CRAMER: It’s About Time - CFPB Structure Finally Ruled Unconstitutional
WASHINGTON, D.C. – Congressman Kevin Cramer released the following statement on the ruling issued Tuesday by the United States Court of Appeals for the District of Columbia Circuit regarding the agency structure of the Consumer Financial Protection Bureau (CFPB). The appellate court found that the autonomy given to CFPB Director Richard Cordray, who can only be removed by a president for just cause, was “unconstitutionally structured,” and a “gross departure from settled historical practice,” according to Judge Brett Kavanaugh.
Since entering Congress in 2013, Cramer has supported numerous bills to reform the CFPB, including H.R. 5485, the Financial Services and General Government Appropriations Act of 2017. This bill changes the CFPB to a five-member commission and subjects the bureau to the normal appropriations process. H.R. 5485 passed the House of Representatives on July 12.
“Our country was founded on the principles of limited government and separation of powers, yet the CFPB has been given virtually limitless power. I applaud the court’s efforts to rein-in this agency by allowing future presidents to fire the CFPB director without cause. Since its inception, the CFPB has proven to be a black box that can do whatever it wants, whenever it wants to. It’s no wonder this out-of-control agency continues to face problems ranging from racial and gender discrimination to extravagantly high salaries paid for with taxpayer dollars. Despite calling itself a watchdog for consumers, all the CFPB has done is use its command-and-control regulatory policies to stifle economic growth and bully our community financial institutions.”