Rep. Cleaver Applauds The Supreme Court’s Decision Upholding the Constitutionality of the Consumer Financial Protection Bureau

(Kansas City, MO) – Today, U.S. Representative Emanuel Cleaver, II (D-MO) released the following statement after the Supreme Court announced their decision to uphold the constitutionality of the Consumer Financial Protection Bureau (CFPB), which Rep. Cleaver helped establish through his work in the Financial Services Committee following the Great Recession.

“Following the devastation brought about by the financial crisis of 2007 and 2008, which led to the worst recession since the Great Depression nearly a century before, Democrats in Congress set out to ensure that the gamblers, big bankers, and predatory lenders on Wall Street would be held accountable should they attempt to prey on hardworking families again. In that process, we created the Consumer Financial Protection Bureau—an independent agency dedicated solely to protecting Americans from financial fraud and predatory financial schemes.

“Since its inception, the CFPB has worked to crack down on price gouging and unfair lending practices, prohibit junk fees, and protect consumers across the country, returning more than $20 billion to the pockets of American consumers since 2011. Despite this, Republicans in Congress have sought to destroy this agency at the behest of payday lenders, the big banks, and other financial institutions who believe they are above accountability. However, as we learned from the deregulation that led to the financial crisis, the financial institutions that are committed to avoiding accountability are typically the ones who need it most.  

“Today’s decision from the Supreme Court, upholding the constitutionality of this critical agency, is an enormous victory for the American people. Protecting hardworking consumers should be a bipartisan goal and a priority for every lawmaker and federal regulator. With the constitutionality of the CFPB affirmed once again, I hope today’s decision will enable the Consumer Financial Protection Bureau to continue to focus on protecting the pocketbooks of American families, rather than fending off frivolous lawsuits from predatory lenders and special interests.”

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Emanuel Cleaver, II is the U.S. Representative for Missouri's Fifth Congressional District, which includes Kansas City, Independence, Lee's Summit, Raytown, Grandview, Sugar Creek, Greenwood, Blue Springs, North Kansas City, Gladstone, and Claycomo. He is a member of the exclusive House Financial Services Committee and Ranking Member of the House Subcommittee on Housing and Insurance.