Sen. Elizabeth Warren (D-Mass.) celebrated the Supreme Court’s decision Thursday to reject a GOP challenge to the Consumer Financial Protection Bureau’s (CFPB) funding structure.
“The United States Supreme Court has followed the law and the CFPB is here to stay,” Warren said outside the Supreme Court.
“This is so fantastic, this news is fabulous,” she said.
The court’s ruling Thursday preserves the agency’s funding mechanism as constitutional. The 7-2 vote ends a battle that was the organization’s biggest legal threat since it was created after the 2008 financial crisis.
Warren was one of the main creators of the CFPB, which was created to enforce consumer protection laws and crack down on predatory lending through the Dodd-Frank Wall Street reform law.
She was joined on Thursday by Cassandra Gould, a reverend and senior strategist at Faith in Action, who also celebrated the decision.
“When you have an agency that is so good at doing its job to protect consumers, a lot of banks, a lot of lenders, a lot of Republicans come after it and try to shut it down,” Warren said.
Two trade associations of lenders, backed by business groups and every Republican state attorney general in the country, have tried to attack the agency’s funding from the Federal Reserve, saying it violates Congress’s authority.
Justice Clarence Thomas wrote for the majority and rejected the argument, ultimately siding with the Biden administration.
Warren said President Biden helped strengthen the CFPB because he believes in what he does.
While she said Thursday is a celebration, the Massachusetts senator warned that more challenges may lie ahead.
“We are not mistaken. They’ll come back, have another attack, figure out another way to go after the agency. They will do it again and again and again,” she said.
Warren argued that Republicans would attack the CFPB because the agency costs banks and lenders “a lot of money.”
“So yes, we know they are out there. They have a lot of money, they will continue to fight, but so will we,” she said.
This story originally appeared on thehill.com read the full story
