Supreme Court to decide whether Obama-era Wall Street cop is legal

[Common]

The Supreme Court said Friday it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, the agency President Barack Obama and Sen. Elizabeth Warren set up to police Wall Street in the wake of the Great Recession.
The case is a major test of Congress’ powers and the expanding regulatory state.
At issue is whether the CFPB, an “independent” agency that vests its powers in a single chief who gets funding outside the usual appropriations process and is shielded from being fired by the president, is too powerful to survive scrutiny.
For Ms. Warren, architect of the CFPB, that independence was the point — she wanted a Wall Street cop who couldn’t be swayed by political pressure.
But critics say the country’s founders feared that kind of concentration of power in the hands of an unelected official, which is why most agencies are answerable directly to the president or, if they’re independent, they have multiple commissioners or directors to spread power around.

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Lower courts have offered conflicting rulings on the agency — including the Circuit Court of Appeals in Washington, where then-Judge Brett Kavanaugh led a three-judge panel in ruling the CFPB was unconstitutional, then dissented in a later ruling when the full appeals court overturned his decision and found the panel to pass muster.


https://www.washingtontimes.com/news...a-wall-street/

[testsubjectalpha]

IT IS ABOUT TIME, THE MOST WORTHLESS AGENCY THAT WAS EVER IMPLEMENTED. All they do is collect personal information on individuals from credit bureaus and credit card companies. As we learned during the Equifax hearings on Capitol Hill.

Meanwhile, while banks borrow from the Fed for practically 0% interest rates, credit card companies jacked up their interest rates to high credit individual from 7/8% to 19/23/29% and those rates have never come back down. CFPB is a farse and isn't protecting the individual.

The Supreme Court said Friday it will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau, the agency President Barack Obama and Sen. Elizabeth Warren set up to police Wall Street in the wake of the Great Recession.
The case is a major test of Congress’ powers and the expanding regulatory state.
At issue is whether the CFPB, an “independent” agency that vests its powers in a single chief who gets funding outside the usual appropriations process and is shielded from being fired by the president, is too powerful to survive scrutiny.
For Ms. Warren, architect of the CFPB, that independence was the point — she wanted a Wall Street cop who couldn’t be swayed by political pressure.
But critics say the country’s founders feared that kind of concentration of power in the hands of an unelected official, which is why most agencies are answerable directly to the president or, if they’re independent, they have multiple commissioners or directors to spread power around.

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Lower courts have offered conflicting rulings on the agency — including the Circuit Court of Appeals in Washington, where then-Judge Brett Kavanaugh led a three-judge panel in ruling the CFPB was unconstitutional, then dissented in a later ruling when the full appeals court overturned his decision and found the panel to pass muster.


https://www.washingtontimes.com/news...a-wall-street/

[Common]

I personally dont know much about it, but its warrens idea that obama ran with, that sets off alarms

[testsubjectalpha]

CFPB just needs to be shuttered. It is not providing any service to consumers, it's just collecting massive amounts of data on people's day to day lives.
CFPB is basically the equivalent of Facebook. Nobody knows what they actually doing, we just know they are getting massive data dumps from non public sector companies and building massive databases.

I personally dont know much about it, but its warrens idea that obama ran with, that sets off alarms

[MisterVeritis]

It is a combination spy and harassment agency.

[Mini Me]

CFPB just needs to be shuttered. It is not providing any service to consumers, it's just collecting massive amounts of data on people's day to day lives.
CFPB is basically the equivalent of Facebook. Nobody knows what they actually doing, we just know they are getting massive data dumps from non public sector companies and building massive databases.

The problem with the CFTB is, the teeth weren't strong enough! Too many escape hatches for financial concerns! It was a badly needed idea, but many found work arounds. The idea was to constrain HEDGE FUNDS from going crazy and causing another COLLAPSE!

[Captdon]

I do think it will b tossed. I think it will be for lack of oversight and the power it has been given more than being Unconstitutional.