Duffy Statement on Appeals Court Ruling that CFPB is Unconstitutional

Statement

House Financial Services Oversight & Investigations Subcommittee Chairman Sean Duffy (WI-07) offered the following comment after a federal appeals court ruled the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional:

"Today's ruling that the CFPB's structure is unconstitutional should come as a surprise only to those who put their faith blindly in government. Ironically, the court's finding that the CFPB isn't sufficiently answerable to the President completely ignores its unaccountability to the American people and their representatives in Congress, who have no say over the Bureau's funding. Worse even than its unconstitutional and unaccountable structure is its failure to protect consumers, as we saw most recently with their mishandling of the Wells Fargo investigation."

Rep. Duffy continued: "Congress should respond to today's ruling by passing the Financial CHOICE Act to convert the CFPB into a bipartisan commission, subject to congressional appropriations, with a mission focused on protecting Americans while promoting financial opportunity for all."

Previously, Rep. Duffy submitted, and the government accepted, an amicus brief in support of a similar filing, State National Bank of Big Spring vs. Jacob Lew, which also stated that the CFPB violates the separation of powers and should be run by a commission rather than a single director.

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