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Graves: Supreme Court's CFPB Ruling is a Victory for American Consumers


Washington, June 29, 2020 -

Rep. Tom Graves (R-GA-14), Republican Leader of the Appropriations Subcommittee on Financial Services and General Government, released the below statement following U.S. Supreme Court’s ruling in Seila Law LLC v CFPB that the Consumer Financial Protection Bureau’s (CFPB) leadership structure is unconstitutional.

“Today’s ruling by the Supreme Court is a victory for American consumers. Since its creation the CFPB has operated outside of our constitutional system of checks and balances, spending millions of taxpayer dollars every year without proper oversight. That is no way to run an agency tasked with protecting American consumers and businesses. That’s why for years I’ve championed efforts to bring the CFPB under the regular congressional funding process. This would provide, in my view, the constitutionally required oversight that Americans deserve. Today’s ruling is a step in the right direction toward bringing the agency in line with the Article II powers of the Constitution - now we need to restore the Article I powers.”

 

 

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