Thomson Reuters: “The Supreme Court’s recent decision that overturns the decades-old “Chevron deference” doctrine will likely have an enormous impact on the financial industry, and only time will tell how it fully plays out US financial institutions, the regulators who oversee them, and the industry groups that advocate for them have largely maintained a curious silence over the Supreme Court’s momentous decision to overturn the Chevron deference doctrine that was based on a 1984 judicial precedent that gave deference to government agencies in interpreting the laws they administer. Experts said the Court’s decision in Loper Bright Enterprises v. Raimondo, which was announced in late-June, could lead to the elimination or weakening of thousands of rules for the environment, healthcare, labor protection, food and drug safety, telecommunications, and the financial sector. As one of the most heavily regulated US industries, financial services will now face greater regulatory uncertainty. “The court’s decision to overrule Chevron deference… was a convulsive shock to the legal system because so much of lawmaking over the past 40 years has been based on this framework,” said Prof. Richard Lazarus of Harvard Law School. “Going forward, it’s going to be no-holds-barred because no one really understands how the courts will rule on the validity of federal regulations in absence of the Chevron precedent.”