If I had to pick a case as the potential 'sleeper' of the term-a case which is not getting a great deal of attention but that could have a huge impact-I'd select Securities and Exchange Commission v. Jarkesy, scheduled for argument Nov. 29.
The 5th U.S. Circuit Court of Appeals ruled that the Consumer Financial Protection Bureau is unconstitutional because it receives funding directly from the Federal Reserve, which collects fees from member banks, rather than from yearly appropriations from Congress. The case involved a challenge to the payday lending rule which the CFPB had adopted to protect lower income workers from exploitation. The 5th Circuit did not simply strike down this rule but found the entire agency to be unconstitutional.
#administrative agencies #limits on administrative powers #Securities and Exchange Commission v. Jarkesy
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