Free Republic

Employees of the Consumer Financial Protection Bureau were instructed to cease “all supervision and examination activity” and “all stakeholder engagement,” effectively stopping the agency’s operations, in an email from the director of the Office of Management and Budget, Russell Vought, on Saturday evening. Mr. Vought, who was confirmed this week to lead the Office of Management and Budget, was on Friday named acting director of the consumer protection bureau, the federal government’s financial industry watchdog. In his email to staff on Saturday, he reaffirmed earlier instructions from the previous acting director, Treasury Secretary Scott Bessent, who ordered last week that...

Many of you may remember my reporting around "Operation Choke Point 2.0" from the spring of 2023; TLDR, Biden's financial regulators, namely the Fed, FDIC, and OCC, launched a crackdown on banks covering the crypto space. The first casualty was Silvergate Bank, which voluntarily liquidated. The standard reporting around Silvergate was that the bank lent to crypto depositors and those depositors were flighty; when rates rose, Silvergate suffered M2M losses on bond portfolios and ended up insolvent. Except that's not true. Silvergate weathered the storm, even though short sellers and members of Congress like Sen. Elizabeth Warren (D-Mass.) encouraged a...

By abusing the powers of federal regulators, Operation Choke Point 2.0 would stifle the bipartisanship, unity, and healing President Biden claims to desire. --------------------------------------------------------- Amongst the record-breaking number of executive actions taken by President Joe Biden was one related to a little-known, frightening Obama-era program called Operation Choke Point. The program, dubbed so under former Attorney General Eric Holder, uses the power of the federal government to target legal yet leftist-disfavored businesses. These include gun sellers, pawnshops, and short-term money lenders. The Trump administration did its best to end this blatantly unconstitutional program that sought to discriminate against legal industries....

“The rights of private persons amongst democratic nations are commonly of small importance…the consequence is, that they are often sacrificed without regret, and almost always violated without remorse. But it happens that, at the same period and amongst the same nations in which men conceive a natural contempt for the rights of private persons, the rights of society at large are naturally extended and consolidated”, wrote Alexis De Tocqueville in Democracy In America. “In other words”, writes Tocqueville, “men become less attached to private rights just when it is most necessary to retain and defend what little remains of them.”...