Today a Republican judge told the entire country that consumers should have no protection from predatory financial institutions, lenders, investment managers and the rest. None.
In a two-page "opinion" which largely regurgitated dissenting opinions in another case, Preska ordered the agency to cease to exist.
Judge Loretta Preska’s decision on this matter can barely even be described as an “opinion” because she devotes less than two pages of analysis to this question before proclaiming that a federal agency must be simply wiped away. Instead, Preska adopts the reasoning of two federal appellate judges who dissented in a similar case holding that the CFPB is, in fact, constitutional. Significantly, a crucial segment of Preska’s conclusions were only shared by one of these dissenting judges — out of a total of ten judges who heard that federal appellate case.
And it gets worse from there. The dissenting opinions Preska relies upon were published on January 31. On May 14, the Supreme Court handed down its opinion in Murphy v. NCAA — parts of which are inconsistent with Preska’s conclusion that the entire CFPB must be struck down. Preska’s opinion makes no reference to Murphy. In fact, the judge who literally judge ordered an entire agency to be shut down appears blissfully unaware of Murphy‘s existence.
Here's the problem. This case must be appealed. It will not stand on appeal. But guess who would have to file that appeal? Yes, that's correct. Jefferson Beauregard Sessions, III.
Let's take bets on whether or not such an appeal will happen. No takers? Right, it's a sucker bet. Of course JBS III will not defy Dear Leader. So it's another "screw you, consumers" moment, brought to you by Dear Leader and his loyal minions.
November is coming. Let's stop him from installing more of these wingnut judges, please.