The tragic gutting of one of Obama’s big accomplishments

On Wednesday morning, a federal appeals court in Washington upheld the structure of the Consumer Financial Protection bureau, ruling that the head of the agency can only be fired by the president for cause. This should ensure that the agency head can act without fear of political repercussions or worry that the White House won’t be happy with its regulations.

Count this as a major victory for former CFPB head Richard Cordray, and the Obama administration, who, when faced with this lawsuit, fought hard for the agency’s independence.
Yet there’s an irony to this victory. Under President Trump, the destruction of the CFPB as a champion for consumer rights over corporate predations is well underway, and will continue regardless of the ruling. If this ruling stands (it may be appealed all the way to the Supreme Court), all it may do in the short-to-medium run is ensure that a Trump appointee can remain in office past 2020, even if a Democrat wins the presidential election. This means the undermining of the agency might continue for quite some time to come.

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