Pelosi Statement on Seila Law v. CFPB

June 29, 2020
Press Release

Washington, D.C. – Speaker Nancy Pelosi issued this statement after the Supreme Court issued a ruling stating the President has broad power to fire the director of the Consumer Financial Protection Bureau, a historic achievement of the Dodd-Frank Act signed into law ten years ago:

“Today’s Supreme Court ruling regarding the President’s power to fire the Bureau’s director ignores the intent of Congress.  However, this is an important victory for consumers, as the Court has clearly affirmed the constitutionality of the Bureau and its mission.  The President now has a responsibility to protect consumers’ interests, instead of protecting the special interests, such as predatory payday lenders.

“Since its creation nearly a decade ago, the Bureau has served as a life-or-death watchdog for the millions of consumers targeted by predatory and abusive financial actors.  The Bureau has returned more than $12 billion to defrauded and scammed consumers.

“The Bureau’s independence is essential to curbing the financial marketplace abuses that led up to the Great Recession and that dismantled the financial security of countless seniors, servicemembers, veterans, students and consumers across the country.  The Democratic House will continue to be vigilant in safeguarding the independence of the Bureau, as Congress intended when passing the Dodd-Frank Act, so that it can continue to protect families in America against predatory practices and strengthen the financial security of all.”