Speaker 1: Well, now a time for our daily Bloomberg Law Brief,
Speaker 1: exploring legal issues in the news. It's brought to you
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Speaker 1: c d R dot org. Today Bloomberg, lah Stu and
Speaker 1: Grosso and Greg Store discuss a case over the independence
Speaker 1: of the Consumer Financial Protection Bureau. He speak with dali
Speaker 1: Ye Jimenez, professor at the University of Connecticut School of Law,
Speaker 1: and Christopher Peterson, professor at the University of Utah College
Speaker 1: of Law. Dat let me start with you. The earlier
Speaker 1: ruling had several aspects to it, but let's let's cut
Speaker 1: to the part of it that deals with the president's
Speaker 1: power to fire the director of the CSPB. Can you
Speaker 1: just explain what the panel, uh said about that issue? Yeah? Sure,
Speaker 1: the panel decided that it didn't the separate from the
Speaker 1: sort of statutory problems um that the PhH Company was
Speaker 1: bringing against the CFPP. They would decide they would look
Speaker 1: at whether or not the structure of the CFPP is
Speaker 1: actually constitutional um and which uh, maybe it was something
Speaker 1: that they didn't actually have to do. And in doing that,
Speaker 1: they decided that it was unconstitutional that um, there was
Speaker 1: only one director and that they could only be uh
Speaker 1: that that director could be fired um only for cause um.
Speaker 1: And so they decided that uh that instead um uh,
Speaker 1: the way to fix it was to say to basically
Speaker 1: rewrite the statute and say that the director can be
Speaker 1: fired for any reason at the will of the president UM.
Speaker 1: And so obviously making it a lot easier for now
Speaker 1: President Trump to fire the director. But now that decision
Speaker 1: has been vacated, now that the full Court has decided
Speaker 1: to hear the decase again. And Christopher, what is the
Speaker 1: reasoning for the full court taking on the case? Well,
Speaker 1: I think the full court is is recognized. I think
Speaker 1: that the case, first off, is very important, that it
Speaker 1: has significant implications both for this new UH consumer Protection Agency,
Speaker 1: but also for the power of the presidency of the
Speaker 1: United States. UH. And what's more, I think that the
Speaker 1: it's I think it's fair to say that the DC
Speaker 1: Circuit panel opinion was um someone uncharitable to the motives
Speaker 1: and the structure of the CFPB. So I think that,
Speaker 1: you know, look to takeaway is that the the entire
Speaker 1: DC circuit is going to look at the case and
Speaker 1: uh it has implications about whether or not President Trump
Speaker 1: will may be able to is effectively assert his agenda
Speaker 1: uh in in in you know, pursuing de regulatory goals
Speaker 1: for the economy. That's Christopher Peterson, Professor at the University
Speaker 1: of Utah College of Law and dali Ye him Menez,
Speaker 1: Professor at University of Connecticut School of Law, speaking of Bloomberg,
Speaker 1: Laho stun Grosso and Greg Stewart. You can listen to
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