Washington, DC – Today, Congressman Barr (KY-06) released the following statement issued the following statement after the Supreme Court of the United States (SCOTUS) released its decision in Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al.
Today’s Supreme Court ruling upholding the novel funding structure of the CFPB is obviously a major disappointment. I agree with Justice Alito’s assessment in his dissent that "[t]he Framers would be shocked, even horrified, by this scheme,” especially since the agency “bankroll[s]” its own agenda without any congressional control or oversight.
The Court’s decision brings even greater urgency to my bill, the CFPB Transparency and Accountability Reform Act, which would cure the CFPB’s structural flaws, subject the agency to the congressional appropriations process and reform the agency to make it more accountable to the American people through their elected representatives in Congress. This is essential to rein in the unlawful, arbitrary and capricious conduct of Director Chopra.
Today’s setback in the Supreme Court only strengthens my resolve to fight for much needed reforms to bring accountability to the CFPB.
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