In a 5-4 decision, the Supreme Court on Monday ruled that the president can fire the head of the Consumer Financial Protection Bureau "at will." That's seemingly a victory for the financial industry, which has been locked in a never-ending tug-of-war with the CFPB since it was established in 2010, but the celebration may not last forever, HuffPost reports.
Prior to the ruling, the CFPB director could only be fired for cause, namely "inefficiency, neglect of duty, or malfeasance in office." The reason behind the distinction is that the post comes with a 5-year term, which means the director could serve under the president of a different party, so the for-cause rule makes it more challenging for a president to terminate the director for partisan, political reasons. But in response to a lawsuit, the court decided the restrictions violate the constitutional authority bestowed upon the executive branch.
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