This story appeared in Bank Digest.
House Financial Services Committee Chairman Jeb Hensarling (R-Texas) has issued a statement on the Justice Department's decision to oppose the Consumer Financial Protection Bureau in a case challenging the constitutionality of the bureau's structure. Hensarling said that the CFPB is "arguably the most powerful and least accountable bureaucracy in American history" and that it "does not recognize core constitutional principles like the right to due process."
He went on to say, "The Bureau's consumer protection mission is important, but no government agency--no matter how well-intentioned--should be able to evade common sense checks and balances that are necessary for accountability. I applaud the Department of Justice for recognizing this unconstitutional CFPB must not stand and must not continue to harm the very consumers it is supposed to protect."