The CFPB
itself is a secretive agency with no accountability to Congress! This is a dangerous, unconstitutional agency flying under the radar of public scrutiny.
Repost---#9 from this thread:
Mark Levin went ballistic over this -— in great detail (second hour)
mp3
Source articles below are from Levin’s website, but Levin explains it best.
“The entire purpose of the CFPB is to limit the choices of consumers in financial markets, making it harder and more expensive to obtain credit. This unaccountable agency will operate autonomously within the Federal Reserve and will not be subjected to congressional appropriations or oversight. Now Republicans will have no leverage to preclude this time bomb from taking root. Worse, they gave away their bargaining chip to strike down all the illegal rules that were issued by the agency while Cordray was illegitimately serving at its helm.”
http://www.redstate.com/2013/07/16/compromise-senate-gop-style/
“Sen. Mike Enzi (Wyo.), a senior Republican on the Health, Education, Labor and Pensions Committee, spoke out against agency before the vote.
“The reason this is of utmost concern to me and has been for the past three years is the lack of congressional oversight and [the] blatant privacy intrusions of the Consumer Financial Protection Bureau,” he said.
Enzi objected to the bureau’s revenue stream, which is through the federal reserve instead of the Congress.
“The bureau, as allowed by the Dodd-Frank Act, could collect up to $600 million every year but is not subject to the congressional appropriations process,” he said. “
http://thehill.com/blogs/floor-action/senate/311315-senate-votes-71-29-to-advance-cordray-as-nuclear-threat-recedes#ixzz2ZEL40PQC
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Answerable to No One (Consumer Financial Protection Bureau by George Will
The CFPB’s director, Richard Cordray, was installed by one of Barack Obama’s spurious recess appointmentswhen the Senate was not in recess. Vitiating the Senate’s power to advise and consent to presidential appointments is congruent with the CFPB’s general lawlessness.
The CFPB nullifies Congress’s power to use the power of the purse to control bureaucracies because its funding — “determined by the director” — comes not from congressional appropriations but from the Federal Reserve. Untethered from all three branches of government, unlike anything created since 1789, the CFPB is uniquely sovereign: The president appoints the director for a five-year term — he can stay indefinitely, if no successor is confirmed — and the director can be removed, but not for policy reasons.
One CFPB request for $94 million in Federal Reserve funds was made on a single sheet of paper. Its 2012 budget estimated $130 million for — this is the full explanation — “other services.” So it has been hiring promiscuously and paying its hires lavishly: As of three months ago, approximately 60 percent of its then 958 employees were making more than $100,000 a year. Five percent were making $200,000 or more. (A Cabinet secretary makes $199,700.)
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Obama administration paid contractors millions to snoop through Americans’ financial data
A secretive data collection program run by the Consumer Financial Protection Bureau allows private contractors access to millions of Americans’ personal financial information, according to a government accountability group.
The information may also be shared with other federal agencies.
Documents obtained by Washington-based Judicial Watch through the Freedom of Information Act illustrate the cost and scope of the program, which business groups and some Republican lawmakers have assailed as invasive and potentially illegal.
The Daily Caller News Foundation previously reported how the CFPB compelled banks to comply with the program by making successful passage of routine inspections conditional on supplying massive amounts of their customers’ financial information. The new documents shed light on what happens to that data once banks have turned it over.
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Consumer Financial Protection Bureau: NSA of the Financial World
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See Also: FR keyword CFPB
CFPB's data-mining on credit cards challenged in heated House hearing [another agency spying on us]
The CFPB itself is a secretive agency with no accountability to Congress! This is a dangerous, unconstitutional agency flying under the radar of public scrutiny.
Now Republicans will have no leverage to preclude this time bomb from taking root.
Worse, they gave away their bargaining chip to strike down all the illegal rules that were issued by the agency while Cordray was illegitimately serving at its helm.
Article, then # 16... important.
Thanks, thouworm.