John C. Coffee Jr. What Does 'West Virginia v. EPA' Mean for the SEC?: Implications, Distinctions and Predictions
If the conservative majority on the Supreme Court intends to dismantle (or at least downsize) the Administrative State, this coming year may prove critical because the opportunities for major downsizing have already been placed on the court's agenda.
July 20, 2022 at 12:45 PM
12 minute read
By now, you have all heard that the court struck down the EPA's ambitious rules on greenhouse gas emissions in West Virginia v. EPA, 2022 U.S. LEXIS 3268 (June 30, 2022). It takes the typical securities lawyer less than 10 seconds to think: "Maybe that does it for those [expletive-deleted] SEC rules on climate risk disclosures." You could be correct, but much depends on how a very new constitutional doctrine—the Major Questions doctrine—is interpreted. When does it apply? The issue here is not just what the SEC can do, but also what Congress must say and how clearly must it speak.
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