Results 1 to 5 of 5

Thread: Trump Seeks Closure Of Consumer Protection Agency

  1. #1
    Veteran Member Madeline's Avatar
    Joined
    Jun 2014
    Posts
    47,093
    Thanks
    28050

    From
    Cleveland, Ohio

    Trump Seeks Closure Of Consumer Protection Agency

    The agency has been attacked in court as unconstitutional, and Trump has announced the federal government will stop defending that suit.

    The Justice Department will not support the Consumer Financial Protection Bureau in a monumental court battle over whether the structure of the federal watchdog is unconstitutional, according to court documents filed Friday.

    The department also argued that the president should be able to remove the director of the independent agency at will, a shift that consumer advocates say could threaten the independent nature of the CFPB.
    https://www.washingtonpost.com/news/...=.76bf63a1580b

    This agency, funded by the Federal Reserve, has returned over $11 billion to consumers since its creation in 2008. The question of constitutionality pertains to the agency's structure.

    Republican leaders have long tried to check the CFPB, arguing that the agency is flawed, too powerful and not accountable to elected officials. Currently, the bureau is funded by the Federal Reserve, and therefore doesn't report to elected leaders. Most recently, Senators Ben Sasse (R-NE) and Mike Lee (R-UT) called for replacing the director of the CFPB with a multi-member panel that can be controlled by Congress.

    "Director [Richard] Cordray has vigorously supported the unconstitutional independence of the CFPB," Lee said in an early January statement."Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director."
    Donald Trump Targets CFPB, Which Returned $11.8 Billion to Consumers | Fortune.com

    Without the CPB, consumers are protected only by the FTC, which has had a dismal record in financial matters.

    What say you?

  2. #2
    Veteran Member John T Ford's Avatar
    Joined
    Jan 2015
    Posts
    21,432
    Thanks
    6106

    From
    Great State of Texas
    I say down with all government agencies that are not accountable to elected officials.

    Laws and regulations should be passed by Congress and Congress alone.

  3. #3
    Veteran Member Madeline's Avatar
    Joined
    Jun 2014
    Posts
    47,093
    Thanks
    28050

    From
    Cleveland, Ohio
    Quote Originally Posted by John T Ford View Post
    I say down with all government agencies that are not accountable to elected officials.

    Laws and regulations should be passed by Congress and Congress alone.
    That's the argument, yes. It's not a persuasive one to my ear.

  4. #4
    Veteran Member
    Joined
    Sep 2013
    Posts
    27,969
    Thanks
    22315

    From
    Behind the Redwood Curtain
    Quote Originally Posted by Madeline View Post
    The agency has been attacked in court as unconstitutional, and Trump has announced the federal government will stop defending that suit.

    https://www.washingtonpost.com/news/...=.76bf63a1580b

    This agency, funded by the Federal Reserve, has returned over $11 billion to consumers since its creation in 2008. The question of constitutionality pertains to the agency's structure.

    Donald Trump Targets CFPB, Which Returned $11.8 Billion to Consumers | Fortune.com

    Without the CPB, consumers are protected only by the FTC, which has had a dismal record in financial matters.

    What say you?
    Does that mean the Consumer Financial Protection Bureau is beyond the reach of lobbyists?

    That would be a shame.

  5. #5
    Veteran Member
    Joined
    Sep 2013
    Posts
    27,969
    Thanks
    22315

    From
    Behind the Redwood Curtain
    Quote Originally Posted by John T Ford View Post
    I say down with all government agencies that are not accountable to elected officials.

    Laws and regulations should be passed by Congress and Congress alone.
    I don't believe the Consumer Financial Protection Bureau makes laws.

Similar Threads

  1. AAN Resorts to Consumer Protection Red Scare Ad
    By Bluegrass in forum Conspiracy Theories
    Replies: 2
    Last Post: 11th November 2015, 08:36 AM
  2. Consumer Protection and The Internet Malware and other Threats
    By MrObjective in forum Political Discussion
    Replies: 1
    Last Post: 15th July 2013, 07:44 PM
  3. Replies: 92
    Last Post: 11th October 2011, 12:52 PM
  4. Consumer Credit Protection Bureau
    By beatleboy in forum Political Discussion
    Replies: 0
    Last Post: 21st July 2011, 11:06 AM

Tags for this Thread


Facebook Twitter RSS Feed