CNBC's Eamon Javers reports on the Supreme Court ruling on the challenge to the structure of the Consumer Financial Protection Bureau. The Supreme Court in a ruling Monday allowed the Consumer Financial Protection Bureau to continue operating, but said that the director of the consumer watchdog could be removed by the president of the United States “at will.” The decision, written by Chief Justice John Roberts, agreed with a California-based law firm’s argument that the CFPB’s leadership by a sole director who was removable “only for cause” violated the separation of powers rule under the U.S. Constitution. The 5-4 ruling overturns a federal district court ruling and appellate court decision that had rejected the law firm’s arguments. “The agency may therefore continue to operate, but its Director, in light of our decision, must be removable by the President at will,” Roberts wrote in his majority decision, where he was joined the court’s other four conservative justices. Justice Elena Kagan, in a dissent joined by her three liberal colleagues, wrote the that majority failed to respect the proper role of the Supreme Court in allowing the two political branches of government, Congress and the presidency, to decide how to structure the executive branch of the government. “Today’s decision wipes out a feature of that agency its creators thought fundamental to its mission - a measure of independence from political pressure,” Kagan wrote. For access to live and exclusive video from CNBC subscribe to CNBC PRO: cnb.cx/2NGEiQY
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