Clarksville Times

Patrick McHenry, the Chairman of the House Financial Services Committee, has issued a statement in response to the Supreme Court of the United States (SCOTUS) ruling on the case of Consumer Financial Protection Bureau et al. v. Community Financial Services Association of America, Ltd., et al.

Chairman McHenry stated, “Despite the setback from today’s ruling, Republicans will continue the fight to rein in the rogue CFPB.” He further emphasized that this Supreme Court opinion once again highlights that Congress holds exclusive authority and discretion over federal agencies’ funding structures.

McHenry urged that it is crucial for the House to promptly consider Congressman Andy Barr’s CFPB Transparency and Accountability Reform Act. According to him, this sensible legislation aims to rectify errors made by Dodd-Frank which established a risky precedent of utilizing the central bank to finance partisan political objectives.

He concluded his statement by saying, “It’s past time the CFPB is held accountable to the American people through their elected representatives.”