May 16 (UPI) -- President Joe Biden praised Thursday's Supreme Court decision that upheld the funding for the Consumer Financial Protection Bureau that protects the public from unethical financial services.
Some business trade groups had challenged the agency's funding through the Federal Reserve rather than annual appropriations by Congress as a way to scuttle it. In a 7-2 decision, the Supreme Court ruled that the CFPB's funding was constitutional.
In a rare combination, the court's most conservative justice Clarence Thomas joined the liberal wing of the court along with Chief Justice John Roberts, Amy Coney Barrett and Brett Kavanaugh to form the majority. Conservatives Samuel Alito and Neil Gorsuch dissented.
"Although there may be other constitutional checks on Congress' authority to create and fund an administrative agency, specifying the source and purpose is all the control the Appropriations Clause requires," Thomas wrote in his opinion.
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Alito argued, though that the unique funding allows the agency virtually with little oversight from Congress and his appropriation powers.
The Supreme Court overturned the more conservative Fifth Circuit Court of Appeals, which side with Alito's view of CFPB's funding.
Biden celebrated the ruling, saying that it will allow the CFPB the power to protect consumers mostly without political meddling backed by corporations.
"The Consumer Financial Protection Bureau has worked to protect consumers from abusive practices by lenders, servicers, and special interest , and has lowered costs for hardworking families by going after junk fees," Biden said in a White House statement.
"Under my administration, the CFPB has delivered: providing nearly $9 billion in consumer relief and working to save consumers $20 billion per year going forward on credit card late fees, overdraft fees and other junk fees."
