Luetkemeyer Statement on Supreme Court CFPB Ruling
Washington, June 29, 2020
Tags: Financial Services
WASHINGTON, D.C. – Congressman Blaine Luetkemeyer (MO-03) released the following statement regarding the Supreme Court case, Seila Law v. Consumer Financial Protection Bureau in which the Court ruled today that the current director’s position is unconstitutional and should be removeable at the will of the president.
“Today the Supreme Court confirmed what many of us have been saying for years: the unchecked power of the CFPB director is unconstitutional. While the ruling is a step in the right direction, it does not change the fact that consumer protection regulation is controlled by a sole director, giving one person an enormous amount of power over the American economy. It also subjects the Bureau to partisan policy shifts with each new Administration. My bill, the Consumer Financial Protection Commission Act would put a bipartisan commission in place to ensure consumer protection rules and regulations will not change with the political tide. It gives our economy the certainty we need to continue creating jobs and grants consumers protections they can count on. Now is the time for us to work together and pass this bill.”