The Future of the CFPB

We the People

National Constitution Center

News, News Commentary, History

4.6 • 1.1K Ratings

🗓️ 7 March 2020

⏱️ 45 minutes

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Summary

Richard Cordray, the first Director of the Consumer Financial Protection Bureau from 2012-2017, and Ilya Shapiro, the co-author of an amicus brief in support of Seila Law, joined host Jeffrey Rosen to discuss the Seila Law LLC v. Consumer Financial Protection Bureau case. This case, which the Supreme Court heard oral arguments in on Tuesday, is a challenge to the constitutionality of the leadership structure of the CFPB, and its outcome could affect the future of the agency as a whole. The CFPB is a regulatory agency responsible for consumer protection in the financial sector. Currently, the president can only fire the CFPB director “for cause,” i.e. only for wrongdoing, not for a policy disagreement. This lawsuit asks whether that restriction violates presidential power and the separation of powers, and, if it does, can it be struck down without invalidating the entire Dodd-Frank Act, which created the CFPB? This episode explores those questions and more. Questions or comments about the podcast? Email us at podcast@constitutioncenter.org.

Transcript

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0:00.0	I'm Jeffrey Rosen, president and CEO of the National Constitution Center, and welcome
0:07.7	to We The People, a weekly show of constitutional debate.
0:11.4	The National Constitution Center is a nonpartisan nonprofit chartered by Congress to increase
0:16.9	awareness and understanding of the Constitution among the American people.
0:21.7	On Tuesday, the Supreme Court heard oral arguments in CELO the of the
0:36.0	CFPB, the Consumer Financial Protection Bureau, which is a regulatory agency responsible for consumer protection
0:39.0	protection in the financial sector.
0:41.0	Right now, the president can only fire the head of the agency for cause
0:46.4	and the case asks whether that structure violates
0:49.8	the constitutional separation of powers of powers.
0:53.2	Joining us to discuss this case are two experts on the CFPB and the Constitution,
0:59.4	great friends of we the people, a veritable Team, to discuss this very important case.
1:05.0	Richard Cordray was the first director of the CFPB from 2012 to 2017.
1:11.4	His new book is Watchdog How Protecting Consumers Can Save Our Families, Our Economy,
1:17.0	and Our Democracy.
1:19.1	He previously served as Ohio's Attorney General, Solicitor, General, and Treasurer.
1:24.1	He's been a law professor and a lawyer and is a former law clerk for US Supreme Court justices
1:29.5	Byron White and Anthony Kennedy.
1:31.8	Richard, thank you so much for joining. My pleasure, Jeff.
1:35.6	And Ilia Shapiro is director of the Robert A. Levy Center for Constitutional Studies at the Cato
1:39.8	Institute and publisher of the Cato Supreme Court review.
1:43.6	He co-authored an amicus brief supporting the petitioner in this case on behalf of the
	...

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