Fischer Calls on Congress to Pass CFPB Restructuring Legislation
Nebraska U.S. Republican Senator Deb Fischer

Senator Deb Fischer released a statement on Monday June 29th, following a Supreme Court ruling regarding leadership structure of the Consumer Financial Protection Bureau (CFPB). The Supreme Court ruling Seila Law v CFPB deemed the structure unconstitutional citing a violation of the seperation of powers due to the appointment of a single director in charge of enforcing consumer protection laws and affirmed that it’s director is removable at the will of the president. :

The following is Fischer’s official statement on the ruling:

“Today’s decision by the Court has found the CFPB Director’s extreme independence to be unconstitutional. This is something I have long voiced, and now Congress must act. My legislation offers a common-sense solution for reforming the bureau and making its structure resemble other independent agencies. It would replace the single director with a bipartisan, multi-member commission. This would ensure that the bureau does not simply become a political arm of whichever party controls the White House. It would also prevent rash decision-making at the bureau, leading to more certainty for American businesses.”

Senator Ben Sasse commented on the ruling:

“The CFPB acts like an unchecked fourth branch of government, and it’s clear that there’s no such clause for its creation in the Constitution. Today’s decision says that the head of the organization should be removable – which is great, but when I read the Constitution, it’s pretty clear that the CFPB shouldn’t exist to begin with. We should stop letting unaccountable bureaucrats skirt the law of this land.”

Read more about that case here.