Grand Canyon Times

Patrick. Brenner, President of Southwest Public Policy Institute (SPPI), said the Supreme Court’s decision to continue funding the Consumer Finance Protection Bureau (CFPB) directly out of the Federal Reserve promotes a lack of regulation on the CFPB’s decisions and actions. 

“This ruling will only embolden Director Rohit Chopra and the CFPB, a regulatory body that has consistently overstepped its original mandate,” Brenner said. “By enabling this agency to operate without sufficient congressional oversight, we risk seeing an increase in regulatory overreach that will drive consumer prices up and stifle economic growth.”

The SPPI has said that without increased oversight over the CFPB, costs for businesses  and consumers could see large increases

The two judges who voted for the increased oversight, Neil M. Gorsuch and Samuel A. Alito Jr., said the result of the ruling would allow the CFPB to “bankroll its own agenda” any not have any oversight or interference from Congress.

“The ruling undermines the principle of limited government and disregards the essential role of congressional oversight in regulatory processes,” the SPPI said in a press release. 

SPPI is a research organization focused on formulating, promoting, and defending public policy solutions. It operates in eight U.S. states: Oklahoma, Texas, Colorado, New Mexico, Utah, Arizona, Nevada, and California.