Garrett Statement on Ruling that CFPB Structure is Unconstitutional

WASHINGTON, D.C. – Rep. Scott Garrett (NJ-05) issued the following statement after the U.S. Court of Appeals for the D.C. Circuit ruled that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional:

“With a politically appointed head and its ability to bypass Congress to get funding, the CFPB has acted as a rogue federal bureaucracy with unlimited power and no accountability to the American people. Today’s ruling that the CFPB’s structure is unconstitutional is a win for transparency, and for the Constitutionally-mandated checks and balances that protect American families from abuses by overzealous government bureaucrats.  

“We need consumer protections that actually put people and families first. The Financial CHOICE Act would achieve this by transforming the CFPB into a bipartisan, five-member commission which is subject to Congressional oversight and appropriations like the SEC, CFTC or the FTC. This is the only way to ensure that Washington will actually do its job instead of acting in its own self-interest.”

Rep. Garrett is chairman of the Financial Services Subcommittee on Capital Markets and Government-Sponsored Enterprises.

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