Fannie Mae-No Politics (FNMA)

[RumplePigSkin]

Bcde - exactly - multi-membered agencies, like the Fed, have been at the outermost bounds - within the boundaries - of what is considered constitutional per Roberts majority opinion:

one for multimember expert agencies that do not wield substantial executive power, and one for inferior officers with limited duties and no policymaking or administrative authority

The Fed sets monetary policy, which has indisputable reasons for having multiple fed governors across the US with staggered terms. A president, if allowed to have influence over an agency like the Fed, could arbitrarily determine monetary policy to meet short term political goals instead of allowing an independent Fed do what is best for the country via the voting members of the agency.

It won’t happen ...

Now the CFPB was outside the outermost boundaries and was brought back into the executive realm via the Dodd-Frank severability Seila opinion, allowing for “at will” removal. The CFPB CIDs performed by the agency weren’t “above the law” as they were acting on behalf of established law.

The FHFA, on the other hand, is firmly outside the executive realm’s boundaries. The FHFA has also, as has been opined in the 5th circuit, went beyond well established conservator law. Does SCOTUS crush HERA? Do they make the director removable “at will” by POTUS? What is the appropriate remedy?

SCOTUS had an easy way out on the FHFA and could’ve denied the appeal, essentially saying Seila (CFPB) reads through to Collins (FHFA). The vastly higher probability is SCOTUS agreed to hear Collins due to the important nature of US housing and “extra” issues - NWS, remedy, conservator FHFA vs regulator FHFA, and possibly conservatorship.