At the Supreme Court today, the Trump administration is seeking to make it easier for the president to fire the heads of the nation's independent agencies. In the short run, the fate of the Consumer Financial Protection Bureau is on the line.
In 2009, Congress sought to re-establish oversight and regulation of the financial system. Among the remedies enacted was a law that consolidated the consumer protection powers of seven agencies into one — the CFPB. Placed in the offices of the Federal Reserve and funded directly by the Fed, the new agency was charged with protecting consumers and preventing a repeat of the 2008 financial crisis.
Once in place, the bureau moved aggressively to protect consumers from bad actors in the banking and financial services sector. A prime example: the crack-down on Wells Fargo. The bankfor creating an estimated 3.5 million fake deposit accounts and fake credit cards in the names of people who didn't authorize them, and for improperly repossessing the cars of military personnel. Also in the CFPB's sights — bill collectors, telemarketers, and others accused of misleading consumers.
Seila lost that argument in the lower courts, but now the Supreme Court will take a crack at the case. Tuesday's arguments will center on a longstanding Supreme Court decision that forms the basis for all independent federal agencies.
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