The Consumer Financial Protection Bureau (CFPB) is funded uniquely and unconstitutionally.

CFPB draws money directly from the earnings of the Federal Reserve System to carry out the bureau’s duties, completely sidestepping Congress’s normal appropriations control.

And yet, in a 7-2 opinion written by Justice Thomas, the Supreme Court in CFPB v. CFSA recently upheld this highly unusual mechanism as constitutional.

In this Lunch and Law series, NCLA President Mark Chenoweth, along with panelists Adam J. White, Executive Director of the C. Boyden Gray Center for the Study of the Administrative State; Richard Samp, seasoned constitutional appellate litigator and member of the NCLA Board of Advisors; and Louis Capozzi, former law clerk to Justice Neil Gorsuch, appellate litigator at Jones Day, and lecturer at UPenn’s Carey School of Law, discuss the implications of the Court’s decision.