruling an Existential Threat to the US Economy

The Supreme Court's decision last month to overturn a decades-old decision that gave regulators more leeway to set rules will harm innovation and threaten U.S. economic vitality, according to Lazard's Kenneth Jacobs.

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In an op-ed for Project Syndicate, the executive chairman of the financial advisory and asset management firm said the top court's ruling in Loper Bright Enterprises et al v. Raimondo, Secretary of Commerce is actually anti-business, contrary to conventional wisdom.

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"When there is more state-level regulation, the US economy will come to look like Europe, where innovation is undermined from the start by the complexity of differing standards and requirements," Jacobs said.

"The reversal of Chevron poses an existential threat to the core pillars of the American economic miracle: uniform rule of law and a cohesive national economy."

#1 | Posted by Corky at 2024-07-20 09:26 PM

Overuse of the phrase 'existential threat' has become an existential threat.

#2 | Posted by sentinel at 2024-07-21 11:26 PM

It's actually a boon to the economy.

#3 | Posted by BellRinger at 2024-07-22 04:58 AM

"When there is more state-level regulation, the US economy will come to look like Europe, where innovation is undermined from the start by the complexity of differing standards and requirements," Jacobs said.

Oh don't worry about that, the corrupt scotus will rule that regulating any company engaged in interstate commerce is solely the job of the federal government. Then Alito and Thomas will take another mega yacht vacation.

#4 | Posted by Nixon at 2024-07-22 12:32 PM

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