The Supreme Court will hear a case challenging the constitutionality of the Consumer Financial Protection Bureau that could alter the agency that Elizabeth Warren helped create.
The issue before the court is how the CFPB is funded – the financial watchdog agency bypasses typical congressional appropriations and simply requires the CFPB director to make requests of the Treasury Department for funds as needed. The banking industry parties challenging the CFPB say that is unconstitutional, citing the Appropriations Clause of the Constitution.
The Biden administration appealed to the Supreme Court to hear its arguments to undo that decision, which the Court announced on Monday it would do, but not on the expedited timeline for which the administration asked. Oral arguments will likely be this fall, meaning a decision in the case would not come until mid-2024.
Warren's 2020 presidential campaign website says she"came with the idea for the CFPB before the crisis even began and then fought successfully to turn her idea into a reality."
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