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McHenry Statement Regarding SCOTUS Ruling on CFPB Funding Structure
Washington,
May 16, 2024 -
Today, the Chairman of the House Financial Services Committee, Patrick McHenry (NC-10), issued the following statement after the Supreme Court of the United States (SCOTUS) released its decision in Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al.
“Despite the setback from today’s ruling, Republicans will continue the fight to rein in the rogue CFPB,” said Chairman McHenry. “To be clear, this Supreme Court opinion yet again emphasizes that Congress has exclusive authority and discretion over federal agencies’ funding structures. The House must urgently take up Congressman Andy Barr’s CFPB Transparency and Accountability Reform Act. This commonsense legislation will fix the mistakes of Dodd-Frank which set the dangerous precedent of tapping the central bank to fund partisan political objectives. It’s past time the CFPB is held accountable to the American people through their elected representatives.”
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