The Consumer Financial Protection Bureau—which was brainchild of Senator Elizabeth Warren—was created in the wake of the financial crisis by the Dodd-Frank Act, the legislation meant to reform the financial sector and protect the public from predatory and dangerous practices. Title X, the section of the Act which calls for Bureau’s formation, states that a director will be appointed by the President and confirmed by the Senate. The Bureau then has the ability to “administer, enforce, and otherwise implement federal consumer financial laws, which includes the power to make rules, issue orders, and issue guidance.” But in those endeavors, the Bureau and its director are not directly subject to oversight from any of the branches of government. The autonomy of the CFPB is, in some ways, singular. But in others, the setup of the CFPB is similar to that of the Federal Reserve. The Fed’s goals and purpose—to establish maximum employment and stable prices—are set by Congress, but its funding and operation remain autonomous in order to prevent being swayed by political pressure.
The thinking behind the CFPB’s structure was similar. The Bureau receives its money not through congressional appropriation but from the Fed. And in its inception, the agency was given a long, independent leash purposely so that it could proceed with its work without worrying too much about political retribution.
Now, let me explain to y’all:
If you don’t like the idea of consumer protection, or the Federal Reserve, take it to tne SCOTUS. FK legislating judges. That’s why the SCOTUS is there.
And guess what: Nothing’s happend since then, because nothing CAN happen. Or, it would have.
https://www.theatlantic.com/business/archive/2016/10/court-rules-consumer-financial-protection-bureaus-structure-is-unconstitutional/503660/
Besides, I don’t know what’s wrong with an agency that stops banks from doing the stuff with mortgages that led to 2008....
Perhaps one of you brains can explain why you fight against fraudulent abuses.
I will step out there and say that I don’t expect an answer, because such an answer can’t exist, as a thinking human would not attempt it.
| 
