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A new Supreme Court case could trigger a second Great Depression (www.vox.com)

submitted 1 year ago by MicroWave@lemmy.world to c/politics@lemmy.world

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America’s Trumpiest court handed down a shockingly dangerous decision. The Supreme Court is likely, but not certain, to fix it.

The plaintiffs’ arguments in Consumer Financial Protection Bureau v. Community Financial Services Association, which the justices will hear on October 3, are simultaneously some of the silliest and some of the most dangerous ideas ever presented to the Supreme Court of the United States.

They claim that an entire federal agency, the Consumer Financial Protection Bureau (CFPB), is unconstitutional. And they do so based on an interpretation of the Constitution that would invalidate Social Security, Medicaid, Medicare, and countless other federal programs. As the Justice Department notes in one of its briefs, the 2022 legislation funding the federal government contains more than 400 provisions that are invalid under these plaintiffs’ reading of the Constitution.

Perhaps recognizing that the justices are unlikely to declare the majority of all federal spending unconstitutional, the Community Financial plaintiffs then spend much of their brief suggesting arbitrary limits the Court could place on these plaintiffs’ already arbitrary interpretation of the Constitution. Without citing any legal authorities, for example, the Consumer Financial plaintiffs claim that Social Security might be excepted from the new legal regime so long as Congress is careful about how it pays for the Social Security Administration’s staff.

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[-] Armen12@lemm.ee 13 points 1 year ago

What's the Consumer Financial Protection Bureau?

[-] MicroWave@lemmy.world 48 points 1 year ago* (last edited 1 year ago)

The Consumer Financial Protection Bureau (CFPB) is an agency of the United States government responsible for consumer protection in the financial sector. …

The CFPB's creation was authorized by the Dodd–Frank Wall Street Reform and Consumer Protection Act, whose passage in 2010 was a legislative response to the financial crisis of 2007–08 and the subsequent Great Recession and is an independent bureau within the Federal Reserve.

https://en.wikipedia.org/wiki/Consumer_Financial_Protection_Bureau

[-] Armen12@lemm.ee 4 points 1 year ago

Oh ok, thank you. Yeah that's not good

[-] ripcord@kbin.social 2 points 1 year ago

No, but that wasn't the point of the article either.

[-] Fredselfish@lemmy.world 21 points 1 year ago

Well I guess Wells Fargo and other banks will be happy. They can fuck over their customers with immunity.

Imagine a bank takes all your money and close your account. That were this organization could protect you. Now you will be fucked while the bank laughs.

this post was submitted on 24 Sep 2023

285 points (95.5% liked)

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