Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Supreme Court ruling in Securities and Exchange Commission (SEC) v. Jarkesy and Loper Bright Enterprises v. Raimondo.

“This week the Supreme Court significantly weakened the ability of the federal government to protect our consumers and investors, our housing and financial markets, our food supply, healthcare, and even the air we breathe or the parks we visit. The Court’s ruling in SEC v. Jarkesy blocks the authority of the SEC and countless other critical government agencies such as the Consumer Financial Protection Bureau, federal banking regulators, the Environmental Protection Agency, and the Food and Drug Administration to quickly impose penalties against bad actors. Even more concerning, the Supreme Court ruling in Loper Bright Enterprises v. Raimondo today undermined the authority of our government agencies to issue rules that protect our country as our economy and world change.

“Critical actions taken by federal agencies to strengthen financial regulation, combat the growing climate crisis, and enforce civil rights laws, including rooting out housing discrimination and redlining, can now be easily challenged by industry and overturned and blocked by the courts. Undermining the authority of the federal government to implement safeguards and guardrails is a major victory for the radical MAGA extremists and convicted felon Donald Trump and a harrowing warning of what is to come if they are successful this November.

“With these rulings, the Supreme Court has not only succeeded in upending half a century of important legal precedent, known as the Chevron doctrine, but has also made it much easier for big, wealthy corporations to benefit at the expense of ordinary people and escape civil penalties. Rest assured, Democrats will continue to use every tool available to thwart the effects of these harmful, devastating decisions and craft legislation to protect our communities from this type of extremism.”

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