Fannie Mae (FNMA)

[Robert from yahoo bd]

Todays WSJ and the importance to individuals and businesses from the new direction that the SCOTUS appears to be taking with reigning in federal governmental agency overreach: "Judges have often deferred to administrative agencies' interpretation of their statutory authorities under the Court's Chevron precedent. "In recent years, however, the Supreme Court has chipped away at Chevron -- giving back 'the benefit of doubt about the meaning of an ambiguous law to the individual' instead of the government," Judge Pittman writes.

He adds: "The most recent example of Chevron's fall is the crystallization of the long-developing major-questions doctrine in West Virginia. v. EPA (2022)." This doctrine requires a federal agency to point to "clear congressional authorization" when resolving a question of major political and economic import, which the loan write-off clearly is.

Because the Administration could not, Judge Pittman held it violates the separation of powers and vacated it. The Justice Department will no doubt appeal. Meanwhile, the Eighth Circuit Court of Appeals is considering a challenge by GOP states to the write-off. Let's hope one or both reach the Supreme Court."