Press Releases

McHenry Applauds 5th Circuit Decision Ruling CFPB Funding Mechanism Unconstitutional

Washington, October 19, 2022 -

Today, the top Republican on the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement regarding the 5th Circuit’s decision ruling the Consumer Financial Protection Bureau’s (CFPB) independent funding mechanism unconstitutional:

“As Republicans have said all along, the CFPB’s ‘double-insulated,’ independent funding mechanism is unconstitutional and makes it wholly unaccountable,” said Republican Leader McHenry. “I’m glad to see the 5th Circuit recognize this fact. Bringing the CFPB under the appropriations process would make it more accountable to the American people through their elected representatives. The Financial Services Committee must consider Congressman Barr’s TABS Act immediately to give the Bureau certainty regarding its funding.”


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