- Aug 3, 2012
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The Supreme Court ruled Thursday that the funding structure of the Consumer Financial Protection Bureau is legal.
The court in a 7-2 decision rejected an argument that the CFPB’s funding method violated the U.S. Constitution because Congress does not annually appropriate money for the agency as it does for other executive branch entities.
Instead, Congress authorized the CPFB to draw its funding from the Federal Reserve system.
Thursday’s ruling protects the CFPB from a potential death sentence, given the risk that Republicans in a bitterly divided Congress would block annual appropriations for the agency.
