The case before the high court Tuesday examined how the Consumer Financial Protection Bureau is funded. A ruling in favor of payday lenders could gut the agency.
involving the structure of government, a majority of justices seem inclined to uphold the way the Consumer Financial Protection Bureau and many other agencies are funded.
Then last year, the Fifth Circuit Court of Appeals, which covers Texas and some southern states, ruled the CFPB's structure is unconstitutional. The appeals court said the Bureau's funding mechanism violates the appropriations clause of the Constitution because instead of an annual congressional appropriation, Congress set the agency's funding at an annual capped amount that comes from banking fees paid to the Federal Reserve system.
But Chief Justice John Roberts seemed skeptical, calling her argument"a very aggressive view of Congress's authority." But several of the justices, both conservative and liberal, flatly told Francisco that his argument made no sense because it had no limiting principle. Francisco seemed to suggest that the problem with the CFPB funding is that it doesn't go through an annual, line-item congressional appropriation.
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