Supreme Court Weighs Curbs to Power of Federal Regulators

The U.S. Supreme Court on Tuesday began hearing a series of cases that could result in a generational contraction in the power of federal agencies to regulate businesses and corporate fraud.

The CFPB receives its funding, currently around $600 million a year, from the US Federal Reserve instead of through annual appropriations from Congress. Francisco's arguments appeared to be met with skepticism by a majority of the nine justices on the court, where conservatives outnumber liberals by six to three.

"How do we avoid the judiciary becoming suddenly a super legislator, just telling Congress, agency by agency, whether it's a thumbs up or thumbs down?"Justice Sonia Sotomayor, another liberal, said that at $600 million the annual budget of the CFPB is just a "rounding error in the federal budget." "The future of Social Security, Medicare, and every federal banking regulator is under grave threat if payday lenders and Wall Street banks get the Supreme Court to undermine the CFPB," the Democrat from Massachusetts said in a statement.

One of the upcoming cases stems from a requirement that herring fishermen in New England provide space onboard their vessels for observers from the National Marine Fisheries Service .

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