It's hard to overstate the damage of the 5th Circuit's latest bizarre ruling.
financial regulators are funded outside annual appropriations, including the Federal Reserve, the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Federal Housing Finance Agency. If the CFPB’s funding is unlawful, then all those agencies are constitutionally suspect, too.
, the appropriations clause “simply that no money can be paid out of the Treasury unless it has been appropriated by an act of Congress.” It doesrequire funding to arrive in an annual bill that Congress stamps with the label “appropriations.” In the Supreme Court’s words, the Constitution merely requires funding to be “authorized by a statute”—not specifically the annual appropriations bill, but any duly enacted law.
at the notion of some constitutional limit on agency funding outside of annual appropriation bills. To the contrary, SCOTUS has affirmed Congress’ broad latitude to decide how agencies receive their budget. Absent any supportive precedent, Wilson resorted to pure partisan howls, quoting the Founding Fathers’ sweeping rhetoric about “elective despotism” and “political liberty.
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