Doesn't this break stare decisis and what not? (Not like it is an inherently good or bad thing but it would be major)
I am probably missing a lot tbh
So to answer quickly... the Supreme Court interprets both the Constitution and statutory laws. Its interpretation of the Constitution is final unless there is a Constitutional amendment. Its interpretation of statutes are final ... unless the law in question is amended. The Chevron case explored the text of the Administrative Procedures Act (APA) which is the federal statute setting all of the rules for delegation of rulemaking powers by federal agencies. In this particular instance, this proposal is amending the text of the APA so that the text now reflects the opposite conclusion from Chevron. Since we are only overturning a statutory decision, it is OK to do so provided congress appropriately passes new statutory language.
Does that make sense? Basically in terms of legal hierarchy Constitution trumps statute. Congress can overturn Supreme court decisions over statutes if they amend the wording via a new statute in the same way that we all can collectively overturn a Supreme court decision over the Constitution if we amend the wording of the Constitution via the amendment process in the Constitution. So its ok to do this and if it fails to pass interpretation defaults back to the Supreme court interpretation.