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Ranking Member Waters Applauds Second Circuit Ruling Affirming CFPB’s Constitutionality
Washington, DC, March 24, 2023
Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Second Circuit Court of Appeals’ ruling that the Consumer Financial Protection Bureau’s (CFPB) funding structure is constitutional.
“The decision by the Second Circuit told us what we already know: the Consumer Financial Protection Bureau (CFPB) and its funding mechanism is constitutional. As I’ve long said, the ruling made last year by a panel of right-wing, conservative judges on the Fifth Circuit was radical and way out of the mainstream of legal opinion, as all other courts, including the D.C. Circuit and now the Second Circuit ruling, have made clear. Despite the baseless attacks on the CFPB by extremist Republicans and conservatives, consumers should rest assured that Committee Democrats and I will continue working around the clock to combat these anti-consumer efforts and protect the CFPB so it can continue its important mission.”