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Author: CCinOC Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 127222  
Subject: Breathtaking lack of accountability Date: 11/30/2013 5:29 PM
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And a week or so ago, the chairman of the House Financial Services Committee (Jeb Hensarling, R-Texas) left little doubt about what he thinks of the CFPB [Consumer Finance Protection Bureau]. "We know that this is an agency that was designed to be unique, if not perhaps rogue. It's an agency like no other. Arguably it's the single most powerful and least accountable Federal agency in the history of our nation."

Hensarling said the CFPB was effectively unaccountable to Congress, the courts, and even the president, since once appointed and confirmed, the CFPB director can only be removed "for cause." "...the CFPB is uniquely unaccountable even to itself since there is fundamentally no 'it,' no 'they', only a 'he,'" (referring to CFPB Director Richard Cordray).

"There's no commission, only one omnipotent director, fundamentally accountable to no one. Combined with this breathtaking lack of accountability is a grant of power under Dodd-Frank to the CFPB director that is unilateral, unbridled and unparalleled. The director can unilaterally declare virtually any financial product or service as 'unfair' or 'abusive,' at which point Americans will be denied that product or service even if they need it, want it, understand it and can afford it."

Hensarling is promoting a bill - HR 2446 - which would replace the director with a five-member commission, with each commissioner serving a five-year term.

***

It's prudent to know what we're up against.
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