Long overdue
“…The structure of the Consumer Financial Protection Bureau is unconstitutional, according to federal district Judge Loretta Preska of the Southern District of New York.
Preska ruled Thursday that having the agency’s setup as an independent agency headed by one director who can only be removed by the president for wrongdoing defies the Constitution.
Additionally, Preska also determined that the section of the 2010 Dodd-Frank Act that created the agency should be cut.
‘I would strike Title X in its entirety,’ the ruling claims.
The decision goes against a previous ruling from a federal appeals court in Washington in January, increasing the chances the case will head to the Supreme Court.
The CFPB was established in 2010 under the Obama administration in an attempt to address the global financial crisis. It was created and staffed largely by Sen. Elizabeth Warren, D-Mass, prior to her election to the Senate in 2012…”