Is Barney Frank Right about the President’s Power to Remove the CFPB Director?
Publisher
Notice & Comment
Date
2017-1-10
As one part of a statute officially entitled the “Dodd-Frank Wall Street Reform and Consumer Protection Act,” Congress in 2009 established the Consumer Financial Protection Bureau (CFPB) as “an Executive agency” headed by a Director removable from office by the President “for inefficiency, neglect of duty, or malfeasance in office.” Rumor now has it that the incoming President, Donald Trump, might remove the incumbent CFPB Director, Richard Cordray, shortly after January 20, 2017. That possibility raises the following question: Precisely what legal impediments does the Dodd-Frank Act place on the ability of a new President to remove an incumbent CFPB Director?
Citation
Aditya Bamzai & John F. Duffy, Is Barney Frank Right about the President’s Power to Remove the CFPB Director?, Notice & Comment (January 10, 2017).