Supreme Court ruling on Consumer Financial Protection Bureau funding mechanism
The Supreme Court ruled in favor of the Consumer Financial Protection Bureau's funding mechanism, allowing it to bypass the usual appropriations process. Justice Clarence Thomas authored the majority opinion, with dissent from Justices Alito and Gorsuch.
Key Points
- CFPB authorized to draw funding directly from the Federal Reserve
- Majority opinion authored by Justice Clarence Thomas
- Alito and Gorsuch dissented, raising concerns about lack of oversight
Pros
- CFPB's funding mechanism deemed constitutional by Supreme Court
- Provides insight into the workings of federal agency funding
Cons
- Dissenting opinions from Justices Alito and Gorsuch
- Concerns raised about lack of congressional oversight