Toomey Statement on Fifth Circuit Ruling CFPB Funding Unconstitutional
“The Fifth Circuit’s decision calls into question the validity of all of the agency’s actions to date.”
Washington, D.C. – U.S. Senate Banking Committee Ranking Member Pat Toomey (R-Pa.) released the following statement after the U.S. Court of Appeals for the Fifth Circuit ruled that the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional.
“The Fifth Circuit’s decision to invalidate the CFPB’s payday lending rule because it is the product of an unconstitutional funding scheme calls into question the validity of all of the agency’s actions to date.
“The CFPB has been an unconstitutional and unaccountable agency since its inception. I’ve long argued that the CFPB should be subject to Congressional appropriations. As the Constitution requires, the people’s representatives shall determine how their tax dollars are spent. I’m glad to see the court agrees.”
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