I'm John Bachelor.

I'm John Bachelor.

Richard Epstein is here, a professor of Richard Epstein, teaches law at NYU in the University of Chicago.

He's a senior fellow of the Hoover Institution.

And I'm looking forward to his column about the decision

by the Supreme Court in these last hours

to vouchsafe the Consumer Financial Protection Bureau,

the CFPB, which I believe the Wall Street

Journal has spent many years speaking poorly up, but now at a 7-2 vote the Supreme Court is staying out of the assertion that is unaccountable to anyone

and that's not acceptable.

I believe the argument is that this is a creature of Congress and only the Congress can change or

address any inconsistencies. Richard, were you surprised by this because Reuters headline

suggests that there are many battles ahead about the power of the regulatory bodies in Washington.

Were you surprised that the Supreme Court with a 6-3 conservative majority voted 7-2 to leave the CFPB in place.

Yeah, I was actually somewhat stunned by the operation.

I regard this as one of the sort of small and senseless tragedies in terms of judicial administration.

If one goes back to the origin of the CFPB and the way in which it operates, the effort on the part

of Elizabeth Waller and Richard Cordray

were to insulate it from political pressures.

And what they did is in effect, they said it could take its appropriation

in whatever amount they needed from the general budget of the Federal Reserve system.

Well, you then look at what the Constitution says,

...