It’s the Consumer Financial Protection Bureau (CFPB).
Well, that sounds good, something about protecting consumers. What’s the problem?
When we take a closer look at this bureau (I am typically leery of “bureaus”), I think it will become very apparent why the CFPB needs to go.
Next to the word “swamp,” in the dictionary, there could be a picture of CFPB headquarters. The CFPB is about as “swampy” as “the swamp gets.”
The CFPB was ill-conceived as part of the Dodd-Frank Act of 2010. This bill was also known as the “Wall Street Reform and Consumer Protection Act,” and was a massive piece of financial reform legislation passed by the Obama administration as a response to the financial crisis of 2008. These bills all have good sounding names (Like the Affordable Care Act!) until you actually look under the hood, which not many of us have the time to do.
Anyway, you remember that financial crisis, right? That’s the one where Congress was bought-off by the big banks so they could make more money while Congress looked the other way, but then they got too greedy and the whole thing collapsed on them and they lost all of this money, but then “We the People” bailed them all out, and all of the CEOs even ended up getting bonuses. Yeah, that’s the one. Aren’t we generous?
Well, it was that whole “swampy” situation that spawned this law “to protect the consumer,” which was drafted by the Congressional abusers of the law in the first place, to supposedly protect us from themselves and all of the evil financial institutions that shovel money at them. Sounds legit, right?
It’s so reassuring knowing these people are looking out for us.
Sooo, to create this “Consumer Financial Protection Bureau,” first they had to circumvent the Constitution (this is always a “red flag”) in order for this “rogue” bureau to operate independently, and basically outside the law. It was conceived by Democrats and intentionally staffed with Democrats only (That’s legal, right?). Then they funded this program through Federal Reserve profits rather than taxpayer dollars, making the bureau basically impervious to any Congressional oversight. And in the event a Republican was elected president, their nominated director would be undermined by the entrenched left-wing managers below them (I think we’ve already seen some examples of this during the first year of the Trump administration, in numerous areas).
The Dodd-Frank Act made the CFPB’s unelected director “the single most powerful official in the entire U.S. Government, other than the President,” and arguably more powerful in consumer financial-protection matters. The Constitution permits single-director executive agencies and independent commissions, but not single-director independent agencies. The Constitution never ceases to amaze me!
The whole concept for this agency was conceived by Senator Elizabeth (Pocahontas) Warren (another “red flag”), and she led the building of the agency in its first year. The CFPB was, and is, a left-wing “attack dog” that was established under the guise of a consumer watchdog agency. Their army of lawyers (the CFPB has over 1,600 employees) have ruthlessly attacked thousands of businesses across our country. Most of these entities were targeted similarly to the IRS’s prejudicial treatment of conservative groups during Obama’s tenure, except the CFPB had the luxury of operating without the fear of any repercussions.
The CFPB was created outside of the law, to operate outside of the law, and it has. Not only that, but the CFPB exists and operates outside of our general American ideals of basic fairness and justice. It does not even try and pretend to be fair. It’s kind of like our “fake news,” biased mainstream media, except the CFPB can actually ruin your life financially.
Get rid of the CFPB! Drain the swamp! Drain the swamp!