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There has been much debate over the Consumer Financial Protection Bureau's lack of executive and congressional oversight: its single director removable only for cause and its operations are not subject to appropriations. This paper explains how this very leadership and accountability structure-intended to politically insulate the agency-had the perverse effect of politicizing it. Since Director Cordray's departure, there has been increased regulatory uncertainty, discouraging financial innovation and harming consumer welfare. This paper recommends that Congress restructure the Bureau into a multi-member, bipartisan commission to provide industry regulatory predictability and ensure that consumer protection retains its independent seat in the financial regulatory system.

The Wall Street Journal called it "A Victory for the Administrative State," but the recent Supreme Court ruling on the Consumer Financial Protection Bureau (CFPB) was far more consequential than that.
The post The Supreme Court's Failure on Consumer Financial Protection Bureau appeared first on American Enterprise Institute - AEI.

Chad Squitieri (The Catholic University of America's Columbus School of Law) has posted The Appropriate Appropriations Inquiry (Florida Law Review Forum, Vol. 74, 2023) on SSRN. Here is the abstract: The Supreme Court is set to hear oral argument this...