WASHINGTON, D.C. — Today, U.S. Senator Cynthia Lummis (R-WY) issued the following statement after the 5th Circuit Court of Appeals ruled the Consumer Financial Protection Bureau’s (CFPB) funding mechanism is unconstitutional.
“The Fifth Circuit Court of Appeals got it right. Congress should have never given up its appropriations power when establishing the CFPB,” said Sen. Lummis. “The CFPB needs the same Congressional oversight as every other government agency. This includes being funded through the normal appropriations process, not through the Federal Reserve.”