Supreme Court to decide whether Obama-era Wall Street cop is legalCFPB was Elizabeth Warren's pet projectWashington Times, Oct 18, 2019
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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