Court Nixes Warren’s CFPB

I saw progressives’ attempt to put the CFPB’s consumer “protection” bureaucrats in charge of law-making, not Congress, was ruled UNCONSTITUTIONAL. Imagine Congress having to work…

What exposed the underbelly of Elizabeth Warren’s alleged blank check written by Congress several years ago was the severing of the CFPB’s budget from Congressional appropriations; in short, via an automatic funding draw on taxpayers’ money in the Federal Reserve. A panel of judges for the Fifth Circuit this week said the scheme, drawn up when Ms. Warren was a Senator, was a too-obvious & prohibited end around the Constitution’s “Separation of Powers” clause. Noted the WSJ’s editorial board: “The originalist legal revolution continues to pay dividends, and the latest evidence is a bombshell appellate ruling on Wednesday that the Consumer Financial Protection Bureau’s funding scheme is unconstitutional. [A Dem-controlled] Congress’s attempt to end-run political accountability for financial regulators has suffered a direct hit.”

The Fifth Circuit agreed with companies challenging the CFPB “payday lending rule” saying the bureau’s “double insulation from Congress’s purse strings” is “unprecedented.” Wasn’t it progressive favorite, Alexander Hamilton who had warned that uniting Congress’s power of the purse with the executive’s sword would “destroy freedom” & encourage “tyranny”?

Davd Soul