Loper Bright and Restoring the Banking Laws' Progressive Values

Abstract

Many left-leaning scholars, legislators, and activists condemn Loper Bright Enterprises v. Raimondo and the overturning of Chevron deference as being harmful to democracy and progressive values. Although these assertions may be true in some areas of regulation, they are not necessarily true across all areas. Case in point: Banking. Even in the same decades that progressives used Chevron to notch environmental and other wins, banking regulators used the doctrine to systematically undermine progressive banking laws. This essay explains Congress's progressive intentions with its banking statutes, explains how courts gave Chevron deference to agency interpretations at odds with Congressional intent, and how Loper Bright provides an opportunity to restore progressive values in banking.

Keywords: Loper Bright, Chevron, Bank Regulation