WASHINGTON, D.C. – Today Congressman Blaine Luetkemeyer (MO-03), Ranking Member on the Subcommittee on Consumer Protection and Financial Institutions released a statement regarding the U.S. Court of Appeals for the Fifth Circuit’s Wednesday ruling that the Consumer Financial Protection Bureau’s (CFPB) independent funding through the Federal Reserve violates the Constitution’s separation of powers clause.

“Yesterday’s ruling confirms what commonsense Americans have known all along: the CFPB’s funding structure is unconstitutional. The Appropriations Clause was put in place by our Founders to ensure the American people’s representatives have the proper oversight over federal funding. With this ruling, the Bureau will no longer be able to rely on their annual blank check from the Federal Reserve, but rather be subjected to the necessary Congressional supervision and level of transparency the American people expect from a government agency,” said Luetkemeyer.