WASHINGTON D.C. – Tuesday, October 11, 2016 – U.S. Senator Richard Shelby (R-Ala.), Chairman of the Senate Committee on Banking, Housing, and Urban Affairs, today released the following statement after a U.S. Court of Appeals for the District of Columbia Circuit ruled that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional:
“For years I have argued that supporters of Dodd-Frank sacrificed our Constitution in the name of bureaucratic independence. While the court’s ruling today is a victory for accountability, it is meaningless without a President who is willing to rein in the unmatched authority of the CFPB’s Director.
“That is why it is critical for the Bureau to be subject to the congressional appropriations process and governed by a board of directors. Only then will Congress have the ability to conduct meaningful oversight to ensure that the CFPB is truly accountable.”