Posted on 10/04/2023 5:46:10 PM PDT by george76
Is there any ceiling, or floor, to what the CFPB can decide to spend?..
The Supreme Court on Tuesday heard oral arguments in a challenge to the Consumer Financial Protection Bureau’s novel self-funding scheme (CFPB v. Community Financial Services Assn.) A telling moment came when Justice Neil Gorsuch pressed the Solicitor General on the limits to the agency’s appropriations power.
Democrats insulated the CFPB from political accountability in the Dodd-Frank Act by letting it obtain its funding from the Federal Reserve, unlike any other federal agency. Payday lenders say this violates the Constitution’s command that “no Money shall be drawn from the Treasury, but in Consequence of Appropriations made by Law.”
The CFPB’s legal brief argued the scheme was constitutional in part because the law sets a limit of $734 million, adjusted annually for inflation, on the amount that the Fed can transfer to the bureau. But the Solicitor General on Tuesday contended that the CFPB’s self-funding arrangement would be constitutional even if there were no cap.
...
Under the Administration’s theory, there’s no limiting principle to executive power.
...
Congress abdicated its spending power by delegating it to the CFPB. Surely this wasn’t what the Framers intended by writing checks and balances into the Constitution.
(Excerpt) Read more at wsj.com ...
With a Pure Fiat currency and the power to print at will any funds necessary, what exactly are these limits they are talking about?
Not if 5 people say it is ok
Cap or no cap, this is a veritable and unaccountable slush fund. Wow... gotta wonder if the Democrats haven’t already weaponized it.
later
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.