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Speaker 1: Now it's time for our Bloomberg Law Report. Let's get

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Speaker 1: to the legal stories we're watching this morning with Steve

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Speaker 1: Podusk in the Bloomberg Washington news room. Democrats have ready

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Speaker 1: a series of amendments to the budget resolution to preserve

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Speaker 1: the state and local tax deduction, prevent tax cuts for

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Speaker 1: wealthy individuals, and prohibit tax cuts from adding to the deficit.

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Speaker 1: The SEC plans to tell Wall Street firms they won't

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Speaker 1: have to overhaul operations to meet sweeping new European rules.

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Speaker 1: People familiar to say these rules govern investment research and

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Speaker 1: Republican congressional leaders are exploring ways to expand drilling in

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Speaker 1: the Gulf of Mexico and the Arctic and Atlantic Oceans

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Speaker 1: through budget rules that allow them to pass major policy

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Speaker 1: changes on a simple majority vote. Bloomberg Law everything you need,

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Speaker 1: all on one legal research platform, including guidance analysis and

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Speaker 1: Bloomberg market intelligence. Find out more at Bloomberg law dot com.

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Speaker 1: Now another legal news, let's take a look at an

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Speaker 1: effort by Democratic states to save the Clean Power Plan

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Speaker 1: established by President Obama. For more in the story, Bloomberg, Lahost,

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Speaker 1: Jo and Grasso and Michael Bess speak with Pat Parento

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Speaker 1: or professor at Vermont Law School, Pat, what's at stake here.

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Speaker 1: What's at stake is whether or not the Obama Administration's

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Speaker 1: Clean Power Plan still has some life left in it.

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Speaker 1: The DC Circuit heard arguments attacking the Clean Power Plan

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Speaker 1: when the Trump administration took power, said we'll hold the

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Speaker 1: case in advance at the request of the Trump administration

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Speaker 1: to give Mr Pruett at e p A some time

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Speaker 1: to come up with a decision on whether it was

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Speaker 1: going to repeal the Obama Plan and whether it was

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Speaker 1: going to replace the Obama Plan. And what we've not

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Speaker 1: been told by Mr Pruitt is yes, he's going to repeal,

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Speaker 1: and he said, we're going to think about whether we're

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Speaker 1: going to replace it, but we're not going to give

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Speaker 1: you a timetable for when we're going to even make

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Speaker 1: a decision about that or whether we'll we will even

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Speaker 1: do that. So I think the d C Circuit is

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Speaker 1: now in the position of having to say we should

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Speaker 1: just go ahead and decide this case. Well, Pat, could

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Speaker 1: the administrations simply say keep it in abeyance because we're

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Speaker 1: actually about to put out a repeal now and get

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Speaker 1: the process done. Well. The abeyance was for them to

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Speaker 1: actually come forward with a new rule. That's what the

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Speaker 1: court said in its original order. That's why the court

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Speaker 1: ordered EPA to file periodic reports every sixty days of

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Speaker 1: making progress on that. Up until this point, e p

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Speaker 1: a s reports were saying we are preparing a new rule.

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Speaker 1: Now we're being told we don't have a new rule.

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Speaker 1: We have a repeal, but we don't have a new rule.

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Speaker 1: We don't have a timetable for a new rule, and

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Speaker 1: we don't even know if we ever will propose a

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Speaker 1: new rule. So this is a whole different ball game,

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Speaker 1: and it seems to me the d C Circuit is

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Speaker 1: going to see this for what it is, which is

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Speaker 1: a stalling tactic. That's Pat Parento, a professor at Vermont

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Speaker 1: Law School, speaking of the Bloomberg student Grosso and Michael Best.

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Speaker 1: You can listen to Bloomberg Law weekdays at one pm

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Speaker 1: Wall Street Time here on Bloomberg Radio, and find more

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