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ICYMI – Ranking Member Waters’ Op-ed on the 15th Anniversary of the Financial Crisis and the Importance of the CFPB
Washington, DC, September 15, 2023
In a new opinion piece published today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, reflects on the 15th anniversary of the 2008 financial crisis and the lasting impact it had on families everywhere. Specifically, Congresswoman Waters emphasizes the particular importance of the anniversary of this crisis as the Supreme Court gears up to hear oral arguments next month in an extreme MAGA Republican case to gut the Consumer Financial Protection Bureau (CFPB), the agency created in the aftermath of the crisis and the sole agency dedicated to protecting consumers. Waters urges the Supreme Court to stand with the rule of law and our nation’s consumers by protecting the CFPB.
Despite the agency’s success at protecting consumers, this year’s anniversary of the crisis is particularly significant as Republicans ramp up their attacks on the agency. Next month, the Supreme Court will hear oral arguments in CFPB v. Community Financial Services Association of America. Extreme MAGA Republicans and predatory payday lenders have teamed up to challenge the constitutionality of the CFPB’s funding based on a fringe legal theory. Let’s be clear, every single court – other than the radical Fifth Circuit Court of Appeals – has affirmed the validity of CFPB’s funding. But just like MAGA Republicans who continue to deny election results, they continue to deny these facts as well. The Constitution is clear—Congress can fund the executive branch, including the CFPB, banking regulators, and other agencies, however it likes, and has done so for nearly 250 years. This attack on the CFPB is another destructive effort by Republicans to undermine all types of essential government programs like Social Security and Medicare.