Jun 12, 2024 | Congress, Featured, Financial Markets, Los Angeles, Maxine Waters

Maxine Waters, Ranking Member, Applauds Supreme Court Decision to Uphold Constitutionality of Consumer Financial Protection Bureau

Background:

On May 15, 2023, Ranking Member Waters and Senate Banking Committee Chairman Sherrod Brown led 144 current and former members of Congress in filing an amicus brief in the Supreme Court defending the CFPB.

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Congresswoman Maxine Waters U.S. representative for California’s 43rd congressional district

WASHINGTON, D.C. – Today, Congresswoman Maxine Waters (D-CA), the top Democrat on the House Financial Services Committee, released this statement following the Supreme Court’s decision today to uphold the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) funding structure. The CFPB has long been supported by Congresswoman Waters and is the only federal agency dedicated to protecting consumers from a wide range of abusive financial products and practices. In addition, Congresswoman Waters served on the conference committee of the Dodd-Frank Reform Act, which initiated the protection of the Federal Reserve’s funding of the CFPB.

“With this decision, our nation’s justices have decided to put consumers first and reject the baseless attacks led by extreme MAGA Republicans and greedy payday lenders to hamstring the work of the CFPB and put consumers in harm’s way. The Court has also affirmed what we’ve always known, which is that the funding structure of the CFPB is constitutional. Efforts to question the funding structure of the CFPB were a part of a long-term strategy by right-wing extremists to defund other agencies that are critical to our economy, including the Federal Reserve and other banking regulators, which like the CFPB, are also funded outside of annual appropriations.

“I am pleased that the efforts to gut the CFPB’s funding have failed. While we have certainly not seen the end of attacks against the CFPB, consumers should rest assured that Democrats will continue the fight to make sure that the extreme MAGA agenda doesn’t unravel the historic efforts led by the CFPB to protect consumers from unfair, deceptive, and abusive acts and practices.”