BREAKING: Supreme Court agrees to consider curbing independence of Consumer Financial Protection Bureau. Case could give president broad power to fire director.
Appeal by law firm says CFPB unconstitutional because its director can be removed only for cause. Trump administration partially backing appeal, says removal provision violates separation of powers but bureau can keep operating.
In granting case, Scotus explicitly asked parties to address whether for-cause removal provision can be severed from rest of Dodd-Frank Act (which set up CFBP). That's a path that could be especially appealing to Kavanaugh, Roberts.
Kavanaugh adopted that approach -- making CFPB director removable any reason but leaving bureau standing -- as DC Circuit judge. Roberts did something similar in 2010 Scotus case involving PCAOB.
Ironically, a Scotus decision in Trump administration's favor could mean that, say, President Warren would have free rein to fire a holdover Trump CFPB director.
Full story here: bloomberg.com/news/articles/…
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