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Feinstein on Supreme Court CFPB Ruling

Washington—Senator Dianne Feinstein (D-Calif.) released the following statement on the Supreme Court’s 5-4 ruling that the president can fire ‘at will’ the director of the Consumer Financial Protection Bureau:

“The Supreme Court’s 5-4 decision that the president can fire the director of the Consumer Financial Protection Bureau without cause undermines the agency’s independence.

“When Congress created the CFPB, it specifically said the director could only be fired for ‘malfeasance, inefficiency or neglect of duty.’ This decision ignores precedent and gives the president more control over the agency than Congress intended.

“As Justice Kagan wrote in her dissenting opinion, the majority ‘wipes out a feature of [the CFPB] its creators thought fundamental to its mission – a measure of independence from political pressure.’

“Today’s decision by the court’s conservative majority weakens the agency’s ability to protect American consumers, especially if doing so is at odds with this administration’s priorities. We can’t let that happen. We must not lose sight of the vital need to protect American consumers, students and families.”