As we've discussed before, at least for those paying any attention, Congress's oversight responsibility over regulatory agencies has been mostly a myth devoutly to be wished. The latest model for empowering and financing such an agency, the U.S. CONSUMER FINANCIAL PROTECTION BUREAU, doesn't even have a built in pretense to such oversight.
The creation does start with the perfunctory great sounding title. That is usually positive enough for us sheep to know that it must be a good thing. And hooray for Congress finally doing something for us rather than to us. Hey!! The title says it's protecting us consumer's finances. Damn right! That's what I'm talking about!
Good start. Next step. Thank you Dodd Frank. Congress no longer has to provide this agency the funds to operate. It is self funded through the Federal Reserve. Hah! Take that low-approval, politically partisan, evil Congress out of the picture. Yup, Congress does not have that pesky power of the purse dangling over this noble agency that is made for the people. Actually, it has been created as completely self regulating, with no Congressional oversight granted. Thank you Dodd Frank. Dodd Frank created an agency, and a model for new ones, which is effectively outside the power of Congress
Here's a teeny insight into how some of the money CFPB spends:
http://humanevents.com/2015/01/14/co...tm_campaign=nl
Good luck folks, when more such fiefdoms are created. For The People, of course.
Linear Mode
