Pelosi Statement on Amicus Brief in Seila Law v. CFPB
Washington, D.C. – Speaker Nancy Pelosi issued this statement as the U.S. House of Representatives filed an amicus brief today with the U.S. Supreme Court in the case of Seila Law v. CFPB, which supports the constitutionality of the tenure protection provision of the Consumer Financial Protection Bureau Director, which was created ten years ago in the Dodd-Frank Act:
“Since its creation nearly a decade ago, the Consumer Financial Protection Bureau has become the independent protector of millions of Americans targeted by predatory and abusive financial actors. The Administration’s failure to defend the Consumer Bureau’s independence is a direct assault on the financial security of hard-working American families, and an outrageous giveaway to Republicans’ special interest friends and donors.
“The amicus brief that the House filed today makes clear that the determination of the constitutionality of the tenure provision is not necessary to resolve the underlying case. However, should the Supreme Court address the issue, the House spells out the longstanding constitutionality of the Consumer Bureau’s independence and the vital for-cause provision which ensures that the Administration cannot exert politically motivated influence over the agency’s critical decisions on behalf American consumers. The independence of the Consumer Bureau is essential to curb the fraud and abuse that led up to the Great Recession and wreaked havoc on the economic strength and stability of countless American seniors, servicemembers, veterans, students and consumers across the country.
“Led by Financial Services Committee Chairwoman Maxine Waters, House Democrats will continue to be vigilant in ensuring the Administration respects the independence of the Consumer Bureau so that it can continue its mission to protect American families against reckless and predatory practices in the financial marketplace, and strengthen the economic security of all.”