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Sat Oct 19, 2019, 11:48 AM

 

Supreme Court to weigh constitutionality of financial watchdog agency created by Elizabeth Warren

The Supreme Court has agreed to take up a dispute over the constitutionality of the Consumer Financial Protection Bureau in a case that could dramatically scale back the agency's authority to police financial markets or eliminate it altogether.

The court said Friday it will hear a challenge from a California-based law firm that argues the CFPB, the brainchild of Sen. Elizabeth Warren, a Massachusetts Democrat, is unconstitutionally structured.

Opponents of the CFPB, created in 2010, argue that its structure violates the separation of powers, as Congress gave it broad authority to regulate mortgages, credit cards, and other consumer products, and is helmed by a single director who can't be removed by the president except for cause.

The court said it will also address whether the entirety of the law that created the CFPB, the Dodd-Frank Wall Street Reform and Consumer Protection Act that re-ordered the financial regulatory system, should be struck down.

The Trump administration said in a filing with the Supreme Court it concluded the "statutory restriction on the president's authority to remove the director violates" the Constitution, and "the director of the bureau has since reached the same conclusion."

https://www.washingtonexaminer.com/policy/courts/supreme-court-to-weigh-constitutionality-of-the-financial-watchdog-agency-created-by-elizabeth-warren

Trump wants the Consumer Financial Protection Bureau struck down... what a shock

If I were to vote in a presidential
primary today, I would vote for:
Undecided

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Reply Supreme Court to weigh constitutionality of financial watchdog agency created by Elizabeth Warren (Original post)
HeartlandProgressive Oct 2019 OP
CaliforniaPeggy Oct 2019 #1
MyOwnPeace Oct 2019 #2
LiberalFighter Oct 2019 #3
tritsofme Oct 2019 #4

Response to HeartlandProgressive (Original post)

Sat Oct 19, 2019, 11:54 AM

1. The republicans just never stop, do they?

 

This would be a terribly destructive moment, if they strike down all the component parts of this agency, plus the law that allowed it to be created.

More than ever, the republicans must be defeated.

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden

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Response to HeartlandProgressive (Original post)

Sat Oct 19, 2019, 01:12 PM

2. Wait a minute.......

 

doesn't that agency protect the interests of all Americans, providing oversight and fairness with regard to the "average" citizen, especially against large corporate interests?

Well, I guess this is like "Citizens United" - we can kiss that protection good-bye!
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden

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Response to HeartlandProgressive (Original post)

Sat Oct 19, 2019, 01:16 PM

3. Don't those consumer products cross state lines in one form or another?

 

If I were to vote in a presidential
primary today, I would vote for:
Joe Biden

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Response to HeartlandProgressive (Original post)

Sat Oct 19, 2019, 04:19 PM

4. A ruling allowing the president to remove the director at-will would be positive for a

 

new Democratic president in 2021, otherwise the current Trump director could continue running the agency until late 2023.
If I were to vote in a presidential
primary today, I would vote for:
Joe Biden

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