The Supreme Court has struck down the semi-independent status of the consumer protection agency and ruled that the president has the power to hire and fire its director at will. DavidGSavage reports:
The Supreme Court on Monday struck down the semi-independent status of the consumer protection agency created in the wake of the 2008 financial collapse and ruled that the president has the power to hire and fire its director at will.
The agency was created in 2010 at the behest of now-Sen. Elizabeth Warren , who was a Harvard law professor at the time, with the aim of protecting consumers from Wall Street and other powerful financial interests. Its congressional sponsors sought to shield the agency from political influence by giving the director a five-year term in office.
“We therefore hold that the structure of the CFPB violates the separation of powers,” Chief Justice John G. Roberts Jr. wrote. “We go on to hold that the CFPB director’s removal protection is severable from the other statutory provisions bearing on the CFPB’s authority. The agency may therefore continue to operate, but its director, in light of our decision, must be removable by the president at will.
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