The CFPB seems to be an excellent example of how the U.S. Congress can totally screw up things by creating such a monster!
The path to hell is paved with good intentions! The terrible President Obama failed to veto the horrible Dodd-Frank Act, but he e.g. vetoed the Key Stone pipeline like the demented and senile 46th President and his then Vice President opposed the Key Stone pipeline!
"The Consumer Financial Protection Bureau is “completely off the separation of powers books.”
So wrote the U.S. Court of Appeals for the 5th Circuit in a decision last week holding that the bureau’s independent funding mechanism was unconstitutional because it violated Congress’ exclusive power to appropriate federal funds.
The decision heralds trouble ahead for this powerful and uniquely problematic federal agency.
The most remarkable feature of the Consumer Financial Protection Bureau is its unaccountability. Created in 2010 by the Dodd-Frank Act, the bureau acts (in the words of the Supreme Court) “as a mini legislature, prosecutor, and court” in the realm of consumer affairs, while enjoying near total insulation from the traditional political influences felt in every other sphere of government. ..."
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