CFPB Takes Broadside- Leadership Structure Ruled Unconstitutional!
Published: Tue, 10/11/16
This just in from Ben Lane:
UNBELIEVABLE! The United States Court of Appeals for the District of Columbia Circuit declared the Consumer Financial Protection Bureau’s leadership structure unconstitutional and vacated a $103 million fine against PHH.
"In a unanimous decision of the three justices of the United States Court of Appeals for the District of Columbia Circuit, the court ruled that the CFPB’s current structure allows the director to wield far too much power, more than any other agency in the government."
Read Online on http://paydayloanindustryblog.com/?p=3769
'Because the Director alone heads the agency without Presidential supervision, and in light of the CFPB’s broad authority over the U.S. economy, the Director enjoys significantly more unilateral power than any single member of any other independent agency,' the court writes.
And it gets worse for the CFPB from there.
"From the court’s decision:By “unilateral power,” we mean power that is not checked by the President or by other colleagues. Indeed, other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power.
That is not an overstatement.
What about the Speaker of the House, you might ask? The Speaker can pass legislation only if 218 Members agree. The Senate Majority Leader? The Leader needs 60 Senators to invoke cloture, and needs a majority of Senators (usually 51 Senators or 50 plus the Vice President) to approve a law or nomination. The Chief Justice? The Chief Justice must obtain four other Justices’ votes for his or her position to prevail. The Chair of the Federal Reserve? The Chair needs the approval of a majority of the Federal Reserve Board. The Secretary of Defense? The Secretary is supervised and directed by the President. On any decision, the Secretary must do as the President says. So too with the Secretary of State, and the Secretary of the Treasury, and the Attorney General.
In short, the court writes, the director of the CFPB is the “single most powerful official in the entire U.S. Government, other than the President,” in terms of unilateral power.
Visit for free access to the original decision:
http://paydayloanindustryblog.com/?p=3769
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