Thread by @DoddFrankUpdate

We’ve been parsing the decision and rulings of the #CFPB case today but we haven’t gotten too far into its potential ramifications. There are places reporting that the decision by #SCOTUS means the FHFA director is subject to firing. Well ...

Not necessarily. The #SCOTUS ruling here discusses the independent single-director structure as “sufficient to render the agency” unconstitutional. But it doesn’t call out other similarly designed agencies as unconstitutional. #CFPB

So for now, the FHFA and Social Security Administration directors have not had their status changed. Likely, someone would have to sue them, and have the Supreme Court rule their structures were similar enough to #CFPB to be unconstitutional. #SCOTUS

At that point, whether there was severability in their statutes, as the court found there was for #CFPB in Dodd-Frank, would be an issue too.

So, status quo for FHFA for the moment. But yes, the ruling does open the potential for the agency also to be unconstitutional. #SCOTUS