A judge recently ruled that it was and the Trump Administration would probably not mind if the Consumer Financial Protection Bureau was eliminated.
Here is how CBS News reports on the Consumer Financial Protection Bureau and their need of a new chief.
So here we have a wonderful arm of the government that is designed to protect consumers and the Trump Administration is threatening it.
But now a judge has ruled the entire agency to be unconstitutional!
The Washington Times reports, “Judge: Consumer finance agency unconstitutionally set up.”
The U.S. government’s beleaguered consumer finance watchdog agency is unconstitutionally structured, a judge said Thursday as she disqualified the agency from serving as a plaintiff in a lawsuit.
U.S. District Judge Loretta A. Preska in Manhattan reached the conclusion about the Consumer Financial Protection Bureau in a written decision.[…]
She let claims brought by the New York state attorney general proceed, but dismissed those that were brought by the CFPB, saying it “lacks authority to bring this enforcement action because its composition violates the Constitution’s separation of powers.”[…]
The bureau was created after the 2008 financial crisis to ensure consumers were not being exploited and banks were complying with consumer protection laws.
The Conservative Tree House provides us with more information.
The CFPB had two two primary, albeit unspoken, functions. First, it was structured as a holding center for fines and assessments against any financial organizations opposed by progressives. Second, it was a distribution hub for the received funds to be transferred to political allies and groups supportive of progressive causes.
To pull off this scheme Elizabeth Warren et al ensured it was structured to allow no congressional oversight; however, it was also structured to have no executive branch oversight – and the funding mechanism for the CFPB budget was directly through the federal reserve. The lack of any legislative or executive branch oversight made the entire scheme unconstitutional […].
Notice that the media will tell you none of this. The CFPB is obviously unconstitutional! We can only hope that this case goes before the Supreme Court and they put the agency in a coffin.
No wonder the Trump Administration has not been enthusiastic about the agency!
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