Hoyer Statement on Supreme Court Decision to Uphold Independence of Consumer Financial Protection Bureau

WASHINGTON, DC – Congressman Steny H. Hoyer (MD-05) released the following statement today on the Supreme Court decision in Consumer Financial Protection Bureau v. Community Financial Services Assn. of America, Ltd.:

“The Consumer Financial Protection Bureau's ability to defend the American people from the same types of predatory financial practices that led to the Great Recession has always depended on the bureau's independence from partisan politics. I am pleased that the Supreme Court's 7-2 decision, written by Justice Thomas, upheld the CFPB's independent funding structure through the Federal Reserve as constitutional. Incorporating the CFPB into the standard appropriations process, contrary to Congress' intent when establishing the bureau, would have allowed Republicans to undermine the bureau's ability to stand up for the American people by cutting or eliminating its funding on a whim.”