The White House should have the power to remove the director of the Consumer Financial Protection Bureau for any reason, the Trump administration’s U.S. Justice Department, joined by the financial regulatory agency’s leadership for the first time, told the U.S. Supreme Court on Tuesday.
The Supreme Court is weighing whether to hear a challenge to the independent single-director structure of the consumer agency, born from the Dodd-Frank regulatory reforms and long the target of criticism from conservatives and the financial industry. A California-based debt-services law firm, represented by a team from Paul, Weiss, Rifkind, Wharton & Garrison, has urged the justices to overturn a ruling by the U.S. Court of Appeals for the Ninth Circuit that upheld the agency’s design and required the firm to comply with a demand for information about its practices.
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