, said at the time that the lower court's decision was"lawless and reckless," and she urged the nation's highest court to preserve the agency's funding mechanism in a Monday statement.
"Despite years of desperate attacks from Republicans and corporate lobbyists, the constitutionality of the CFPB and its funding structure have been upheld time and time again," Warren said."If the Supreme Court follows more than a century of law and historical precedent, it will strike down the Fifth Circuit's decision before it throws our financial markets and economy into chaos.
The Fifth Circuit's October ruling said that"Congress did not merely cede direct control over the Bureau's budget by insulating it from annual or other time limited appropriations." "It also ceded indirect control by providing that the Bureau's self-determined funding be drawn from a source that is itself outside the appropriations process – a double insulation from Congress's purse strings that is 'unprecedented' across the government," the ruling said.
In other words, the court found it unconstitutional that the CFPB derived funding straight from the Federal Reserve, rather than via a congressional allotment.
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Elizabeth Warren to SCOTUS: Follow the law and uphold student-debt reliefDays before the Supreme Court takes on Biden's student-loan forgiveness, Elizabeth Warren urges it to 'do its job and apply the law as it is written' Populism at its finest. As of 2019, according to Forbes Magazine, Warren's net worth was $12 million. How much of her $12 million is Lizzy going to contribute to help with student loans....I'm guessing ZERO...let the taxpayers pay When Biden says that he will choose a black Supreme Court justice, isn’t he telling the remaining 85% of Americans that you are excluded purely based upon color? Is that not textbook racism?
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