Supreme Court agrees to resolve a legal challenge brought by business groups that claim that the Consumer Financial Protection Bureau’s decisions should be voided because Congress does not directly fund it.
on Monday agreed to resolve a legal challenge brought by business groups that threatens the federal agency charged with protecting consumers from unlawful financial services practices.
Although the Biden administration had asked the court to fast-track the case, it will be decided in the court's next term, which starts in October and ends in June 2024. That ruling ironically meant that President Joe Biden had free rein to appoint his own director, Rohit Chopra, when he took office in 2021.
But the New Orleans-based 5th U.S. Circuit Court of Appeals ruled for the challengers in October 2022. In throwing out the regulation, it concluded that the funding mechanism was an unlawful abdication of Congress' responsibility to appropriate funds based on the Constitution's divvying up of governmental powers.
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