'Supreme Court Decision Empowers Truck Stop to Challenge Federal Reserve in Regulatory Showdown'
Money | July 1, 2024, 12:33 p.m.
The Supreme Court has revived a lawsuit by a North Dakota truck stop challenging debit-card transaction fees, with potential implications for government regulations. The decision allows industries to challenge longstanding agency rules, causing destabilization in administrative law. Justice Barrett, writing for the majority, rejected the Justice Department's argument on statute of limitations. Justice Jackson criticized the decision, warning of potential havoc on government agencies. The truck stop, Corner Post, is fighting a 2011 Federal Reserve rule on interchange fees. The issue is technical: the government argued the statute of limitations had run out, but Corner Post argued it started when they opened. This case could set a precedent for challenging regulations, with the potential to disrupt the functioning of the Federal Government. This story is developing and will be updated.