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Calabria is Out at FHFA

Posted To: MND NewsWire

On Wednesday morning the Supreme Court ruled that the statutory restrictions on the president’s ability to remove the chairman of the Federal Housing Finance Agency (FHFA) violates the Constitution’s separation of powers. Within hours the White House announced it would be replacing Mark Calabria who currently holds that position. The decision, in a case now known as Collins v Yellen, was similar to Seila Law v The Consumer Financial Protection Bureau (CFPB) which was decided last year in favor of the plaintiffs. Both FHFA and CFPB were created during the housing crisis and had similar independent structures, each headed by a single chairperson for a five-year term. Neither chairperson could be removed from office except for cause. The Collins case, however, had an additional component. The…(read more)

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