Tagged with: CFPB Supreme Court Sign up for DS News Daily Mike Albanese is a reporter for DS News and MReport. He is a University of Alabama graduate with a degree in journalism and a minor in communications. He has worked for publications—both print and online—covering numerous beats. A Connecticut native, Albanese currently resides in Lewisville. Demand Propels Home Prices Upward 2 days ago in Daily Dose, Featured, Government, News The Supreme Court ruled Monday that the structure of the Consumer Financial Protection Bureau (CFPB) is unconstitutional, but it can keep operating under new rules.“The CFPB’s single-Director configuration is also incompatible with the structure of the Constitution, which—with the sole exception of the Presidency—scrupulously avoids concentrating power in the hands of any single individual,” the ruling states.Additionally, the court said its director “must be removable by the President at will.”The CFPB was created by Sen. Elizabeth Warren (D-Massachusetts) prior to her time as an elected official and created by Congress following the 2008 financial collapse.Chief Justice John Roberts said in his opinion that in organizing the CFPB, Congress “deviated from the structure” of every other independent agency.“Instead of placing the agency under the leadership of a board with multiple members, Congress provided that the CFPB would be led by a single Director, who serves for a longer term than the President and cannot be removed by the President except for inefficiency, neglect, or malfeasance. The CFPB Director has no boss, peers, or voters to report to,” he said.Don Layton, Senior Fellow at Harvard’s Joint Center for Housing Studies (JCHS), said the Supreme Court’s decision affirms what an appeals court already ruled, and it was not unexpected. He added that the decision to make the CFPB director fireable was a “reasonable remedy of the appeals court.”“Some people had hoped the remedy would be more extreme in which all actions taken by the CFPB under the quote. Now one constitutional leadership structure unquote, would be invalidated that would have been highly disruptive to so many things. They did not do that,” Layton said.The other aspect worth nothing, he said, is the integration of politics and policy.“The obvious solution to create the full independent agency that was intended by Congress. Then to go back and put in a non-single director commission structure, which meets Supreme court requirements that’s [similar to] your SCC or CFTC or any of those organizations,” Layton said.He added there have been proposals to do that over time, but they have failed to gain traction. Layton also said Congress will have a bit of challenge navigating the politics of the situation, and that is this is very similar to how the Federal Housing Finance Agency—who supervises Fannie Mae and Freddie Mac.“The legislation creating these two different agencies has lots of similarities on this topic, but not everything,” he said. “I’m sure there’ll be some debate as to whether it’s applicable the FHF, but it seems largely to irrelevant whether it has to get argued in court.”Layton also said that it is too early to tell how this could impact how the CFPB operates.Opening arguments for Seila Law v. the Consumer Financial Protection Bureau occurred in March.Kannon K. Shanmugan, attorney for Siela Law, who argues the CFPB was constructed against the U.S. constitution, had a clear message for the Supreme Court.“The structure of the CFPB is unprecedented and unconstitutional,” Shanmugan said. “Never before in American history has Congress given so much executive power to a single individual who does not answer to the President.”He added that by limiting the President’s ability to remove the CFPB’s director, Congress violated the “core presidential prerogatives” to exercise the executive power that laws are faithfully executed.Shanmugan continued his opening remarks by saying the Solicitor General contends that the Supreme Court should rewrite the Dodd-Frank Act, giving the president the power to remove the CFPB’s director.“But the constitutional question, in this case, arises in the context of a defense to an enforcement proceeding and not a facial challenge,” he said.Shanmugan added that the government’s proposed fix would make the CFPB less independent than the agencies it was replacing.“The Court should leave to Congress the quintessentially legislative task of deciding how to fix the CFPB’s defective structure,” he said. 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After the Cold War ended 30 years ago, Europe closed the door on an era of division and entered a new era of peace and integration, one with a future centered around intellectual labor, information, and globalization. But the resulting disruption in job markets, economic inequities, and disputes over migrant labor across Europe have made it apparent that to move forward and not regress, the political, governmental, and economic structures of the past will need “remodeling, even democracy,” said renowned activist Lech Walesa on Monday evening at the Harvard Kennedy School.During a talk on the evolution of post-Communist Europe, the former electrician who led the historic labor uprising in Soviet-controlled Poland in the 1980s worried about how that “remodeling” will get done without substantial U.S. participation. He recalled the period after World War II when the U.S. “used to be the leader for the world,” the “Good Empire” to Communism’s “Evil Empire.” From the Marshall Plan on, when Europe had problems or needed help solving issues, “people could really count on the United States to come to the rescue,” he said in Polish, speaking through an English language interpreter.But the growing absence of the U.S. as a global force in recent years has left a void of ideas and leadership that populist figures in various nations have sought to fill with appeals to nostalgia and xenophobia, he said.Clad in a gray T-shirt reading “Konstytucja” (Constitution) with the letters U and I highlighted, a shirt he has taken to wearing since 2018 to protest Poland’s move to curb judicial independence, a chatty and animated Walesa urged Harvard students — most of whom had not been born when Poland and East Germany shook loose from Soviet control in 1989 — to take up the fight against anti-democratic leadership and help identify solutions that resolve the ills that populism purports to address.,Earlier in the day, Walesa joined Grzegorz Ekiert, Laurence A. Tisch Professor of Government and director of the Minda de Gunzburg Center for European Studies (CES), students and faculty from Poland, and those interested in Eastern Europe for a freewheeling discussion at CES about political and economic issues in contemporary Poland and Europe.While populist movements across Europe, and even in the U.S. with the rise of Donald Trump, have accurately identified the socioeconomic problems brought about by the global economy, he said the solution is not to eliminate free markets, break up Europe, or sever Western alliances. Rather, liberal democracies, which Walesa said he was “very, very hopeful” will include the U.S., must work together to come up with a type of capitalism that works for the 21st century, one in which workers and owners share in a company’s success.Working at the Lenin shipyard in Gdansk, Poland, during the 1970s, Walesa became an unlikely political and social activist, leading 17,000 striking workers to form the trade union Solidarnosc, or “Solidarity,” in 1980. The union, created to bargain with the Soviet-controlled government for better wages and working conditions, soon became a global, nonviolent protest movement against Communism and in favor of democracy and workers’ rights.Walesa was awarded a Nobel Peace Prize in 1983 for his work, and his movement was credited with speeding the fall of Communism, which began in 1989 with the fall of the Berlin Wall. In 1990, Walesa won a landslide electoral victory, becoming the first president of the newly democratic Poland. He served until 1995.Now 76, Walesa had been enjoying retirement, but the developments in Poland and Europe, particularly the resurgence of populist and nationalist politics, prompted him to go back out on the field, he said.“You have to do everything you can, and I’m promising that I will contribute as much as I can for the United States to restore its leadership position in the world,” he told the gathering at HKS.
JAMESTOWN – High Pressure will continue to dominate the regional weather through much of the upcoming week, with a slow gradual increase in temperatures. Today will be a repeat of yesterday, all-be-it a tad bit warmer. Sun filled skies with highs in the low-60’s.Clear skies continue tonight with lows dropping into the low to mid-30’s. Frost and freeze advisories will more than likely be issued again.Dry and sunny conditions look to hold steady through at least Wednesday. Highs in the mid-60’s for Monday and Tuesday, eventually reaching the low-70’s by Wednesday. Looking to the end of next week, there is a slight chance of a shower for Thursday, otherwise the sunny weather looks to continue with highs rebounding into the mid-70’sWNYNewsNow is a proud Ambassador for the NOAA Weather-Ready Nation program.Share:Click to share on Facebook (Opens in new window)Click to share on Twitter (Opens in new window)Click to email this to a friend (Opens in new window)