Washington, D.C. – U.S. Sen. Sherrod Brown (D-OH) – ranking member of the U.S. Senate Committee on Banking, Housing, and Urban Affairs – released the following statement after The U.S. Court of Appeals for the District of Columbia Circuit upheld as constitutional a provision in the Dodd-Frank law on the structure of the Consumer Financial Protection Bureau (CFPB) and that its director can only be fired by the President for cause.
“Today the D.C. Circuit affirmed that CFPB’s independence is constitutional. While this is good news for consumers, the CFPB cannot be fully independent until it has a lawfully appointed leader in place. This Administration should quickly nominate a Director with bipartisan support and a track record of holding Wall Street accountable.”