Can Congress give away its power of the purse to a regulatory agency? That's the important constitutional question the Supreme Court decided it will take on earlier this week. Regrettably, the Court can't answer the obvious follow-up question: Why would a legislature give away its own core authority?
Congress created the Consumer Financial Protection Bureau (CFPB) in 2010, in the wake of the Great Recession. The agency wields sweeping authority over "consumer finance," including everything from credit cards and car payments to mortgages and student loans. To this end, the agency writes and enforces rules imposing even billion-dollar penalties. Thus, the CFPB regulates millions of private citizens and businesses.
