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Ranking Member Waters' Statement on Supreme Court’s Decision to Hear CFPB Constitutionality Case
Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Supreme Court’s announcement that it will review the Fifth Circuit’s ruling in the case of Consumer Financial Protection Bureau v. Community Financial Services Association of America.
“The Consumer Financial Protection Bureau is a popular and widely supported agency, as it is the only federal agency tasked solely with protecting consumers in the financial marketplace. I am pleased the deeply flawed ruling made last year by a panel of right-wing, conservative judges on the Fifth Circuit will be reviewed by the Supreme Court. As even the Fifth Circuit panel conceded, their ruling was way outside the mainstream of legal opinion as all other courts, including the D.C. Circuit, have clearly established that CFPB’s funding structure is constitutional. Not only that, but the CFPB’s funding structure is not novel; Congress has authorized similar funding systems for many federal agencies, including the Federal Reserve Board and other federal banking regulators.