The Supreme Court ruled Monday that the structure of the Consumer Financial Protection Bureau is unconstitutional, determining that its head must be removable at the will of the president.
The decision reduces the power of the agency, the brainchild of Elizabeth Warren, and is a victory for business groups. The court stopped short, though, of eliminating the bureau, as sought by conservatives.
“The agency may therefore continue to operate, but its Director, in light of our decision, must be removable by the President at will,” Chief Justice John Roberts wrote for the 5-4 majority.
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