Fox Business Column: NFIB's Karen Harned Makes Case for Why the CFPB Structure is a Threat to Small Businesses

Date: February 27, 2020

NFIB’s Karen Harned makes the case for why the Consumer Financial Protection Bureau is unconstitutional in its current structure in her recent column in Fox Business noting, “…the current structure of the CFPB violates the separation of powers as set forth in the Constitution and represents a grave threat to individual liberty and the interests of the small business community.’

The U.S. Supreme Court heard arguments in Seila Law LLC v. CFPB on March 3rd, where the NFIB Small Business Legal Center filed an amicus brief with the Supreme Court.

“…but the CFPB is different. Its power resides in one person – a single director charged with implementing and enforcing 19 laws accountable to no one. In fact, the CFPB – unlike any other agency ‘independent’ or otherwise – isn’t even required to go to Congress for the money it needs to operate. Rather, it generally receives its funding through the Federal Reserve,” writes Harned.

Harned explains if the U.S. Supreme Court upholds the CFPB’s current structure, the decision will invite Congress to create new “independent agencies”, which would result in a government unaccountable to the people.

To read the full Fox Business column, visit here.

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