Appeals Court Gives Rogue Agency A Stay Of Execution

Forbes ^ | February 8, 2018 | George Leef

[reaganaut1]

2010 was a bad year for the Constitution. Not only did Congress saddle us with the misnamed Affordable Care Act, which has caused a legal war over its highly questionable constitutionality, but it also passed the Dodd-Frank Act, which created the Consumer Financial Protection Bureau (CFPB). The CFPB was the brainchild of Senator Elizabeth Warren (D-Mass) and her idea was to make it an independent agency – amazingly, unconstitutionally independent agency.

Consider, for example, the way CFPB is funded. Unlike every other federal regulatory agency, which gets its budget through congressional appropriation, CFPB gets its money directly from the Federal Reserve. That’s a glaring constitutional problem because no federal money is supposed to be spent except as appropriated by Congress – the power of the purse is given to Congress alone.

In Federalist #58, James Madison wrote that the power over spending is, “The most complete and effectual weapon with which any constitution can arm the immediate representatives of the people.” It’s a crucial part of our system of checks and balances between the branches of government. It promotes accountability.

But Dodd-Frank renounces the power of the purse by stipulating that the CFPB’s director can tap into the Federal Reserve system for an amount up to 12 percent of that system’s annual revenues, an amount exceeding $600 million per year. That demand cannot be refused, but neither the Federal Reserve nor any other part of the federal government exercises any control over CFPB’s spending and actions.

[SaveFerris]

[2010 was a bad year for the Constitution]

Of course it was. It was the second year the Lying Undocumented Kenyan Usurper was in power.

[generally]

From what I understand, it was created to be a giant slush fund for the left wing agenda. It appears to have very little to do with protecting consumers.

[Intolerant in NJ]

Appeals Court Gives Rogue Agency A Stay Of Execution...I recall them bragging as they set the agency up that they were going to establish it so that it couldn't be abolished by future administrations - what the legislature can make, the legislature can take - too bad the courts are playing along with their game.....

[itsahoot]

too bad the courts are playing along with their game.....

Too bad the administration knuckles under to inferior courts.

[qaz123]

Isn’t it interesting how many Leftists get rich off the government. A place where they really don’t have to perform a job. They just have to have the title and position. Warren is the perfect example. No skills, whatsoever. But she’s a Liberal Senator that can legally extort money. One of the many examples of Leftists, in any part of government making a living off the taxpayer.