The Dodd-Frank Act created this Deep State monster known as the Consumer Financial Protection Bureau (CFPB). They designed it to be outside the control of Congress. It was a gift from Obama in his fundamental transformation of America. Now President Trump will be engaged in a battle to see if he can gain a measure of control. The GOP will not be much help. Heck, they might as well be a part of the deep state. Here is what is at stake.
As Written By Allen B. West:
There’s another looming test of the “deep state” versus the Trump administration. We’ll soon find out who is truly in charge in Washington DC. If there’s one thing after a year we’ve come to realize, it’s that the progressive socialist left did not believe Hillary Clinton would lose. The other thing is the leftists have become deep-rooted like ticks in the federal government, and will not willingly stop sucking off the blood of the American people.
As reported by Fox News, “The Department of Justice released a statement Saturday giving President Trump the authority to appoint an acting director of the Consumer Financial Protection Bureau (CFPB). The conclusion comes amid ongoing conflict after the agency’s director, Richard Cordray, resigned on Friday and appointed his own successor. Meanwhile, the president appointed someone else. Trump took to Twitter on the matter to air his grievances with the CFPB, calling the agency “a total disaster.”
[For the record, I prefer President Trump not discuss policy issues via Twitter]
Cordray, who was appointed to the position by President Obama, nominated the agency’s chief of staff Leandra English to succeed him. Under the Dodd-Frank Act that created the CFPB, English would assume the role of director — which Cordray specifically cited when he moved her into the spot. Cordray’s move would allow his choice of successor to continue running the agency for as long as possible before the president’s long-term nomination could ultimately be confirmed by the Senate.
However, Trump used his authority to designate Mick Mulvaney as the acting director. Mulvaney is also the director of the Office of Management and Budget. English is a longtime CFPB employee and ally to Cordray, while Mulvaney has been a critic of the agency and has wanted its authority reduced. The outcomes of such different leadership would be significant.”
Here we have yet another legal confrontation within the Trump administration which should not be happening. The GOP-controlled House and Senate should have passed legislation to repeal the Dodd-Frank Act — two fellas who should probably be wearing orange jumpsuits, along with Lois Lerner, Hillary Clinton…and Barack Obama for his lies.
Now, if you’re unsure about what the Consumer Financial Protection Bureau does — another oxymoronic [emphasis on moron] Obama-era government agency, here is a synopsis:
“The CFPB was created as part of the laws passed following the 2008 financial crisis and subsequent recession. The agency was given a broad mandate to be a watchdog for consumers when they deal with banks and credit card, student loan and mortgage companies, as well as debt collectors and payday lenders. Nearly every American who deals with banks or a credit card company or has a mortgage has been affected by new rules the agency put in place.”
It sounds very nice and sympathetic, just like all liberal progressive policies that expand the tyranny of government control. What the CFPB actually has done, and continues to do, is create onerous and insidious rules and regulations on our financial institutions…many of which the CFPB regulators cannot articulate. The result has been an especially hard period for small community and medium-sized banks…a lifeblood to our small businesses.
I recall my encounter with Richard Cordray when I sat on the House Committee on Small Business. I asked him about consulting with businesses and small community banks on regulations before being imposed. His response told me all I needed to know about Cordray and his ………
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