In a 2-1 ruling, a panel of the U.S. Court of Appeals for the Fifth Circuit held that SEC administrative proceedings as currently implemented are unconstitutional.
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Senator Pat J. Toomey (R-PA) and Senator Bill Hagerty (R-TN) introduced the CFPB Stability Act, a bill that would change the composition of the agency and subject it to the regular congressional appropriations process.
The U.S. Supreme Court held that (i) the President of the United States can remove the Federal Housing Finance Agency director for any reason and (ii) the FHFA can continue to collect profits from Fannie Mae and Freddie Mac, for which it has served as a conservator since the 2008 financial crisis.
The House of Representatives filed an amicus curiae brief urging the Supreme Court to reject a challenge to the constitutionality of the CFPB.
Attorney General William P. Barr announced that President Donald J. Trump will nominate SEC Chair Jay Clayton as U.S. Attorney for the Southern District of New York.