FOR IMMEDIATE RELEASE
Wednesday, January 31, 2018
Contact: Nick Jacobs, 202-618-6430 or njacobs@bettermarkets.com
Washington, D.C. – Dennis Kelleher, President and CEO of Better Markets, issued the following statement on the decision by the D.C. Circuit Court of Appeals that a single director, independent of Congress and subject to dismissal only for cause, of the Consumer Financial Protection Bureau (CFPB) is constitutional:
“The Consumer Financial Protection Bureau (CFPB) was structured to be as independent as possible so that it could go after even the most wealthy, powerful and politically connected financial predators. As a result, the CFPB has been an incredibly effective cop on the Wall Street beat, which is why the financial industry has been trying to kill it from the start.
“That’s also why today’s court decision upholding the constitutionality of the CFPB structure and the independent role it plays in protecting consumers is an important victory for every American who uses a financial product, be it a checking or savings account, payday or mortgage loan or credit cards.
“Because the CFPB is currently under attack from within, led by an acting director who is as interested in protecting the perpetrators of financial frauds as much as the victims of fraud, today’s court victory also serves as a powerful reminder of the vital role the CFPB was designed to and was meant to play in protecting consumers. While the court has now upheld the structure, independence and power of the CFPB, the President must ensure that the CFPB is as effective in protecting consumers in the future as it has been in the past.”
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Better Markets is a non-profit, non-partisan, and independent organization founded in the wake of the 2008 financial crisis to promote the public interest in the financial markets, support the financial reform of Wall Street and make our financial system work for all Americans again. Better Markets works with allies – including many in finance – to promote pro-market, pro-business and pro-growth policies that help build a stronger, safer financial system that protects and promotes Americans’ jobs, savings, retirements and more. To learn more, visit www.bettermarkets.com.
