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The end of Chevron deference is a ‘power shift’ for investors

The end of Chevron deference is a ‘power shift’ for investors

By Sam Taube | NerdWallet

The investing information provided on this page is for educational purposes only. NerdWallet, Inc. does not offer advisory or brokerage services, nor does it recommend or advise investors to buy or sell particular stocks, securities or other investments.

What do fishing, air pollution and Bitcoin have in common? Maybe just one thing: Until recently, they were all regulated by a powerful legal doctrine known as Chevron deference.

But in late June, a fishing-related Supreme Court case, Loper Bright Enterprises v. Raimondo, brought an end to Chevron deference. Experts say the decision could cause substantial changes to financial rules — especially when it comes to cryptocurrency. Here’s what investors should know.

What was Chevron deference?

The term “Chevron deference” comes from a 1984 Supreme Court case, Chevron U.S.A. Inc. v. Natural Resources Defense Council Inc. That case hinged on whether the Environmental Protection Agency (EPA) was allowed to modify factory emissions regulations that were derived from a broadly worded air pollution law. read more

Travel Troubleshooter: A booking error leads to a nonrefundable hotel room, or does it?

Travel Troubleshooter: A booking error leads to a nonrefundable hotel room, or does it?

DEAR TRAVEL TROUBLESHOOTER: I’m trying to get a refund from Priceline for a booking that, on the surface, appears to be uneligible for a refund. However, it is hard for me to believe that Priceline can keep my money for this mistake.

Christopher Elliott, the Travel Troubleshooter ...
Christopher Elliott, the Travel Troubleshooter

Here’s what happened: I booked a room at La Quinta in Austin, Texas, for one night. While at the hotel that night, I decided to extend my stay another night and began the process of booking the next night through Priceline’s app on my mobile device.

I thought the time was just after midnight, and having used the Priceline app frequently (I’m a platinum-level member), I knew the dates for the booking would be auto-populated in the app form for the following night. But the actual time was just before midnight, so the dates were populated in the form for the current day.

As soon as I clicked the “confirm booking” button, I realized the mistake and called Priceline’s customer service to report the error and request a refund for that booking. A Priceline representative told me that he would need to first contact La Quinta before he could process the refund. read more

Teen-driven Orlando honey brand still buzzing after nearly 7 years

Teen-driven Orlando honey brand still buzzing after nearly 7 years

When she was 15, Jamisha Woodson joined an Orlando-based honey brand and became one of the members of its founding class. She charted one future goal for herself: Be her own boss.

At 22, Woodson returned to honey after creating her own line of hair and skin products — a venture she said earns her a six-figure salary. Mission accomplished.

“I only worked one job my entire life and that’s Black Bee Honey,” she said.

The honey brand started in September 2017 through a city-funded Families, Parks and Recreation Department initiative to teach students in Parramore, a historically Black neighborhood, how to run their own business. The kids do exactly that — they harvest, bottle and sell the honey themselves while enrolling in business classes so they can apply lessons to their own endeavors.

Selling honey was a strategy move. Parramore is one of Orlando’s most-impoverished neighborhoods and home to a food desert.

“From the corner stores, you can’t really get fresh vegetables and fruits, so all you can really find is junk food,” said Francesca Amervil, a 14-year-old at Black Bee. “The purpose of Black Bee Honey is to try and get a healthier alternative for sweet sugar.” read more

Seminole looks to get rid of state tax exemptions for affordable housing

Seminole looks to get rid of state tax exemptions for affordable housing

Seminole County is poised to become the latest local government to deny large tax cuts to apartment owners who designate a certain number of units as affordable housing to lessen their tax burden under a new Florida housing law.

“It’s helping developers and apartment owners make more money. But it’s not doing anything for the renters and those struggling to pay their rent,” Commissioner Lee Constantine said regarding the property tax exemptions — as high as 75% — under the state’s so-called Live Local Act.

“When they [apartment owners] don’t pay 75% of their taxes, then who ends up paying for those? We do,” Constantine said.

Commissioners on Tuesday will consider a resolution to opt out of granting the exemptions offered under the law. If approved, it will save the county an estimated hundreds of thousands of dollars in tax revenue for the next fiscal year’s budget. The fiscal year starts Oct. 1.

The 2023 law was meant to encourage construction of more affordable housing. In turn, that’s supposed to lower rents because of an increase in supply. read more

Apollo 11 moon landing was 55 years ago today. Here’s how to celebrate

Apollo 11 moon landing was 55 years ago today. Here’s how to celebrate

CAPE CANAVERAL  — The cosmos is providing a full moon for the 55th anniversary of the first lunar landing this weekend, and plenty of other events honor Neil Armstrong and Buzz Aldrin’s giant leap.

Aldrin, 94, the last surviving member of the Apollo 11 crew, headlines a gala at the San Diego Air and Space Museum on Saturday night. He’ll be joined by astronaut Charlie Duke, who was the voice inside Mission Control for the July 20, 1969 moon landing.

Museum President Jim Kidrick couldn’t resist throwing a bash “55 years to the day of one of the most historic moments in not only the history of America, but in the history of the world.”

Can’t make it to San Diego, Cape Canaveral or Houston? There are plenty of other ways to celebrate the moon landing, including the new film “Fly Me to the Moon,” a light-hearted lookback starring Scarlett Johansson.

And you can explore all things Apollo 11 on a special website by the Smithsonian Institution’s National Air and Space Museum.

If nothing else, soak in the full moon Saturday night into Sunday morning. read more