The case concerned whether the regulatory agency established in the wake of the 2008 financial crisis was structured unconstitutionally.
Kathy Kraninger, director of the Consumer Financial Protection Bureau, prepares to testify at a House Financial Services Committee hearing titled "Putting Consumers First? A Semi-Annual Review of the Consumer Financial Protection Bureau," in Rayburn Building on Thursday, March 7, 2019.The Supreme Court looked likely to weaken the Consumer Financial Protection Bureau, but leave it standing, during oral arguments in a major business regulation case argued on Tuesday.
The case concerned whether the regulatory agency established in the wake of the 2008 financial crisis was structured unconstitutionally by giving too much power to its director. Under the legislation that established the bureau, the head of the CFPB, who serves a five-year term, may only be removed by the president for "inefficiency, neglect of duty, or malfeasance in office."
The justices sparred on Tuesday over whether that removal provision placed an unconstitutional burden on the president's ability to exercise his executive power and, if so, whether the provision could be severed from the rest of the legislation while leaving the CFPB otherwise in place. Chief Justice John Roberts, viewed as the swing justice in the case, largely avoided the question of severability and suggested that for-cause removal wasn't "that high a bar to meet."This is breaking news. Check back for updates.
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