The Supreme Court ruled on Thursday that the funding mechanism that feeds the Obama-era agency Consumer Financial Protection Bureau is constitutional. In a 7-2 decision, authored by Justice Clarence Thomas, the court held that Congress uniquely authorized the bureau to draw its funding directly from the Federal Reserve System, therefore allowing it to bypass the usual funding mechanisms laid out in the Appropriations Clause of the Constitution.
'The statute that authorizes the Bureau to draw money from the combined earnings of the Federal Reserve System to carry out its duties satisfies the Appropriations Clause,' the opinion states. CLARENCE THOMAS SAYS HE RECEIVES 'NASTINESS' FROM CRITICS, DESCRIBES D.C.
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