Justices suggested they were not ready to strike down the Consumer Financial Protection Bureau simply because it is funded with fees from the Federal Reserve rather than an annual appropriation.
The Supreme Court gave a mostly skeptical hearing Tuesday to pay-day lenders who are challenging the constitutionality of the Obama-era consumer protection agency.
Earlier this year, the conservative 5th Circuit Court of Appeals ruled the agency was unconstitutional because Congress failed to set an appropriation.Justice Elena Kagan said the 5th Circuit’s argument “has been decisively rejected by history. You are flying in the face of 250 years of history,” she told the attorney Noel Francisco representing the payday lenders.Advertisement
The brainchild of Sen. Elizabeth Warren when she was a law professor, the bureau was the centerpiece of the 2010 Dodd-Frank overhaul of financial regulations and the first new federal agency since the early 1970s that was focused specifically on American consumers. While Democrats tried to shield the agency from the politics of Washington, that shield is now endangering its future before the high court.
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