"Judge Amy Berman Jackson, who had ruled agains the administration's attempts to close the bureau in March, wrote in her Tuesday decision that the administration's latest funding argument is an unsupported and transparent attempt to achieve the very end the court's injunction was put in place to prevent. The decision is just the latest in a battle over the bureau's existence."
"In November, the bureau filed a notice informing the court in NTEU v. Vought that the Department of Justice's Office of Legal Counsel (OLC) has determined that the Bureau may not legally request funds at this time from the Federal Reserve under Dodd-Frank. OLC made this conclusion on the basis that the Federal Reserve System currently lacks any combined earnings' from which the Bureau may draw funding, as required by Dodd-Frank."
The administration argued that the Federal Reserve's operating losses prevent it from supplying funds to the Consumer Financial Protection Bureau under Dodd-Frank. A federal judge found that funding argument unsupported and a transparent attempt to evade a prior injunction, and ordered the administration to continue finding funding for the bureau. The bureau experienced leadership changes and mass firings, including removal of the director and a 90% staff termination under White House Budget Director Russell Vought, while litigation left staff, operations, and budget in limbo. The DOJ Office of Legal Counsel concluded the Bureau may not request funds because the Federal Reserve lacks combined earnings.
Read at www.housingwire.com
Unable to calculate read time
Collection
[
|
...
]