(Please refer back to my blog of November 29, 2017, “Why the CFPB should just be shut down. Wait…, what’s the CFPB?” for some background on this subject.)
My first question is: “Is ANYTHING created by, or backed by the democrats ever constitutional? It sure doesn’t seem like it. Do any of these politicians remember taking an oath when they were sworn in to “uphold, protect and defend The Constitution of The United States? I suppose, technically, you can uphold, protect and defend The Constitution while attempting to operate outside of it. These democrats are so clever, aren’t they? In some cases, yes, but in this case, no.
As reported by Sylvan Lane of “The Hill,” last week, “A federal district judge ruled Thursday that the structure of the Consumer Financial Protection Bureau (CFPB) violates the Constitution, countering a January ruling from a federal appeals court.”
“Judge Loretta Preska of the Southern District of New York ruled that the CFPB’s creation as an independent agency ‘with a director that could only be dismissed for wrongdoing’ was unconstitutional.”
“In January, the Court of Appeals for the District of Columbia Circuit (being the fine bunch of liberals they are) ruled that the CFPB’s structure WAS constitutional, REVERSING a 2016 verdict issued by a panel of the court’s judges. The appeals court’s initial opinion, written by Judge Brett Kavanaugh, sought to fix the issue by ruling that the CFPB director could be fired at will.”
“Judge Preska, an appointee of former President George H.W. Bush, concurred with part of the D.C. appellate court’s initial ruling against the CFPB, which held that the agency ‘is unconstitutionally structured because it is an independent agency that exercises substantial executive power and is headed by a single Director.’”
“She (Judge Preska) ruled that the entire section of the 2010 Dodd-Frank Act that established the CFPB (in the first place) should be stricken. Judge Preska did not issue an order to shut down the bureau.”
“Thursday’s ruling raises the likelihood that the Supreme Court will take up the issue of the CFPB’s (general) constitutionality in an upcoming term. The 5th Circuit Court of Appeals will also hear a challenge to the CFPB’s constitutionality, and a ruling against the bureau could force the high court to reconcile the conflicting opinions.”
“The CFPB was created by the Dodd-Frank legislation to presumably crack down on predatory lending, enforce consumer protection laws and police the financial services industry against unfair, deceptive and abusive practices.”
In reality, (if you refer back to my November 29, 2017 blog you’ll see) the CFPB turned into a “legal hit squad,” that took aim politically at capitalism, the free market, and conservatism.
The concept of this bureau was originally designed and staffed by Sen. Elizabeth Warren (D-Mass.) (aka Pocahontas) when she served as a special adviser to former President Obama, prior to her 2012 election to the Senate.
“While Democrats have praised the CFPB’s aggressive oversight and regulation, Republicans and industry advocates accuse the bureau and Cordray, its first director, of abusing its power and independence.”
This whole matter arose when President Trump appointed Mick Mulvaney to lead the CFPB after Cordray’s resignation in November.
Cordray attempted to usurp The President by handing off his position to Deputy Director Leandra English. She initially refused to accept the designation of Mulvaney in her now gifted place, hence this “swampy” legal battle.
“Mr. Mulvaney has since delayed several Cordray-era rules and loosened the CFPB’s oversight of financial firms.”
President Trump has since nominated Kathy Kraninger, Associate Director at the Office of Management and Budget (OMB), to serve as the CFPB’s full-time director. Mulvaney, who is also the head of the OMB, will lead the CFPB until the confirmation of his successor.
Hopefully she’ll be confirmed before President Trump’s first term comes to an end. But that’s another topic for another day.
Drain the Swamp! Drain the Swamp! Drain the Swamp!