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Chairman Hensarling Issues Statement on Supreme Court Decision

Washington, Jun 26 -

House Financial Services Committee Chairman Jeb Hensarling (R-TX) issued the following statement today after the United States Supreme Court – in a 9-0 vote – ruled that President Obama exceeded his Constitutional authority when he filled vacancies on the National Labor Relations Board in 2012.

“President Obama appointed Richard Cordray to head the CFPB at the same time and in the exact same manner as these unconstitutional NLRB appointees.  Clearly and unquestionably, President Obama exceeded his authority when he appointed Director Cordray, just as he exceeded his authority when he made these NLRB appointments.  Today’s unanimous judgment from the highest court in the land reaffirms and validates our committee’s decision not to hear testimony from Director Cordray on the CFPB’s semi-annual report until he was validly and legally serving in his position.

“By the time the Senate confirmed Mr. Cordray in July 2013, he had served as Director for 18 months without legal authority.  This fact calls into question the legality of the official actions he took during this time period and may represent a legal risk for the CFPB.”