The CFPB is an unaccountable dictatorship

When Elizabeth Warren, Dick Durbin, and others complain about President Trump appointing someone to replace Richard Cordray at the Consumer Financial Protection Bureau, they should be asked what the budget is for the CFPB.  The answer is that they will have no idea, because the CFPB was intentionally set up to be answerable to no one, not even to Congress.  Its money comes from the Federal Reserve, and of course, as taxpayers, we don’t get to see the Fed’s budget, either.

Isn’t it pathetic that an agency that has so much control over our lives and businesses and is supposedly a watchdog is not watched by anyone?

Richard Cordray also was not confirmed by the Senate, which is otherwise required by law.  President Obama gave him a recess appointment.  Essentially, Durbin, Warren, and others want the person who is accountable to no one and who was not confirmed by the Senate to have the sole authority to appoint his successor.

That’s what’s behind the current controversy of CFPB appointee Leandra English suing to keep her acting director’s appointment instead of President Trump’s choice, Mick Mulvaney.  The two of them both showed up for work to lead the agency on Monday, yet only one of them was rightfully appointed by the president.

What we have at the CFPB is an unaccountable dictatorship, and that is what Democrats want to continue.

Again, ask all the Democrats who now supposedly care about controlling the budget why any agency should be off budget where no one can monitor it.

The CFPB pays its employees very well while it lectures others.

From the Washington Examiner:

Employees of the new Consumer Financial Protection Board may be the most lavishly paid of all federal workers.

Hundreds of CFPB officials are paid more than Supreme Court Justices, senior White House officials, members of Congress, and all 50 state governors, according to a Washington Examiner analysis of salary data for the board’s 1,204 workers.

The watchdog board, for example, pays 56 employees more than the $199,700 Federal Reserve Board Chairman Ben Bernanke receives. Federal Reserve governors get $179,700, a figure exceeded by 111 CFPB workers.

Congress created the CFPB in 2011 as a financial services regulatory entity under the Federal Reserve, which is exempt from regular civil service pay scales.

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