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Fortune
Fortune
Michael del Castillo

Supreme Court overturning ‘Chevron’ decision could change banking regulation forever

The US Supreme Court today voted to overturn Chevron Deference a legal principle that gave regulators more power to interpret law. (Credit: Tierney L. Cross—Bloomberg-Getty Images)

The Supreme Court today overruled a decades-old decision that let judges defer to a regulator's interpretation of complex statutes, so long as the court deemed the interpretation reasonable.

The decision in Loper Bright Enterprises et al v. Raimondo, Secretary of Commerce came by a vote of 6-3. It is not retroactive.

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