This Week in Regulation

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Judge rules Mulvaney is rightful CFPB director, judge clarifies order that military allow transgender people, and more…

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IN THE NEWS

WHAT WE’RE READING THIS WEEK

  • In the Foreword for the just-issued administrative law symposium for the George Washington University Law Review, Cary Coglianese of the University of Pennsylvania Law School argued that the Chevron framework, which requires courts to defer to reasonable agency interpretations of ambiguous statutes, is more than just a two-step test, despite the conventional claims. If a reviewing court finds a statute is unclear, Coglianese suggested it must consider “Interstitial Steps” before moving to consider whether the agency’s interpretation is reasonable. Coglianese explained that these Steps create a framework in which courts defer to agencies’ interpretations “only when Congress has explicitly or implicitly delegated interpretative authority to the agency.”
  • In a research paper for the University of Pennsylvania Law School’s Institute for Law and Economics that is forthcoming in the Iowa Law Review, Tom Baker of Penn Law and Benedict G.C. Dellaert of the Netherlands’s Erasmus University Rotterdam discussed “robo advisor” regulations. Baker and Dellaert noted that robo advisors, which are “automated financial product advisors,” can increase consumers’ access to certain “financial services,” such as making investments. Baker and Dellaert warned, however, that, because people create robo advisors, robo advisors may be subject to peoples’ errors or lack of integrity. In response, Baker and Dellaert provided ways that regulators can address the variety of issues that robo advisors raise.
  • In an article, Temitayo Bello, lecturer at Nigeria’s Babcock University School of Law and Security Studies, examined the problems ailing the oil and gas industry in Nigeria including “obsolete laws and regulation,…corruption and lack of government funding.” Bello suggested an approach that is “holistic” and “surgical” in nature to help the industry resolve its issues.