WASHINGTON—United States Senator Bill Hagerty (R-TN), a member of the Senate Banking and Appropriations Committees, today released the following statement after the U.S. Supreme Court announced it will consider the decision by the U.S. Court of Appeals for the Fifth Circuit that found the funding structure of the Consumer Protection Financial Bureau (CFPB) to be unconstitutional:
“For far too long, the CFPB has operated outside of the appropriations process and as such, has been operating in an entirely unaccountable manner. That is precisely why I introduced the CFPB Accountability Act last Congress to fix this glaring separation-of-powers issue.
“If the Supreme Court deems the current CFPB funding structure unconstitutional, then Congress should quickly integrate it into the appropriations process to which other executive branch agencies are subject.”
In September 2021, Hagerty introduced the Consumer Financial Protection Bureau (CFPB) Accountability Act of 2021, which would make the agency accountable to the American people by requiring that its funding be appropriated by Congress, as is the case for other Executive Branch agencies.