(C) Common Dreams
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With Alito's Billionaire Patron Holding $90 Million in Finance Firms, Watchdog Demands Recusal From CFPB Case [1]
['Julia Conley', 'Julia Conley Is A Staff Writer For Common Dreams.']
Date: 2023-09-18 19:40:49+00:00
Anti-corruption watchdog Accountable.US on Monday said there is a clear need for U.S. Supreme Court Justice Samuel Alito to recuse himself from an upcoming court case regarding the Consumer Financial Protection Bureau, as a new analysis revealed the extent of one of his key associate's financial interests in the case.
The group released new data showing that hedge fund manager Paul Singer holds at least $90 million in financial firms overseen by the CFPB, which was established in 2011 through the Dodd-Frank Wall Street Reform and Consumer Protection Act and has since provided $16 billion in financial relief to defrauded consumers and ordered companies to pay $3.7 billion in penalties.
The findings were released three months after ProPublica revealed Singer paid for a luxury fishing trip for the right-wing justice in 2008, costing him an estimated $100,000 each way. Alito has never recused himself from subsequent cases in which Elliott Management, Singer's firm, was directly involved, including one in which the court awarded $2.4 billion to the fund.
Now, said Accountable.US, "should Alito choose to preside over this case despite his billionaire benefactor's direct financial stake in the outcome, it would only fuel an already raging Supreme Court corruption crisis," referring to numerous reports of Justices Alito, Clarence Thomas, Neil Gorsuch, and others accepting gifts or money from groups or people with business before the court.
The case, which the court is set to hear on October 3, is CFPB v. the Community Financial Services Association of America (CFSA) and pertains to the CFPB's funding structure. Opponents—including Republican lawmakers whose own constituents have directly benefited from the agency's work—claim it is unconstitutional for the agency to be funded through the Federal Reserve and say Congress should approve appropriations for the CFPB regularly.
"In one fell swoop," said Accountable.US on Monday, "an anti-CFPB-led Congress could cut the purse strings and erase over a decade of consumer protections and rules that have made our markets fairer and more stable."
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