Senator Elizabeth Warren was the architect of the Consumer Finance Protection Bureau. As with other liberal designs, the name hides the true intent. This agency was designed to be autocratic and subvert the financial sector of America. It is designed to be unassailable by Republicans as it caries out the liberal progressive agenda. Here is how it will die a slow and painful death courtesy of the Republican-led House of Representatives..
As Written By Dan Calabrese for HermanCain.com:
Last days for the out-of-control CFPB?
We told you on Monday about the special challenge Republicans face in what to do about the Consumer Finance Protection Bureau. It’s a totally out of control administrative agency gifted with immense powers by Dodd-Frank, and designed by its architect – Elizabeth Warren – to be almost impossible for a Republican to get a job at. Oh, and Congress is required by statute to fund it. CFPB’s director, left-wing zealot Richard Cordray? The president can fire him only “for cause,” and that’s a lot more complicated than at-will employment.
Democrats designed the CFPB this way intentionally during the Obama Administration, so that any future Republican president would find the agency impossible to get control over. But in the House, anyway, Republicans are refusing to accept the inevitability of the CFPB running roughshod over businesses in the private sector. In today’s Wall Street Journal, Congressman Jeb Hensarling lays out a path for defunding and getting rid of this rogue agency:
The CFPB is arguably the most powerful, least accountable agency in U.S. history. CFPB zealots have the power to determine the “fairness” of virtually every financial transaction in America. The agency defines its own powers and can launch investigations without cause, imposing virtually any fine or remedy, devoid of due process. It requires lenders essentially to read their clients’ minds, know and weigh their clients’ comprehension levels, and forecast future risk. It can compel the production of reams of data and employ methodologies that “infer” harm without finding any specific instance of harm or knowing violation.
The regulatory web spun by the CFPB can make every provider of financial services guilty until proven innocent, inviting selective enforcement and financial shakedowns. The CFPB is the embodiment of James Madison’s ……
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