Posted August 26, 2024
By Matt Insley
Trump’s Plan To Drain The Swamp
Dear Rundown reader,
Coming up on Wednesday, we’ll unpack Robert F. Kennedy Jr.’s decision to end his presidential bid and endorse Donald Trump. Could there be a cabinet position in RFK Jr.’s future?
Today we dig deeper into a topic we mentioned last Monday. The Supreme Court’s overruling the 1984 Chevron v Natural Resources Defense Council decision in late June. It’s important, and it affects you.
In layman’s terms, according to Paradigm’s macro expert and former attorney Jim Rickards…
- “In the 1980s, the Supreme Court had decided that when statutes were ambiguous, the courts should pay deference to agency experts since they know more about the matters under consideration than citizens
- “This doctrine was known as ‘Chevron deference’ and it was a powerful tool in the hands of bureaucrats
- “Chevron deference is at the root of deep state power that allows bureaucrats to ban natural gas stoves, mandate [electric] vehicles and shut down natural gas exports,” Jim adds, “among many other outrageous and dictatorial acts.”
In a 6-3 decision, the Supreme Court overruled Chevron, ending nearly four decades of judicial deference to agency interpretations.
Which aligns with Trump's goal to reduce the power of the administrative state…
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Your Rundown for Monday, August 26, 2024...
Bureaucracy on Trial
One current example?
In March, the SEC introduced rules requiring companies to report on their climate impact.
Let that sink in…
Not the EPA. The Securities and Exchange Commission.
Whose mission, according to SEC.gov is: To protect investors; maintain fair, orderly, and efficient markets; and facilitate capital formation.
Yeah, no mention of protecting the environment.
The heartening news is that 25 states are taking a stand against unnecessary and costly regulations.
The legal arguments against the rules are expected to focus on four main points:
- The SEC overstepping its authority
- Abuse of discretion in cost-benefit analysis
- First Amendment violations through compelled speech
- Failure to observe proper notice and comment procedures
This case, now in the Eighth Circuit Court, could have far-reaching implications.
And the SEC recognizes they’re on shaky legal ground: They've put climate rules on hold for now, waiting to see what the court decides.
The Chevron deference rule used to give agencies like the SEC a lot of leeway interpreting their own rules.
But the playing field is a little more level now, giving businesses — and individuals — a better chance for self-determination.
It's not just about climate disclosure…
It's about reining in the power of government agencies and protecting businesses from excessive regulation.
It's the kind of issue that the Trump administration has focused on, cutting red tape and standing up for American businesses.
This legal battle shows that the fight against overregulation is still going strong.
Market Rundown for Monday, Aug. 26, 2024
S&P 500 futures are up 0.15% 5,660.
Oil futures: up 2.85%, just under $77 per barrel of WTI.
Gold futures are up 0.55% to $2,560.20 per ounce.
Bitcoin, meanwhile, is 0.90% to $63,640.
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