Supreme Court Strips Power from Fed, FTC: What It Means for Your Wallet

The Supreme Court issued two major rulings on Monday that will change how the Federal Reserve and the Federal Trade Commission operate. The decisions have direct consequences for household finances, from credit card fees to bank oversight. One ruling limits the Federal Reserve’s ability to set certain banking rules without clear congressional approval. The other restricts the FTC’s power to fine companies for unfair business practices. Together, these rulings shift authority away from federal agencies and toward courts and lawmakers. For consumers, the practical impact could include slower responses to bank complaints and weaker enforcement against deceptive lending or hidden fees. Experts say the changes may also affect how quickly new consumer protections take effect. The rulings are part of a broader trend where the Supreme Court has questioned the power of independent agencies. Both decisions were split along ideological lines, with conservative justices in the majority.