Chevron Upset Warns SEC to Heed Congress, Agency’s Peirce Says

SEC rule-writers should understand what lawmakers want and avoid “creative” lawyers after the Supreme Court’s recent rollback of the Chevron doctrine governing court fights over agency regulations, SEC Commissioner Hester Peirce said Wednesday.

The Securities and Exchange Commission needs to identify the statutory authority it’s using when making a rule, said Peirce, one of two Republicans on the Democratic-led SEC. The Supreme Court cautioned regulators to be careful in its Loper Bright Enterprises v. Raimondo decision, she said. The June ruling toppled a legal precedent under which courts deferred to reasonable agency interpretations of vague laws.

“I don’t think it’s ...