Democrats defended the Consumer Financial Protection Bureau as a case at the Supreme Court threatens its constitutionality.
Over 140 current and former Democratic lawmakers filed an amicus brief in the U.S. Supreme Court on Monday to defend the Consumer Financial Protection Bureau.
The brief, led by Democrats Sen. Sherrod Brown of Ohio and Rep. Maxine Waters of California, relates to theConsumer Financial Protection Bureau v. Community Financial Services Association of America, which would threaten the constitutionality of the agency and undermine its funding and mandated authorities.
Upholding an appeals court decision that undermined the funding mechanism "would place at risk a funding model that has been used since the early Republic, which now applies to the [Office of the Comptroller of the Currency] and a host of other crucial federal programs," the lawmakers wrote. The Supreme Court agreed to hear arguments in the case in February, four months after a federal appeals court panel unanimously ruled that the CFPB's funding method was unconstitutional.
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