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