The Tragic Downfall of the Consumer Financial Protection Bureau (Dec 2016)

National Review ^ | December 21, 2016 | RONALD L. RUBIN

[bobsunshine]

Conceived as a government watchdog with noble aims, the CFPB was doomed by a structure that made it an inherently political agency.

[bobsunshine]

Old but Very Good Article in case you missed it. Report from an insider and how the Democrats created a Department run by Democrats only and to benefit Democrats.

Also see what is going to happen on Monday with Trump's appointment over at Conservative Treehouse (Posted it here but taken off Front Page)

[Steely Tom]

CFPB was doomed by a structure that made it an inherently political agency.

How could it be otherwise? It was conceived and championed by one of the most ideologically pure, left-wing, ultra-committed elected officials in Washington, Senator Elizabeth Pocahontas Warren.

[rockinqsranch]

The “Noble Aims” of this bureau were just BS to get the agency established through Congress. IOW the “Noble Aims” were typical Democrat psyops BS.

[IC Ken]

I see there are credit cards out there at 29.5% interest. I am old enough to remember when 5% was usury and punishable.

[Seruzawa]

Another worthless alphabet agency. I’m shocked.

[publius911]

Bookmark

[SunkenCiv]

Thanks bobsunshine.

• Justice Department: White House May Name New Consumer Watchdog
• Office of Legal Counsel Determination on Presidential Authority to Appoint Director of CFPB
• Trump picks fight with CFPB, calls agency a 'total disaster'
• Warren goes off on Trump over CFPB defense
• GOP senator: We shouldn't play games with dueling CFPB appointments

  Sen. Rob Portman (R-Ohio) on Sunday said he hopes politicians "won't play those kind of games" on dueling appointments... Portman backed Trump's authority to decide who will lead the agency, which is now without a director. Portman also criticized exiting CFPB director Richard Cordray for trying to "circumvent" the president

• Yes, Please be Patient.. "The Cesspool is NOW being Drained"

[texas booster]

This is actually a very good article. Much impressed, and i recommend that FReepers click on the link to give it a read.

From the article concerning the creation of the agency:

Circumventing the Constitution took two steps. First, Democrats inserted a few clever workarounds into the Dodd-Frank Act, which created the CFPB on July 21, 2010. Commissions such as the one Warren first proposed are ostensibly bipartisan, so a president-appointed director would lead the new agency. Since there might be a Republican president one day, the director would be practically irremovable after Senate confirmation to a five-year term that could extend indefinitely until the next director’s confirmation. To prevent future Republican-led Congresses from cutting the bureau’s budget, funding would be guaranteed through Federal Reserve profits rather than taxpayer dollars.

Next, the enlarged new agency would be staffed with Democrats, top to bottom. There would not be a Republican director nominee for at least five years, and if one was ever confirmed, entrenched left-wing managers could undermine “attempts to weaken consumer protection.” The plan wasn’t perfect, but it was pretty good.

The article goes on to describe the malfeasance and dishonorable conduct sanctioned and led by Condray. Out to be a lawsuit against him, but our GOPe Congress has no ...

[Nateman]

Much impressed...

I agree. This is first hand account from a conservative who somehow squeaked his way into a RAT shake down fiefdom meant to hold RATS alone.