The Administrative & Regulatory Law News
, issued by the Section of Administrative Law of the American Bar Association, has published an article by John Cooney
discussing whether federal courts will grant deference to agency interpretations in rules implementing the Dodd-Frank Act. The article, entitled “Chevron
Deference and the Dodd-Frank Act,” notes that several major rules implementing the financial reform legislation must be issued jointly by multiple financial supervisory agencies. Under the Chevron
decision, federal courts defer to reasonable interpretations of ambiguous provisions of a statute adopted by the agency Congress charged with its implementation. In Dodd-Frank, however, Congress frequently delegated joint authority to multiple agencies, so there is no clear indication of which, if any, agency has the responsibility to implement specific sections of the law. The article discusses how the Supreme Court has wrestled with the joint implementation issue on the few occasions in which it previously has arisen and explores its implications for Dodd-Frank.