CFPB ?

[JohnRoberts]

I have been trying to avoid pointless arguments about politics, but this is perhaps worth noting.

The CFPB is a bastard child of Dodd-Frank legislation  and I commented about this at the time, but it is now in the news again as the director resigned and tried to establish his own replacement denying the administration the replacement appointment.

The CFPB arguably has an extra constitutional structure, lacking the standard budgetary oversight and "purse strings" management the constitution granted congress for all government agencies.

If you want to change the constitution, write an amendment, otherwise follow the established rule of law.

I agree that the political elite (swamp dwellers) in congress are not above reproach, but setting up a government agency lacking any oversight is asking for trouble. Look at what the IRS did with congressional oversight.

I'm sure opinions will vary about this too... I have been on the record opposing this for a long time.

JR

 

[tands]

Both Dodd and Frank are corrupt little weasels, what should have been done is to reintroduce Glass Steagall, but dems are bank boot licking lackeys just like republicans. The CFPB is just another bunch of handwaving non-entities, to make it look like dems 'did something'.

The separation of commercial and investment banking prevented securities firms and investment banks from taking deposits, and commercial Federal Reserve member banks from:

    dealing in non-governmental securities for customers,
    investing in non-investment grade securities for themselves,
    underwriting or distributing non-governmental securities,
    affiliating (or sharing employees) with companies involved in such activities.

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By that time, many commentators argued Glass–Steagall was already "dead". Most notably, Citibank's 1998 affiliation with Salomon Smith Barney, one of the largest US securities firms, was permitted under the Federal Reserve Board's then existing interpretation of the Glass–Steagall Act. In November 1999, President Bill Clinton publicly declared "the Glass–Steagall law is no longer appropriate"

https://en.wikipedia.org/wiki/Glass%E2%80%93Steagall_legislation