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Chevron’s Capsize Is a Game-Changer for the Economy — for Ordinary People

Posted on by darion

Jon Decker

In this chaotic campaign season, if you’re looking for political optimism, look no further than the recent 6-3 Supreme Court decision to overturn the Chevron Doctrine. It could be one of the most important economic reforms of a millennium. Oddly enough, the biggest winners are portrayed as the biggest victims. Let’s fix this record.

The Chevron Doctrine is Supreme Court precedent based on the 1984 decision in Chevron v. Natural Resources Defense Council, which held that in disputes over executive branch regulations, courts should defer to federal agency interpretations. There is no need for these burdensome judges to arbitrate independently when disputes arise!

The ruling undermined the checks and balances of the Constitution. Our system was designed to share power among the three branches of government, not for unelected bureaucrats to write ever-changing rules without oversight. Chevron’s compliance allowed federal agencies to write overly vague rules that imposed significant costs on the economy without ever receiving a vote in Congress. This created a complex and unpredictable landscape for businesses, as interpretations could change with each new administration. Rules shouldn’t have ever-evolving meaning.

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Who can succeed in this difficult regulatory terrain? Not surprisingly, large companies are in the best position. Unlike their smaller competitors, they have the resources to cope with the compliance costs that come with constantly changing regulatory targets. It’s no secret that Big Business has used the regulations to its advantage, stifling competition. Could this be why it takes 10 years for a new drug to be approved by the FDA?

In recent years, tech companies have successfully leveraged the FCC’s authority to impose price controls on broadband services under the guise of “net neutrality”—an obvious gift to themselves to ensure their operating costs don’t rise. Meanwhile, Americans are potentially liable for new taxes to replace reduced private-sector investment resulting from broadband regulation as a public service. Hopefully, repealing net neutrality will be the first legal challenge to emerge in the post-Chevron era.

We also saw attempts to get regulation through Congress in the debate over the Kids’ Online Safety Act. Interestingly, big tech companies were divided on this legislation. There is a perception that some of the biggest tech players are willing to lift more draconian regulations as a way to make it harder for competition.

Rules and laws are often given lofty moral justifications to gain public support. However, regulations must be assessed in terms of their impact on competition.

Layers of bureaucracy inevitably stifle innovation in all parts of the economy, from technology to finance to health care. It is because of this stifling effect that the overthrow of the Chevron Doctrine is a game-changer for entrepreneurs willing to challenge the dominant players in any of these industries.

Welcome to a bright future, thanks to the Supreme Court.

Jon Decker is a senior researcher at Parkview Institute. Written for InsideSources.com. Opinions are the author’s.