On Thursday, the Supreme Court denied a challenge to the funding structure of the Consumer Financial Protection Bureau.
The challenge had the potential to cripple the bureau and further the conservative legal movement’s primary objective of restricting the authority of independent agencies.
The majority opinion was written by Justice Clarence Thomas and was endorsed by a vote of 7 to 2.
In a surprising 7-2 decision, the Supreme Court today upheld the funding mechanism of the Consumer Financial Protection Bureau, which Republicans have been trying to destroy since the agency was started in the Obama administration in 2011.https://t.co/pT7n647tgP pic.twitter.com/GMZH7uNE55
— Keith Boykin (@keithboykin) May 16, 2024
Had the bureau been unsuccessful, the court’s decision could have potentially tainted each regulation and enforcement measure it had implemented during its thirteen-year tenure, encompassing areas such as banking, credit cards, mortgages, and consumer loans.
The crux of the litigation revolved around whether the manner in which Congress opted to finance the bureau contravened the appropriations clause of the Constitution.
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