Supreme Court rules in favor of CFPB, brainchild of Sen. Elizabeth Warren
Fox News
In a 7-2 decision, the Supreme Court ruled that the funding mechanism that feeds the Consumer Financial Protection Bureau is constitutional.
"For most federal agencies, Congress provides funding on an annual basis. This annual process forces them to regularly implore Congress to fund their operations for the next year. The Consumer Financial Protection Bureau is different. The Bureau does not have to petition for funds each year. Instead, Congress authorized the Bureau to draw from the Federal Reserve System the amount its Director deems ‘reasonably necessary to carry out’ the Bureau’s duties, subject only to an inflation-adjusted cap," Thomas wrote. Brianna Herlihy is a politics writer for Fox News Digital.
"In this case, we must decide the narrow question whether this funding mechanism complies with the Appropriations Clause. We hold that it does," the opinion states.
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