Elizabeth Warren urges the Supreme Court to strike down Trump-appointed judges' decision to imperil funding for a student-loan industry and consumer-rights watchdog
, said at the time that the lower court's decision was"lawless and reckless," and she urged the nation's highest court to preserve the agency's funding mechanism in a Monday statement.
"Despite years of desperate attacks from Republicans and corporate lobbyists, the constitutionality of the CFPB and its funding structure have been upheld time and time again," Warren said."If the Supreme Court follows more than a century of law and historical precedent, it will strike down the Fifth Circuit's decision before it throws our financial markets and economy into chaos.
The Fifth Circuit's October ruling said that"Congress did not merely cede direct control over the Bureau's budget by insulating it from annual or other time limited appropriations." "It also ceded indirect control by providing that the Bureau's self-determined funding be drawn from a source that is itself outside the appropriations process – a double insulation from Congress's purse strings that is 'unprecedented' across the government," the ruling said.
In other words, the court found it unconstitutional that the CFPB derived funding straight from the Federal Reserve, rather than via a congressional allotment.
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