LISTEN LIVE: Supreme Court hears arguments on constitutionality of federal consumer protection body


The Supreme Court will hear arguments on Tuesday on whether the Consumer Financial Protection Bureau, a federal agency intended to protect consumers from bad financial products, will be able to function.

The hearing is expected to begin at 10 a.m. ET. Listen in the player above.

The CFPB has been a target for conservatives and business interests who have accused it having too much regulatory power. Unlike most agencies, the bureau is not dependent on annual appropriations from Congress, but instead gets its funding directly from the Federal Reserve. The idea when the agency was created following the recession in 2007-08 was to shield it from politics.

But the federal appeals court in New Orleans struck down the funding mechanism. The ruling would cause “profound disruption by calling into question virtually every action the CFPB has taken” since its creation, the Biden administration said in a court filing.

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Dag schatje!

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