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Our recent Client Alert discusses the United States Supreme Court’s long-awaited ruling in Loper Bright Enterprises v. Raimondo (Loper Bright), a decision with far-ranging implications for federal administrative law. The Supreme Court’s six-Justice majority held that the Administrative Procedure Act requires courts interpreting agency regulations to determine independently whether the agencies have acted within their statutory authority, even where the statute at issue is ambiguous. In so holding, the Court overruled its 1984 decision in Chevron USA v. Natural Resources Defense Council, which for the last four decades had governed thousands of cases involving federal agency interpretations of ambiguous laws. Going forward, federal agencies will need to hew more closely to the plain language of any enacting legislation; efforts to interpret statutory language aggressively will face a greater risk of being overruled by the courts. The Loper Bright decision is not retroactive, however, so statutory interpretations previously upheld under Chevron remain in effect. Our Client Alert includes a summary of the decision and some thoughts on its prospective impacts on antitrust, privacy/consumer protection, and financial regulation agencies, including the Federal Trade Commission, the U.S. Securities and Exchange Commission, the Consumer Financial Protection Bureau, and the Federal Reserve Board.