House Financial Services Committee Chairman Jeb Hensarling, seizing on a federal appeals court ruling last week, warned Consumer Financial Protection Bureau Director Richard Cordray on Wednesday that his agency is no longer independent and must now follow executive orders that require regulatory authorities ensure the benefits of proposed regulations outweigh the costs.
The U.S. Court of Appeals for the D.C. Circuit last week struck down as unconstitutional the power structure of the consumer agency, a decision that gave the president greater supervisory and removal oversight.
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