Head of Consumer Financial Protection Bureau Resigns, Giving Trump Chance to Abolish It

[Swordsmyth]

Richard Cordray, the rogue head of the unaccountable Consumer Financial Protection Bureau (CFPB), announced on Wednesday that, effective at the end of the month, he would be leaving his post. His term doesn’t run out until July of 2018, but he’s leaving early with no reason being offered. In an internal e-mail he told his 1,623 employees, “I have told the senior leadership … that I expect to step down from my position here before the end of the month.”
The CFPB was created in July 2011 as part of the Dodd-Frank bill that was hastily passed following the real estate crisis of 2007-2008 that led to the Great Recession. It is physically located inside the Federal Reserve, which funds the agency. Under Dodd-Frank, Cordray and his unaccountable bureaucrats can investigate any financial institution of any size in any place for any reason. Its faux “jurisdiction” includes banks, credit unions, securities firms, payday lenders, mortgage-servicing companies, foreclosure relief services, and debt collectors, along with “other” financial companies in the country. If it involves money, financing, credit, or other services, it’s covered.

The problem is that it is totally unconstitutional. In Article I, Section 1 of the Constitution it states, "All legislative powers herein granted shall be vested in a Congress of the United States” while Article II, Section 1 declares that “the executive power shall be vested in a President of the United States.” That executive branch is separate from the judicial power, which in Article III, Section 1 is “vested in one Supreme Court and in such inferior courts as the Congress may from time to time ordain and establish.” This is popularly and accurately known as “the separation of powers,” which the Founders put in place as checks against each other. Those powers are further separated from the states, which, it was hoped, would be jealous of any federal intrusion into their proper realm.
In Cordray’s case, however, he and his people write the rules, investigate their violations, and then prosecute violators. This is all done without any oversight from any federal branch, including the executive branch. This was supposed to protect the agency from “political influence,” with scant thought or consideration about protecting the people from the tryanny of its runaway recombination of authority.

More at: https://www.thenewamerican.com/usnew...-to-abolish-it

[tommyrp12]

http://www.ronpaulforums.com/showthr...nal-Government

[Swordsmyth]

Office of Management and Budget (OMB) Director Mick Mulvaney (shown) is likely to be appointed to take Richard Cordray’s place when he leaves the Consumer Financial Protection Bureau (CFPB) at the end of next week. Mulvaney has been leading discussions with other top administration officials for months about what to do with the rogue agency. He is on record as calling the CFPB a “sad, sick joke.”
Abolishing the unaccountable and unconstitutional agency apparently isn’t part of those discussions. Instead, insiders familiar with those discussions are suggesting that Mulvaney will serve temporarily and name another individual or a team to run the agency. That way Mulvaney, who has already been confirmed by the Senate, doesn’t need further confirmation to take on his new temporary role.
The agency could then pull back from existing investigations, and slow down or eliminate enforcement of some of its most egregious and costly rules, eventually making the agency irrelevant. Since it was created by Congress as part of Dodd-Frank, and is funded by the Federal Reserve, Congress cannot just starve it to death. But Mulvaney’s appointee, or appointees, could pull its teeth.
When The New American wrote last week that Cordray was leaving, we noted that the agency is unconstitutional. That opinion was shored up by a decision by the U.S. Court of Appeals for the District of Columbia last year: PHH Corporation v. Consumer Financial Protection Bureau. In its decision declaring that the CFPB is unconstitutional, the court gave a lesson in constitutional government as created by the Founders: “This is a case about executive power and individual liberty. The U.S. Government’s executive power to enforce federal law against private citizens — for example, to bring criminal prosecutions and civil enforcement actions — is essential to societal order and progress, but simultaneously a grave threat to individual liberty.”
This is similar to President George Washington’s warning: “Government is not reason, it is not eloquence, it is force; like fire, a troublesome servant and a fearful master. Never for a moment should it be left to irresponsible action.”

More at: https://www.thenewamerican.com/usnew...tection-bureau

[sparebulb]

....his 1,623 employees........

I would like to see an itemized list of this office's accomplishments.

[Swordsmyth]

I would like to see an itemized list of this office's accomplishments.

1 Causing trouble
2 Supporting 1,623 relatives of connected people