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☆ 7 key details from Elon Musk and Vivek Ramaswamy's DOGE plan
▼ + stars: | 2024-11-20 | by ( John L. Dorman | Alice Tecotzky | ) www.businessinsider.com time to read: +8 min

On Wednesday, Musk and Ramaswamy outlined their vision for DOGE, which Musk previously said would cut $2 trillion from the federal budget. Ron DeSantis' Presidential Announcement with Elon MuskTheir opinion piece, published in the Wall Street Journal, is lengthy and dense, filled with Supreme Court rulings and decades-old statutes. Musk and Ramaswamy wrote that their goal for deep reform will be rooted in two Supreme Court rulings. Musk and Ramaswamy make it clear that by eliminating federal regulations, there should also be "mass head-count reductions across the federal bureaucracy." Musk and Ramaswamy note that Trump has implied that the statute is unconstitutional and predict that the Supreme Court would agree.

Persons: Elon Musk, Vivek Ramaswamy, Ramaswamy, Musk, Ron DeSantis, Loper, Raimondo, Chevron, Trump, haven't, DOGE, Musk's, Tesla, overreach Organizations: Department of Government, Florida Gov, Elon, Street, Management, Environmental Protection Agency, Chevron, Natural Resources Defense Council, Congress, Corporation for Public Broadcasting, Public Broadcasting Service, National Public Radio, Social Security, SpaceX, Trump, Musk Locations: Florida, America, West Virginia

☆ Exit Interview: Rhonda Morris
▼ + stars: | 2024-10-16 | by ( ) www.cnbc.com time to read: 1 min

Rhonda Morris has been with Chevron for 31 years, serving as Vice President and CHRO since 2016. She has also been a WEC member since day one. In a candid interview, she'll reflect on the evolving role of HR leader; the challenges, the big wins, the lessons learned, and advice for the next generation. Rhonda Morris, Chevron VP and Chief Human Resources Officer, WEC Member

Persons: Rhonda Morris Organizations: Chevron, WEC, Chevron VP, Human

☆ With Chevron reversal, Supreme Court paves way for a 'legal earthquake'
▼ + stars: | 2024-07-10 | by ( Josephine Rozzelle | ) www.cnbc.com time to read: +2 min

A general view of the U.S. Supreme Court as justices issue rulings in pending cases on the final day of the court's term in Washington, U.S., July 1, 2024. This batch of cases may be the first indication of the legal upheaval that could play out across the United States judiciary now that one of the most widely cited Supreme Court opinions has been reversed. "The majority's decision today will cause a massive shock to the legal system," Justice Elena Kagan wrote in her dissenting opinion. It also called into question the fate of the more than 19,000 past federal cases which cite the precedent. The Supreme Court protected agencies' past actions, Coglianese explained, but it said little about the agencies' past interpretations of laws, leaving the door cracked open for prior cases to be challenged.

Persons: Raimondo, Elena Kagan, John Roberts, Roberts, Cary Coglianese, Coglianese Organizations: U.S, Supreme, Loper Bright Enterprises, Chevron, United, Natural Resources Defense, University of Pennsylvania, Penn Locations: Washington , U.S, United States, Chevron v

☆ Supreme Court Extends Time Frame for Challenges to Regulations
▼ + stars: | 2024-07-01 | by ( Adam Liptak | More About Adam Liptak | ) www.nytimes.com time to read: +2 min

The case on time limits, Corner Post v. Board of Governors of the Federal Reserve System, No. 22-1008, arose from a challenge to a 2011 regulation of debit-card swipe fees brought by two trade associations in 2021. The amended suit said Corner Post could not have sued within the six-year period after the issuance of the regulation because it did not yet exist. “Has the Justice Department and the agencies considered whether there is any interaction between these two challenges?” Justice Kagan asked. The lawyer, Benjamin W. Snyder, responded, “I want to be careful here.”Then he added that the consequences could be enormous.

Persons: Elena Kagan, “, ” Justice Kagan, Benjamin W, Snyder, ” Organizations: Governors, Federal Reserve, N.D, Chevron, Natural Resources Defense Council, Justice Department Locations: Watford City, Chevron

CNN —A major Supreme Court ruling Friday that shifted power from the executive branch to the judiciary stands to transform how the federal government works. By overturning a 1984 precedent, the court’s conservative majority has made countless regulations vulnerable to legal challenge. The Supreme Court ruling could boost efforts by conservatives who have taken aim at the Biden Environmental Protection Agency’s rules limiting planet-warming pollution from vehicles, oil and gas wells and pipelines, and power plants. The ruling has injected legal uncertainty into regulations of all types, including those on technology, labor, the environment and health care. But the Supreme Court has yet to decide a case heard this term that might gut that limitation.

Persons: ”, Kent Barnett, —, Thomas Berry, John Roberts, Roberts, Elena Kagan, Sonia Sotomayor, Joe Biden, Shawn ThewPool, Adam Rust, ” Rust, Andrew Schwartzman, Alexander MacDonald, ” MacDonald, Sharon Block, ” Block, Biden, Andrew Twinamatsiko, ” Twinamatsiko, “, Paul Gallant, TD Cowen, David Vladeck, Chevron —, Ann Carlson, Carlson, David Doniger Organizations: CNN, Biden, University of Georgia School of Law, Chevron, Natural Resources Defense, Republican, Democratic, Cato Institute . Chief, State of, Consumer, Consumer Financial Protection Bureau, Federal Trade Commission, Consumer Federation of America, “, Supreme, Securities, Exchange Commission, Benton Institute for Broadband & Society, Department of Labor, National Labor Relations Board, Opportunity Commission, Harvard Law School, Center, Labor, American Cancer Society, US Food and Drug Administration, US Department of Health, Human Services, Medicare, Services, Medicaid, Human Services Department, HHS, O’Neill Institute for National, Global Health Law, Georgetown University, FDA, Federal Communications Commission, EPA, National, Traffic Safety Administration, University of California, Natural Resources Defense Council Locations: Obamacare, Chevron, State, Washington , DC, Texas, Littler, Los Angeles

☆ Opinion | Conservatives Took Another Big Step to Consolidate Power in the Supreme Court
▼ + stars: | 2024-06-29 | by ( Kate Shaw | ) www.nytimes.com time to read: +1 min

The court’s decision in Loper Bright Enterprises v. Raimondo, which overruled the 40-year-old Chevron v. Natural Resources Defense Council, won’t affect Americans’ lives in as stark and immediate a way as the 2022 decision overruling Roe v. Wade. But like Dobbs v. Jackson Women’s Health Organization, Loper Bright has the potential to fundamentally transform major aspects of the health, safety and well-being of most Americans. That’s especially true when it is viewed alongside some of the other major cases about agency power the court has handed down in recent terms — and indeed in recent days — that have stripped agencies of power and shifted that power directly to federal courts. Just this week, the court eliminated a key mechanism used by the Securities and Exchange Commission to enforce securities laws and enjoined an important Environmental Protection Agency emissions standard based on, in the words of Justice Amy Coney Barrett in dissent, an “underdeveloped theory that is unlikely to succeed on the merits.”Out of the 1984 Chevron decision came the doctrine of Chevron deference. In essence, Chevron deference allowed agencies to use their expertise to determine how to carry out laws passed by Congress — laws intended to keep our air and water clean, our drugs safe and effective, and our securities markets protected from fraud and deception.

Persons: Raimondo, ’, overruling Roe, Wade, Dobbs, Loper Bright, Amy Coney Barrett Organizations: Loper Bright Enterprises, Natural Resources Defense Council, Jackson, Health Organization, Securities and Exchange Commission, Environmental Protection Agency, Congress Locations: Chevron

☆ Oral dissents are back in vogue at the Supreme Court as liberals lament latest rulings
▼ + stars: | 2024-06-29 | by ( Joan Biskupic | ) edition.cnn.com time to read: +9 min

CNN —As the conservative Supreme Court majority has won case after case in recent days, liberal dissenters are having their moment in the courtroom. Other justices stared out at spectators or down at notes, perhaps anticipating the next opinions, and dissents, to be revealed. The court majority reversed a 1984 milestone that required judges to defer to reasonable agency interpretations of their congressional mandates. Her oral dissent lasted nearly 15 minutes, about five minutes longer than Roberts’ rendition of the majority opinion. They begin with the author of the majority opinion delivering the facts of the case, law involved, and the resolution.

Persons: Sonia Sotomayor, Elena Kagan, Ketanji Brown Jackson, Neil Gorsuch, Sotomayor, ”, “, ” Gorsuch, John Roberts, Kagan, Roberts, They’ve, Kagan’s, ” Kagan, Roe, Wade, Gorsuch, Sotomayor’s, Antonin Scalia, Jackson, Amy Coney Barrett, Barrett, improvidently, Samuel Alito, Clarence Thomas, ” Alito, Biden, chiding Organizations: CNN, Friday, Natural Resources Defense, “, Securities and Exchange Commission, SEC, US Justice Department, Labor, Conservative Locations: Oregon, Grants, American, Idaho

☆ Supreme Court overturns 1984 Chevron precedent, curbing power of federal government
▼ + stars: | 2024-06-28 | by ( John Fritze | ) edition.cnn.com time to read: +4 min

CNN —The Supreme Court on Friday significantly weakened the power of federal agencies to approve regulations in a major decision that could have sweeping implications for the environment, public health and the workplace. But the decision will net a far wider swath of federal regulations affecting many facets of American life. The decision overturns the Chevron v. Natural Resources Defense Council precedent that required courts to give deference to federal agencies when creating regulations based on an ambiguous law. The justices have been incrementally diminishing federal power for years, but the new case gave the court an opportunity to take a much broader stride. The Supreme Court had been trending in that direction for years, knocking back attempts by federal agencies in other contexts to approve regulations on their own.

Persons: Chevron, John Roberts, ”, Neil Gorsuch, Elana Kagan, ” Kagan, Biden, Trump Organizations: CNN, Commerce Department, Chevron, Natural Resources Defense, Environmental Protection Agency, Conservatives Locations: Chevron, Washington

Birds fly outside the U.S. Supreme Court on the day justices issue orders in pending appeals in Washington, U.S., June 24, 2024. Republican lawmakers and the U.S. Chamber of Commerce praised the Supreme Court decision Friday overturning the so-called Chevron Doctrine, which for four decades led judges to defer to how federal agencies interpreted a law when its language was not clear. GOP lawmakers said the 6-3 decision by the Supreme Court undid a precedent that they argued had unjustly strengthened the power of unelected government officials. "After forty years of Chevron deference, the Supreme Court made it clear today that our system of government leaves no room for an unelected bureaucracy to co-opt this authority for itself," McConnell said. "It's a huge blow to the administrative state in Washington, D.C. No one elects bureaucrats to make these decisions," Cotton said of the decision, which overturned the Supreme Court's ruling in 1984 in a case known as Chevron v. Natural Resources Defense Council.

Persons: Mitch McConnell, McConnell, Suzanne Clark, Clark, Jeff Holmstead, Bracewell, Holmstead, Chevron, Sen, Tom Cotton, Raimondo, Cotton Organizations: U.S, Supreme, Republican, U.S . Chamber, Commerce, GOP, Air, Environmental Protection Agency, Fox News, Loper Bright Enterprises, Constitutional, Chevron, Natural Resources Defense Locations: Washington , U.S, Ky, Washington ,

☆ Supreme Court delivers blow to power of federal agencies, overturning 40-year-old precedent
▼ + stars: | 2024-06-28 | by ( Lawrence Hurley | ) www.cnbc.com time to read: +4 min

A general view of the U.S. Supreme Court building in Washington, U.S., June 1, 2024. WASHINGTON — The Supreme Court on Friday overturned a 40-year-old precedent that has been a target of the right because it is seen as bolstering the power of "deep state" bureaucrats. It is the latest in a series of rulings in which the conservative justices have taken aim at the power of federal agencies. The ruling was 6-3 with the conservative justices in the majority and liberal justices dissenting. The Trump administration had embraced the war on "deep state" agency power, selecting judicial nominees in part based on their hostility to the federal bureaucracy.

Persons: WASHINGTON —, Chevron, John Roberts, Elena Kagan, Reagan, Magnuson, Trump, Gorsuch, Kavanaugh, Barrett, Joe Organizations: U.S, Supreme, WASHINGTON, Chevron, Natural Resources Defense, Liberal, Republican, Democratic, National Marine Fisheries Service, Stevens Fishery Conservation, Management, Trump Locations: Washington , U.S, New England

☆ Supreme Court Overrules Chevron Doctrine, Imperiling an Array of Federal Rules
▼ + stars: | 2024-06-28 | by ( Adam Liptak | ) www.nytimes.com time to read: +1 min

The Supreme Court on Friday reduced the authority of executive agencies, sweeping aside a longstanding legal precedent that required courts to defer to the expertise of federal administrators in carrying out laws passed by Congress. The precedent, Chevron v. Natural Resources Defense Council, is one of the most cited in American law. There have been 70 Supreme Court decisions relying on Chevron, along with 17,000 in the lower courts. The decision threatens regulations in countless areas, including the environment, health care and consumer safety. The vote was 6 to 3, dividing along ideological lines.

Organizations: Congress, Chevron, Natural Resources Defense Council Locations: Chevron

☆ Here’s what to expect as the Supreme Court enters the final stretch
▼ + stars: | 2024-06-02 | by ( John Fritze | ) edition.cnn.com time to read: +9 min

CNN —The Supreme Court is turning toward the final, frenzied weeks of its term, readying potential blockbuster decisions on abortion, guns and former President Donald Trump’s claims of absolute immunity. Trump claims ‘absolute’ immunityTrump’s appeal for immunity from special counsel Jack Smith’s election subversion charges landed at the Supreme Court late in the term and instantly overshadowed most of the docket. The Supreme Court then put that ruling on hold last year, maintaining the status quo while it decided the case. Government regulation of FacebookThe Supreme Court is confronting a series of cases at the intersection of the First Amendment and social media. The Republican governors who signed the laws said they were needed to keep the social media platforms from discriminating against conservatives.

Persons: Donald Trump’s, –, Roe, Samuel Alito, Trump, Jack Smith’s, Biden, Wade, Matthew Kacsmaryk, Kacsmaryk, Joseph Fischer, ”, Joe Biden’s, Zackey Rahimi, Bruen, Moody, Washington, Raimondo Organizations: CNN, Wade, Conservative, Supreme, White, Trump ., Food and Drug Administration, FDA, Alliance for Hippocratic, US, Pennsylvania, Capitol, Trump, Prosecutors, New York, Rahimi, Facebook, Florida, Biden, Republican, Atlantic, of Commerce, Chevron, Natural Resources Defense, Conservatives, Bright Enterprises, . Department of Commerce Locations: Virginia, New Jersey, Washington, Idaho, Moyle v, Amarillo , Texas, ”, Texas, New, Louisiana, Florida, Atlanta, New Orleans, Paxton, – Missouri, . Missouri

☆ Chevron could outperform Exxon if battle over Guyana assets is resolved this year, fund manager says
▼ + stars: | 2024-05-31 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Exxon and Chevron are the fund's top two holdings , representing 9.73% and 9.27% of total assets in FSTEX as of April 30. Exxon vs. Chevron Chevron came into the year facing production issues in the Permian Basin and cost overruns at its Tengiz project in Kazakhstan that frustrated investors, Holt said. And investors have taken notice of Exxon's lead position in the lucrative offshore oil development in Guyana. Chevron would look very attractive if the Hess deal closes due to the latter's large stake in Guyana, he said. "There's a little concern that if Chevron doesn't do the Hess deal, then they have to go and do another deal," Holt said.

Persons: Kevin Holt, Hess, Holt, hasn't, XOM, Chevron's, Tengiz Organizations: Exxon Mobil, Chevron, Invesco Energy, Exxon, Hess Corp, Hess, Chevron Chevron Locations: Guyana, U.S, Stabroek, FSTEX, Kazakhstan, Holt, Tengiz

The Major Supreme Court Cases of 2024No Supreme Court term in recent memory has featured so many cases with the potential to transform American society. In 2015, the Supreme Court limited the sweep of the statute at issue in the case, the Sarbanes-Oxley Act of 2002. In 2023, the Supreme Court temporarily blocked efforts to severely curb access to the pill, mifepristone, as an appeal moved forward. A series of Supreme Court decisions say that making race the predominant factor in drawing voting districts violates the Constitution. The difference matters because the Supreme Court has said that only racial gerrymandering may be challenged in federal court under the Constitution.

Persons: Donald J, Trump, Anderson, Sotomayor Jackson Kagan, Roberts Kavanaugh Barrett Gorsuch Alito Thomas, Salmon, “, ”, Mr, Nixon, Richard M, privilege.But, Fitzgerald, Vance, John G, Roberts, Fischer, Ruth Bader Ginsburg, Clarence Thomas, Samuel A, Alito Jr, Alito, ’, Moyle, Wade, Roe, Johnson, Robinson, Moody, Paxton, Robins, Media Murthy, Sullivan, Murthy, Biden, Harrington, Sackler, Alexander, Jan, Raimondo, ” Paul D, Clement, Dodd, Frank, Homer, Cargill Organizations: Harvard, Stanford, University of Texas, Trump, Liberal, Sotomayor Jackson Kagan Conservative, Colorado, Former, Trump v . United, United, Sarbanes, Oxley, U.S, Capitol, Drug Administration, Alliance, Hippocratic, Jackson, Health, Supreme, Labor, New York, Homeless, Miami Herald, Media, Biden, National Rifle Association, Rifle Association of America, New York State, Purdue Pharma, . South Carolina State Conference of, Federal, Loper Bright Enterprises, . Department of Commerce, Chevron, Natural Resources Defense, ”, SCOTUSPoll, Consumer Financial, Community Financial Services Association of America, Securities, Exchange Commission, Exchange, Occupational Safety, Commission, Lucia v . Securities, Federal Trade Commission, Internal Revenue Service, Environmental Protection Agency, Social Security Administration, National Labor Relations Board, Air Pollution Ohio, Environmental, Guns Garland, Alcohol, Tobacco, Firearms, Explosives, National Firearms, Gun Control Locations: Colorado, Trump v . United States, United States, Nixon, Florida, Gulf of Mexico, Dobbs v, Idaho, Roe, Texas, States, New, New York, Grants, Oregon, . California, Martin v, Boise, Boise , Idaho, Missouri, Parkland, Fla, Murthy v . Missouri, . Missouri, ., South Carolina, Alabama, SCOTUSPoll, Lucia v, Western

☆ Analysis: While eyes are on Trump, Supreme Court conservatives prepare to rewrite the rulebook
▼ + stars: | 2024-02-23 | by ( Joan Biskupic | ) edition.cnn.com time to read: +10 min

Supreme Court conservatives are accelerating their moves to overhaul the way the federal government protects Americans, whether from air pollution or unfair financial practices. The case has determined a swath of court judgments on agency policy, well beyond the environmental realms, and become one of the most cited rulings in Supreme Court history. The Corner Post is protesting a Federal Reserve rule adopted in 2011 that caps debit card fees merchants obtain with every transaction. Three Republican-led states and power industry groups turned to the high court, seeking immediate relief and asking that any implementation be barred. Kagan focused on the multiple preliminary issues that lower court judges would have typically assessed before the case reached the justices.

Persons: Donald Trump, won’t, Elena Kagan, Let’s, Trump, Neil Gorsuch, Brett Kavanaugh, Amy Coney Barrett, Barrett, Kagan, Benjamin Snyder, Chevron, Gorsuch, ”, ” Gorsuch, John Roberts, Snyder, “, Ketanji Brown Jackson, Bryan Weir, ” Weir, Honig, Roberts, Malcolm Stewart, ” Jackson, Mathura, ” Sridharan, Jackson, Sonia Sotomayor, Catherine Stetson, it’s Organizations: CNN, Securities, Exchange Commission, Food, Chevron, Natural Resources Defense Council, Department, Federal, ”, Federal Reserve, ” Liberal, Corner Post, Liberal, DC Circuit, Republican, EPA Locations: Washington, American, North Dakota, “, Ohio

☆ Will The Supreme Court Upend How Government Works? - The New York Times
▼ + stars: | 2024-01-18 | by ( Jody Freeman | Andrew Mergen | ) www.nytimes.com time to read: +1 min

The Supreme Court heard arguments on Wednesday in two cases inviting the justices to drastically restrict the authority of federal agencies, upend decades of precedent and take more power for themselves. At least four members of the court seem prepared to do so. The question is whether Chief Justice John Roberts or Justice Amy Coney Barrett will go along with them to provide a majority. Out of respect for precedent and judicial humility, they should not. Conservatives have been stalking this precedent for years, believing, in the words of Justice Neil Gorsuch in 2016, that it gives “prodigious new powers to an already titanic administrative state.”

Persons: John Roberts, Amy Coney Barrett, Neil Gorsuch, ” Organizations: Chevron, Natural Resources Defense Council, jettison

☆ Agencies’ Power Under Scrutiny in Supreme Court Arguments
▼ + stars: | 2024-01-17 | by ( Adam Liptak | ) www.nytimes.com time to read: +1 min

The Supreme Court will hear arguments on Wednesday over whether to overturn a key precedent, one that has empowered executive agencies and frustrated business groups hostile to government regulation. The doctrine takes its name from a 1984 decision, Chevron v. Natural Resources Defense Council, one of the most cited cases in American law. Discarding it could threaten regulations in countless areas, including the environment, health care, consumer safety, nuclear energy and government benefit programs. It would also transfer power from agencies to Congress and the courts. “Overruling Chevron,” Solicitor General Elizabeth B. Prelogar wrote in a Supreme Court brief defending the doctrine, “would be a convulsive shock to the legal system.”

Persons: Elizabeth B, Prelogar Organizations: Chevron, Natural Resources Defense Council, ”

☆ How a Fishery Case Fits Into a Long-Game Effort to Sap Regulation of Business
▼ + stars: | 2024-01-17 | by ( Charlie Savage | ) www.nytimes.com time to read: +1 min

The Supreme Court heard arguments on Wednesday in a set of cases that could pave the way for its conservative supermajority to undercut how American society imposes rules on businesses, advancing a key goal of the conservative legal movement. The court is expected to issue its ruling by the end of its term, most likely in June. But it remains unclear how sweeping any ruling — and its consequences — would be. The plaintiffs in the case are asking the Supreme Court to overturn a major 1984 precedent, Chevron v. Natural Resources Defense Council. People who do not like particular rules can file lawsuits arguing that an agency exceeded the limits of the authority Congress granted to it.

Organizations: Chevron, Natural Resources Defense Council Locations: Chevron

☆ Supreme Court weighs conservative plea to weaken federal agencies
▼ + stars: | 2024-01-17 | by ( Lawrence Hurley | ) www.cnbc.com time to read: +6 min

Supreme Court Police officers stand on the plaza outside of the Supreme Court of the United States after the nation's high court stuck down President Biden's student debt relief program on Friday, June 30, 2023 in Washington, DC. WASHINGTON — A 40-year-old Supreme Court precedent that over the years has become a bugbear on the right because it is viewed as bolstering the power of federal agencies could be on the chopping block as the current justices on Wednesday consider whether to overturn it. Justice Gorsuch has been an outspoken critic of the Chevron ruling. Jonathan Adler, a professor at Case Western Reserve University School of Law, said there were always disagreements among lawyers and academics over how courts should apply the Chevron ruling. The fisheries dispute is one of several in the current court term in which the justices are considering attacks on federal agency power led by business interests and the conservative legal establishment.

Persons: Biden's, Reagan, Anne Gorsuch, Neil Gorsuch, Gorsuch, David Doniger, Jonathan Adler, Joe, Magnuson, Trump, Don McGahn Organizations: Police, WASHINGTON —, Natural Resources Defense, Chevron, Environmental Protection Agency, Act, EPA, Democratic, Case Western Reserve University School of Law, National Marine Fisheries Service, Stevens Fishery Conservation, Management, Trump, Trump White House, Conservative Political, Conference Locations: United States, Washington , DC, Chevron v, Chevron, New England

☆ The Case for the Supreme Court to Overturn Chevron Deference
▼ + stars: | 2024-01-16 | by ( The Editorial Board | ) www.wsj.com time to read: 1 min

Journal Editorial Report: Paul Gigot interviews pollster Mark Penn. Images: AP/Zuma Press Composite: Mark KellyThe Supreme Court has been trying to restore the proper constitutional balance of power, and its next opportunity comes Wednesday when it hears two cases challenging its own landmark Chevron doctrine (Loper Bright Enterprises, Inc., v. Raimondo and Relentless, Inc. v. Dept. In 1984 in Chevron v. NRDC, the Justices ruled that courts should defer to administrative agencies’ interpretation of laws when the statutory text is silent or ambiguous. In practice this has become a license for Congress to write vague laws that delegate legislative power to administrative agencies. Over the last 40 years the federal register of regulations has grown by tens of thousands of pages.

Persons: Paul Gigot, pollster Mark Penn, Mark Kelly, Raimondo Organizations: Zuma, Bright Enterprises, Inc Locations: Chevron v

☆ Chevron takeover of Hess resurrects multi-billion dollar tax shield
▼ + stars: | 2023-11-14 | by ( Tim Mclaughlin | ) www.reuters.com time to read: +5 min

“The tax benefits were definitely factored into how Chevron valued Hess,” said Donald Williamson, an accounting professor at American University’s Kogod School of Business. “When you combine the companies, we have the greater U.S. income, and we can use those net operating losses,” he said. The bottom line effect, when that loss limit is multiplied by the U.S. federal tax rate of 21%, is extra cash flow that could top $400 million a year. “There’s a strong and appropriate case to increase the corporate income tax rate.”Last year, corporate tax revenue totaled a record $425 billion, according to the Congressional Budget Office. Over the past decade, Chevron's current U.S. federal tax expense has averaged $40 million a year.

Persons: Dado Ruvic, Hess, ”, Donald Williamson, “, Pierre Breber, Williamson, Jim Seida, Jean Ross, Exxon, Darren Woods, ” Woods, Tim McLaughlin, Marguerita Choy Organizations: Chevron, Hess, REUTERS, Kogod School of Business, Internal Revenue Service, U.S, University of Notre Dame, Center for American Progress, Congressional, Graphics, Exxon Mobil, Pioneer Resources, Exxon, Reuters, Boston College, Thomson Locations: U.S, Chevron

NEW YORK (AP) — Chevron is buying Hess Corp. for $53 billion and it’s not even the biggest acquisition in the energy sector this month as major producers seize the initiative while oil prices surge. Chevron said Monday that the acquisition of Hess adds a major oil field in Guyana as well as shale properties in the Bakken Formation in North Dakota. Hess shareholders will receive 1.0250 shares of Chevron for each Hess share. The boards of both companies have approved the Hess deal, which is targeted to close in the first half of next year. Shares of Chevron Corp., based in San, Ramon, California, declined more than 3% before the opening bell Monday.

Persons: Hess, China’s CNOOC, John Hess Organizations: Chevron, Hess Corp, Exxon Mobil, Natural Resources, China’s, Hess, Chevron Corp Locations: Russia, Ukraine, Guyana, North Dakota, American, Qatar, United States, Mexico, Norway, South America, Australia, San, Ramon , California, New York City

On the heels of that decision, a federal appeals court invalidated a federal law that bars an individual who is subject to a domestic violence restraining order from possessing a firearm. A three-judge district court panel struck down the plan in January, saying that race had been the predominant motivating factor. Three years ago, the Supreme Court limited the independence of the CFPB by invalidating its leadership structure. The court’s decision could impact whether the SEC and other agencies can conduct enforcement proceedings in-house, using administrative courts staffed with agency employees, or whether such actions must be brought in federal court. “It’s difficult to think of any other recent First Amendment cases in which the stakes were so high,” Jaffer added.

Persons: Clarence Thomas, ”, Biden, Zackey Rahimi, John Roberts, Taiwan Scott, Thomas, Elizabeth Prelogar, Magnuson, Paul Clement, ” Clement, “, pare, George Jarkesy, Sackler, ” Prelogar, Jameel Jaffer, Jaffer Organizations: CNN, Gun Safety, South Carolina’s Republican, South Carolina State Conference of, NAACP, Democrat, Republican, National Marine Fisheries Service, Chevron, Natural Resources Defense, Stevens Fishery Conservation, Management, Independent, Consumer Financial, Federal Reserve, US, Federal Deposit Insurance Corporation, Securities, Exchange, US Securities and Exchange Commission, SEC, Social Security Administration, Circuit, Historic Purdue Pharma, Purdue Pharma, Sackler, Purdue, Facebook, YouTube, Columbia University’s Locations: United States, South Carolina, Alabama, Taiwan, Charleston County, Chevron, Florida, Texas

☆ Rhonda Morris: Ambition Is Connected With Setting Goals
▼ + stars: | 2023-08-07 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailRhonda Morris: Ambition Is Connected With Setting Goals"We've reached a point in corporate America where we have to learn how to have constructive discussions about race." Chevron VP & Chief HR Officer Rhonda Morris shares her goals for the employees at her company and how her grandfather inspires her every day.

Persons: Rhonda Morris, We've Organizations: Chevron VP Locations: America

☆ The Supreme Court Case That Could Threaten the SEC’s Climate-Disclosure Rule
▼ + stars: | 2023-05-08 | by ( Dylan Tokar | ) www.wsj.com time to read: 1 min

In theory, virtually any rule-making by a regulatory agency could be subject to arguments around Chevron if the Supreme Court weakens the doctrine. Photo: ELIZABETH FRANTZ/REUTERSA Supreme Court review of a decades-old regulatory precedent is threatening to complicate the Biden administration’s push to enact tough new rules on climate, gun ownership and financial markets. The high court last week said it would reconsider Chevron v. Natural Resources Defense Council, a 1984 Supreme Court opinion that gives regulators legal cover to interpret ambiguous—and sometimes outdated—statutes.

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