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The ruling protects the CFPB from the existential threat that Republicans in a bitterly divided Congress would block annual appropriations for the agency, which currently is funded by the Federal Reserve system.
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“The statute that authorizes the Bureau to draw money from the combined earnings of the Federal Reserve System to carry out its duties satisfies the [Constitution’s] Appropriations Clause,” Justice Clarence Thomas, a conservative, wrote in the majority opinion.
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