Posted on 02/04/2025 2:01:17 AM PST by Libloather
Recognizing that free advice is worth exactly what you pay for it, allow me to offer Treasury Sec. Scott Bessent some insight on his new gig as acting director of the Consumer Financial Protection Bureau.
The bureau, originally the brainchild of Sen. Elizabeth Warren, was built on the misguided principle that protecting consumers in the financial services arena should be “above politics.”
In Washington-speak, that means an entity that’s not accountable to elected politicians — or, by extension, to the people who elected them.
That was bad enough. But under the leadership of Barack Obama appointee Richard Cordray, the bureau decided that being “above politics” also meant that it could be “above the law.”
Thus it was, for example, that the CFPB set out to regulate automobile dealerships, even though it was explicitly prohibited — in statute — from doing so.
And that it started engaging in “regulation by enforcement”: Filing lawsuits against financial service providers for past practices as a means of announcing that something that had been permissible would be illegal going forward.
And its participation in various manifestations of Operation Chokepoint, whereby banks were discouraged from providing services to entirely legal businesses — pawn shops and gun manufacturers, for example — because Democrats simply didn’t like them.
And by sending “civil investigative demands” — basically taxpayer-funded fishing expeditions — to financial service businesses, without telling them what they were being investigated for.
But you get the point.
By the time President Trump came to office the first time, the CFPB had become something closer to a progressive vigilante shakedown shop than a government regulator.
When he asked me to fill the role of the bureau’s acting director in 2018, the president’s instructions to me were crystal clear: Rein the place in.
(Excerpt) Read more at nypost.com ...
FYI
“Our Democracy” is all about persecuting the Good Guys and protecting the Bad Guys.
I’m glad Trump is restoring the republic and Rule of Law.
Here's a way to handle this matter:
Instead of eliminating the CFPB outright, the easiest and most politically feasible approach would be to transfer its responsibilities to existing agencies like the Federal Trade Commission or the Office of the Comptroller of the Currency.
This would strip the CFPB of its independence and make it accountable to agency leadership that already answers to Congress and the executive branch.
Mike Johnson could embed the provision in a must-pass bill, like government funding, forcing Democrats to choose between preserving the CFPB or avoiding a shutdown.
Once under FTC or OCC control, its authority could be reduced—funding cut, rule-making stopped or slowed, and enforcement scaled way back—effectively neutralizing its power.
This approach sidesteps the political battle of repealing or amending Dodd-Frank while achieving the same result.
She’s on the WARPATH!! I thought this was kind of closed down the other day....is it not?
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Me thinkum Grey Beaver future has many angry skies.
Time to shut down white eyes’ squaw. She’s a crook.
LOL!! She’s on the WARPATH!!
Nah, I’d prefer shutting it down and having everyone who used to work there apply for jobs at Starbucks.
Or, better yet, replace people and have the new people find reasons to go after outfits that Democrats would want to protect at all costs.
Another fraud in government, created and perpetuated by frauds in government. Hard-working, IRS confiscated taxpayer dollars pay for this bull.
Elizabeth Warren’s ‘consumer watchdog’ hounded legit businesses.
We have ways to make you conform to our agenda comrade.
Please list the other unconstitutional/illegal dept/agencies+ that have been successfully abolished (not just absorbed into yet ANOTHER (illegal/unconst.) dept/agency+). The idea that “illegal/extra-Constitutional” needs a PHASE-out *face-palm*
The Congress of tomorrow cannot undo the Congress of today.
The ugly truth is the (R)N(C) has NEVER actually reduced govt (fact, it gave us TSA, NSA, DHS, NCLB+).
“The Congress of tomorrow cannot undo the Congress of today.”
Oh yes they can. Whether or not they will is the question.
L
Thanks, Liz.
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>>“The Congress of tomorrow cannot undo the Congress of today.”
Oh yes they can. Whether or not they will is the question.
>
We all know my jest (I did forget/leave off the ‘\s’) vs. the (political) reality of your reply.
Every “budget” is today’s Congress attempt to (illegally) constrain those that come after.
(R)N(C) has been shown, too many times, for those that see, they are merely controlled opposition
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