WASHINGTON – Today, Congressman French Hill (AR-02) released the following statement after the D.C. Circuit Court of Appeals ruled the Consumer Financial Protection Bureau’s (CFPB) structure is unconstitutional:
“I have said CFPB is the single most powerful and least accountable agency in Washington—with a director that can only be fired for “inefficiency, neglect of duty, or malfeasance” and because the CFPB is an independent agency located within the Fed—who also has no authority—and is not subject to the appropriations process, neither the administration or Congress has a say over its actions.
“I am pleased to see the DC Circuit Court of Appeals—the second most important court in the country—agrees that CFPB’s current structure is unconstitutional, stating that “other than the President, the Director of the CFPB is the single most powerful official in the entire United States Government, at least when measured in terms of unilateral power. The House Financial Services Committee has been working to bring accountability to CFPB and in September, passed the Financial CHOICE Act, which would replace CFPB’s all-powerful director with a bipartisan commission and subject the agency to the congressional appropriations process. I look forward to continuing to work with my colleagues to ensure CFPB is accountable to the American people.”