Washington, D.C. — U.S. Chamber of Commerce Executive Vice President and Chief Policy Officer Neil Bradley issued the following statement today regarding the Supreme Court’s decision to hear a case challenging the funding structure of the Consumer Financial Protection Bureau.
“The Chamber welcomes the Supreme Court’s announcement today that it will hear a case challenging the funding mechanism of the Consumer Financial Protection Bureau. The CFPB’s broad power touches every consumer in the United States and its decisions often have far-reaching consequences. Recent actions by the agency to penalize responsible consumers who pay their bills on time is only the most recent example of why oversight is necessary.
“The lack of accountability to Congress has forced the plaintiffs in this case, as well as the Chamber in separate litigation, to go to court to defend against regulatory overreach. Given the significant impact it has on the financial services available to U.S. consumers, the CFPB should be brought under the appropriations process and have its budget subject to congressional oversight.”