Supreme Court Rules Law Creating Director of CFPB Unconstitutional – Severs Removal Clause, Retains Agency
The Consumer Financial Protection Bureau (CPFB) was originally created by congress (Elizabeth Warren lead) as a quasi-constitutional watchdog agency to reach into the banking and financial system, under the guise of oversight, and extract money by fining entities for CFPB defined regulatory and/or compliance violations. Essentially, the CFPB is a congressionally authorized far-left extortion scheme in the banking sector. The CFPB levies fines; the fines generate income; however, unlike traditional fines that go to the U.S. treasury, the CFBP fines are then redistributed to left-wing organizations to help fund their political activism. The Consumer Financial Protection Bureau (CFPB) was the brainchild of Senator Elizabeth Warren as an outcome of the Dodd-Frank legislation. Within the CFPB Warren tried to set up the head of the agency, the Director, in a manner that that he/she would operate without oversight. Unfortunately, her dictatorial-fiat-design collapsed when challenged in court.
A federal court found the CFPB Director position held too much power and deemed it unconstitutional. The court decision noted that giving the President power to fire the Director would fix the constitutional problem. This issue was argued extensively after President Trump appointed Mick Mulvaney as interim Director. Elizabeth Warren declaring the CFPB Director could not be fired by the executive. The legal battle worked its way to the Supreme Court. ♦ Today the Supreme Court ruled the structure of the CFPB Director position is unconstitutional and the President can fire the head of the agency. However, SCOTUS kept the CFPB agency in place by severing the part of the law that created the agency head from the rest of the law. The CFPB remains as a quasi-constitutional agency; the CFPB remains an extortion racket to target any organization within the banking and finance sector; however, the president can fire and appoint the Director of the CFPB.
The decision could have significant implications for the future of the similarly structured Federal Housing Finance Agency, the overseer of mortgage giants Fannie Mae and Freddie Mac. like the head of the CFPB, the FHFA director is appointed to a five-year term and can only be removed for cause. ~ Politico
https://theconservativetreehouse.com/2020/06/29/supreme-court-rules-law-creating-director-of-cfpb-unconstitutional-severs-removal-clause-retains-agency/
Supreme Court Ruling on CFPB
https://d2qwohl8lx5mh1.cloudfront.net/uGcD5IBn1DO-ADScfdVHLw/content
Also see:
Pocahontas Financial Control Scheme Returns To Bite Its Creator
https://theconservativetreehouse.com/2017/11/19/pocahontas-financial-control-scheme-returns-to-bite-its-creator/
“Interim” -vs- “Acting”: White House Officially Announces Mulvaney to Head-Up CFPB
https://theconservativetreehouse.com/2017/11/24/interim-vs-acting-white-house-officially-announces-mulvaney-to-head-up-cfpb/
Court: structure of consumer watchdog agency unconstitutional
https://www.cbsnews.com/news/appeals-court-finds-structure-of-cfpb-unconstitutional/