Cotton Statement on the U.S. Court of Appeals Ruling on the Constitutionality of the CFPBs Structure
Contact: Caroline Rabbitt (202) 224-2353
Washington, D.C.- Senator Tom Cotton (R-Arkansas) today released the following statement on the U.S. Court of Appeals for the District of Columbia Circuit ruling that the leadership structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional:
"Today the U.S. Court of Appeals struck a blow for the Constitution. It confirmed what many of us have been saying all along: in response to the financial crisis, the Obama administration, aided by the Pelosi-Reid Congress, hastily passed the Dodd-Frank Act that ignored democratic decision-making in favor of government fiat. This was simply an attempt to invest power in unaccountable Washington bureaucracies. Today's decision joins a long-line of recent rulings in which courts have admonished President Obama for his continued attempts at unconstitutional power grabs. I applaud the U.S. Court of Appeals for the District of Columbia Circuit for making a stand for the liberty of hard-working Arkansans and other Americans.
"In a committee hearing last year, CFPB Director Richard Cordray assured me that his agency would abide by the court ruling in this case-no matter the outcome. Today, I urge him to uphold his promise, and I will continue to work with my colleagues to ensure the CFPB remains accountable to Congress and the American people."