WASHINGTON, DC – U.S. Rep. Bill Pascrell, Jr. (D-NJ-09) today lambasted the U.S. Supreme Court’s decision in Seila Law v. Consumer Finance Protection Bureau, which effectively guts the Consumer Finance Protection Bureau (CFPB).
“The Supreme Court’s decision to team up with Donald Trump to destroy the Consumer Finance Protection Bureau is a titanic outrage,” said Rep. Pascrell, who voted to create the CFPB. “The CFPB was built by legislation written by a Democratic Congress and signed into law by a Democratic President voted into office by overwhelmingly majorities to clean up the messes of their Republican predecessors. Born out of the ashes of 2008 where so many lives were destroyed by reckless financial institutions, the CFPB has been an important watchdog for Americans against financial predators. CFPB was created to instill some accountability after none of the financial fraudsters who caused the collapse went to prison. This 5-to-4 ruling decapitates that watchdog and once again leaves millions wide open to market abuses.
“The Chief Justice’s opinion and his statement that the CFPB is ‘incompatible with the Constitution’ smacks of hubris and utter contempt for the Congress. The Supreme Court, and other courts, should not act as unelected legislatures to enact Republican policy objectives by judicial fiat that could not be won electorally at the ballot box. That is not democracy.”