In the wake of the destruction caused by the last financial crisis, Congress created an independent cop on the beat focused solely on protecting consumers in the financial marketplace. With today’s decision in Seila Law v. CFPB, the Supreme Court has chosen to ignore Congressional intent to maximize the bureau’s independence to best protect the American public from harm.
The U.S. Supreme Court is preparing to hear oral arguments on Tuesday, March 3, on Seila Law v. Consumer Financial Protection Bureau (CFPB). The case is about whether the authority of this independent agency, led by a single director who can be removed only for cause, violates the separation of powers.
The amici submitting this brief are consumer organizations with an interest in the constitutional analysis that determines whether the structure of the Consumer Financial Protection Bureau (CFPB) is consistent with separation-of-powers principles … The amici submitting this brief are consumer organizations with an interest in the constitutional analysis that determines whether the structure of the Consumer Financial Protection Bureau (CFPB) is consistent with separation-of-powers principles …
“Judge Kavanaugh’s confirmation to the Supreme Court would give him ample opportunity to weaken all independent agencies working within their Congressional mandate to protect the public, and thereby leave us all much more vulnerable to predatory practices as well as to actions that put the stability of the entire financial system at risk. We urge you to oppose his nomination.”
Kavanaugh found that the structure of the Consumer Financial Protection Bureau was unconstitutional but was overturned in a thoughtfully reasoned decision that found many faults with his analysis. Independent agencies, which have existed in the United States for nearly a century, are vital institutions for creating a government that does not only serve wealthy interests.
Judge Gorsuch’s stated views suggest his appointment would also help financial companies’ efforts to eliminate the rules necessary to protect the economy from another financial calamity induced by Wall Street’s recklessness