U.S. Court Rules CFPB Structure is Unconstitutional
Congressman Andy Barr (R-KY) today made the following statement after the U.S. Court of Appeals for the District of Columbia ruled that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional:
“Today the second highest court in the land agreed with what I have been saying all along; that the Consumer Financial Protection Bureau as currently structured is unconstitutional. This ruling vindicates my work to reform the Bureau and hold the agency accountable for its regulatory overreaches and abuses of power.”
Congressman Barr introduced H.R. 1486, the Taking Account of Bureaucrats’ Spending (TABS) Act, which would move funding for the CFPB into the Congressional appropriations process. In doing so, Congress would be able to oversee the Bureau’s budget for the first time. The TABS Act was included in the Financial CHOICE Act which Congressman Barr supports and would replace the Bureau’s single director with a bipartisan Commission.