Loading...

Major Indexes

Supreme Court Orders Restructuring of Consumer-Finance Watchdog


High court rules Consumer Financial Protection Bureau’s single-director setup is too independent from president WASHINGTON—The Supreme Court ordered changes to a government consumer-finance watchdog created in the wake of the 2008 financial crisis, capping a 10-year battle over the agency by ruling its structure was unconstitutional because the director held too much unchecked power.
To address the problem, the court held that the president can remove the director of the Consumer Financial Protection Bureau for any reason. The court rejected broader legal arguments that it should strike down the bureau—which was designed to protect...