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Monday, July 15, 2019 12:54:01 PM
Clerk of Court United States Court of Appeals for the Fifth Circuit
600 S. Maestri Place New Orleans, LA 70130-3408
(202) 220-9600 Fax (202) 220-9601
Re: Collins v. Federal Housing Finance Agency, No. 17-20364
Dear Mr. Cayce:
It is no coincidence that since the current President took office
the Department of Justice has had one position on FHFA’s constitutionality and
FHFA has had three.
FHFA’s latest switch, prompted once again by a change in leadership at the
agency, only further underscores how this agency’s novel structure places vast
executive power in the hands of a single individual who is wholly unaccountable
to the President.
Humphrey’s Executor blessed the FTC’s independence because in that case
independence—combined with leadership from a commission whose members
serve staggered terms—was thought to promote continuity and expertise at the
agency.
In FHFA’s case, independence achieves the opposite of continuity by leaving
critical policy decisions up to the whim of whichever individual happens to sit
atop the organizational chart of an agency that answers to no one.
FHFA was right the second time, not the first or the third.
Respectfully submitted,
/s/ David H. Thompson David H. Thompson
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