Rounds Issues Statement on SCOTUS CFPB Announcement
WASHINGTON – U.S. Senator Mike Rounds (R-S.D.), a member of the Senate Banking, Housing, and Urban Affairs Committee, today issued the following statement after the U.S. Supreme Court announced it will consider the decision by the U.S. Court of Appeals for the Fifth Circuit on the constitutionality of the Consumer Financial Protection Bureau’s (CFPB) funding structure.
“Since its creation under the Dodd-Frank Act, the CFPB has operated as an unaccountable regulatory agency, consistently imposing burdensome new rules on the American people, all with limited oversight from Congress. The Supreme Court will soon have an opportunity to reaffirm the Fifth Circuit’s finding that the CFPB’s funding structure is unconstitutional. It is far past time to bring accountability to this agency.”