At Last, Congress Checks Obama's Rogue Consumer Bureau

Investors.com ^ | May 20, 2014 | IBD Editorial

[jazusamo]

Oversight: Congress and some others in the media finally see the urgency in reining in Obama's rogue, out-of-control, unaccountable and secretive Consumer Financial Protection Bureau.

This is something we have urged since its inception. In 2010, the Dodd-Frank Act gave birth to what we have argued is the single most powerful and least accountable agency in Washington.

CFPB has the power to police virtually every financial transaction in the economy. Yet it holds its meetings in secret, has no inspector general and is funded outside the normal congressional budget process.

On Wednesday, the House Financial Services Committee will take up 11 bills that would make the bureau more accountable and transparent to Americans.

According to TheHill.com, the GOP-sponsored bills on tap would change how the CFPB holds meetings, conducts research, collects data, examines banks and writes industry rules it enforces.

It's an understatement to say CFPB is drunk with the power it derived from the false narrative that "fat cat" bankers caused the financial crisis and deserve nonstop frisking from an army of credit cops. Consider a few of the things it's gotten away with over other federal agencies:

• Its director, Richard Cordray, was installed to the post via a recess appointment and confirmed only after Senate Democrats killed filibuster rules so he and other radical Obama nods would be OK'd with a simply majority.

[jazusamo]

Hugo Chavez would be proud of 0bama and his thugs at the CFPB and their lack of accountability.

[Lurkina.n.Learnin]

Pretty good scam they got going

[SunkenCiv]

Thanks jazusamo.

[jazusamo]

Sadly I’m no longer surprised when this type tyranny surfaces in 0bama’s administration, this is his and his handlers MO.