Speaker 1: Now it's time for our Bloomberg Law Report. Let's get
Speaker 1: to the legal stories we're watching this morning with Steve
Speaker 1: Podusk in the Bloomberg Washington news room. Democrats have ready
Speaker 1: a series of amendments to the budget resolution to preserve
Speaker 1: the state and local tax deduction, prevent tax cuts for
Speaker 1: wealthy individuals, and prohibit tax cuts from adding to the deficit.
Speaker 1: The SEC plans to tell Wall Street firms they won't
Speaker 1: have to overhaul operations to meet sweeping new European rules.
Speaker 1: People familiar to say these rules govern investment research and
Speaker 1: Republican congressional leaders are exploring ways to expand drilling in
Speaker 1: the Gulf of Mexico and the Arctic and Atlantic Oceans
Speaker 1: through budget rules that allow them to pass major policy
Speaker 1: changes on a simple majority vote. Bloomberg Law everything you need,
Speaker 1: all on one legal research platform, including guidance analysis and
Speaker 1: Bloomberg market intelligence. Find out more at Bloomberg law dot com.
Speaker 1: Now another legal news, let's take a look at an
Speaker 1: effort by Democratic states to save the Clean Power Plan
Speaker 1: established by President Obama. For more in the story, Bloomberg, Lahost,
Speaker 1: Jo and Grasso and Michael Bess speak with Pat Parento
Speaker 1: or professor at Vermont Law School, Pat, what's at stake here.
Speaker 1: What's at stake is whether or not the Obama Administration's
Speaker 1: Clean Power Plan still has some life left in it.
Speaker 1: The DC Circuit heard arguments attacking the Clean Power Plan
Speaker 1: when the Trump administration took power, said we'll hold the
Speaker 1: case in advance at the request of the Trump administration
Speaker 1: to give Mr Pruett at e p A some time
Speaker 1: to come up with a decision on whether it was
Speaker 1: going to repeal the Obama Plan and whether it was
Speaker 1: going to replace the Obama Plan. And what we've not
Speaker 1: been told by Mr Pruitt is yes, he's going to repeal,
Speaker 1: and he said, we're going to think about whether we're
Speaker 1: going to replace it, but we're not going to give
Speaker 1: you a timetable for when we're going to even make
Speaker 1: a decision about that or whether we'll we will even
Speaker 1: do that. So I think the d C Circuit is
Speaker 1: now in the position of having to say we should
Speaker 1: just go ahead and decide this case. Well, Pat, could
Speaker 1: the administrations simply say keep it in abeyance because we're
Speaker 1: actually about to put out a repeal now and get
Speaker 1: the process done. Well. The abeyance was for them to
Speaker 1: actually come forward with a new rule. That's what the
Speaker 1: court said in its original order. That's why the court
Speaker 1: ordered EPA to file periodic reports every sixty days of
Speaker 1: making progress on that. Up until this point, e p
Speaker 1: a s reports were saying we are preparing a new rule.
Speaker 1: Now we're being told we don't have a new rule.
Speaker 1: We have a repeal, but we don't have a new rule.
Speaker 1: We don't have a timetable for a new rule, and
Speaker 1: we don't even know if we ever will propose a
Speaker 1: new rule. So this is a whole different ball game,
Speaker 1: and it seems to me the d C Circuit is
Speaker 1: going to see this for what it is, which is
Speaker 1: a stalling tactic. That's Pat Parento, a professor at Vermont
Speaker 1: Law School, speaking of the Bloomberg student Grosso and Michael Best.
Speaker 1: You can listen to Bloomberg Law weekdays at one pm
Speaker 1: Wall Street Time here on Bloomberg Radio, and find more
Speaker 1: legal news at Bloomberg Law dot com. Attorneys so fine
Speaker 1: exceptional legal research and business development tools there as well.
Speaker 1: Visit Bloomberg Law dot com for more information