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Author: MadCapitalist Big funky green star, 20000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 757889  
Subject: CFPB is answerable to no one. Date: 11/18/2012 3:01 PM
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Answerable to no one

"There can be unseemly exposure of the mind as well as of the body, as the progressive mind is exposed in the Consumer Financial Protection Bureau (CFPB), a creature of the labyrinthine Dodd-Frank legislation. Judicial dismantling of the CFPB would affirm the rule of law and Congress’s constitutional role.

The CFPB’s director, Richard Cordray, was installed by one of Barack Obama’s spurious recess appointments when the Senate was not in recess. Vitiating the Senate’s power to advise and consent to presidential appointments is congruent with the CFPB’s general lawlessness.

The CFPB nullifies Congress’s power to use the power of the purse to control bureaucracies because its funding — “determined by the director” — comes not from congressional appropriations but from the Federal Reserve. Untethered from all three branches of government, unlike anything created since 1789, the CFPB is uniquely sovereign: The president appoints the director for a five-year term — he can stay indefinitely, if no successor is confirmed — and the director can be removed, but not for policy reasons.

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Like the Independent Payment Advisory Board, Obamacare’s health-care rationing panel, the CFPB embodies progressivism’s authoritarianism — removing much policymaking from elected representatives and entrusting it to unaccountable “experts” exercising an unfettered discretion incompatible with the rule of law. Similarly, when Obama allows states to waive work requirements that the 1996 welfare reform law explicitly made non-waivable, he evades the Constitution’s provision conferring a conditional presidential veto power — ignoring the law becomes preferable to a veto Congress can override. And the waivers make a mockery of the Constitution enjoining the president to “take care that the laws be faithfully executed.”"

http://www.washingtonpost.com/opinions/george-will-a-governm...

Great article by George Will. Read the rest of it. It's pretty unbelievable.

F.A. Hayek was right in The Road to Serfdom. As we move towards socialism, discretion necessarily must increase and the rule of law suffers.
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