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Speaker 1: Well, now a time for our daily Bloomberg Law Brief,

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Speaker 1: exploring legal issues in the news. It's brought to you

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Speaker 1: by the American Arbitration Association, International Trade or Business Dispute

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Speaker 1: Resolve FESTER with the International Center for a Dispute Resolution,

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Speaker 1: the leader in alternative dispute resolution around the world i

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Speaker 1: c d R dot org. Today Bloomberg, lah Stu and

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Speaker 1: Grosso and Greg Store discuss a case over the independence

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Speaker 1: of the Consumer Financial Protection Bureau. He speak with dali

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Speaker 1: Ye Jimenez, professor at the University of Connecticut School of Law,

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Speaker 1: and Christopher Peterson, professor at the University of Utah College

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Speaker 1: of Law. Dat let me start with you. The earlier

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Speaker 1: ruling had several aspects to it, but let's let's cut

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Speaker 1: to the part of it that deals with the president's

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Speaker 1: power to fire the director of the CSPB. Can you

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Speaker 1: just explain what the panel, uh said about that issue? Yeah? Sure,

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Speaker 1: the panel decided that it didn't the separate from the

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Speaker 1: sort of statutory problems um that the PhH Company was

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Speaker 1: bringing against the CFPP. They would decide they would look

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Speaker 1: at whether or not the structure of the CFPP is

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Speaker 1: actually constitutional um and which uh, maybe it was something

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Speaker 1: that they didn't actually have to do. And in doing that,

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Speaker 1: they decided that it was unconstitutional that um, there was

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Speaker 1: only one director and that they could only be uh

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Speaker 1: that that director could be fired um only for cause um.

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Speaker 1: And so they decided that uh that instead um uh,

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Speaker 1: the way to fix it was to say to basically

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Speaker 1: rewrite the statute and say that the director can be

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Speaker 1: fired for any reason at the will of the president UM.

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Speaker 1: And so obviously making it a lot easier for now

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Speaker 1: President Trump to fire the director. But now that decision

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Speaker 1: has been vacated, now that the full Court has decided

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Speaker 1: to hear the decase again. And Christopher, what is the

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Speaker 1: reasoning for the full court taking on the case? Well,

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Speaker 1: I think the full court is is recognized. I think

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Speaker 1: that the case, first off, is very important, that it

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Speaker 1: has significant implications both for this new UH consumer Protection Agency,

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Speaker 1: but also for the power of the presidency of the

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Speaker 1: United States. UH. And what's more, I think that the

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Speaker 1: it's I think it's fair to say that the DC

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Speaker 1: Circuit panel opinion was um someone uncharitable to the motives

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Speaker 1: and the structure of the CFPB. So I think that,

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Speaker 1: you know, look to takeaway is that the the entire

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Speaker 1: DC circuit is going to look at the case and

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Speaker 1: uh it has implications about whether or not President Trump

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Speaker 1: will may be able to is effectively assert his agenda

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Speaker 1: uh in in in you know, pursuing de regulatory goals

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Speaker 1: for the economy. That's Christopher Peterson, Professor at the University

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Speaker 1: of Utah College of Law and dali Ye him Menez,

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Speaker 1: Professor at University of Connecticut School of Law, speaking of Bloomberg,

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Speaker 1: Laho stun Grosso and Greg Stewart. You can listen to

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Speaker 1: Bloomberg Law weekdays at one pm Wall Street Time here

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Speaker 1: on Bloomberg Radio, and that is this morning is Bloomberg Lawbrary.

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Speaker 1: If you can find more legal news at Bloomberg Law

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Speaker 1: dot com and Bloomberg b NA dot com. Attorneys will

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Speaker 1: find exceptional legal research and business development tools there as well.

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Speaker 1: Visit Bloomberg Law dot com and Bloomberg b and A

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Speaker 1: dot com for more information