Court Ruling Reins in Unaccountable Financial Regulation AgencyDiane Katz / @Dianeskatz / October 11, 2016
The very first line of today’s court ruling in PHH Corporation v. Consumer Financial Protection Bureau (CFPB) states: “This is a case about executive power and individual liberty.”
Today, for once, liberty won in a big way.
It would be hard to overstate the importance of the decision by the U.S. Circuit Court of Appeals to strike down as unconstitutional the wholly unaccountable structure of the Consumer Financial Protection Bureau (CFPB).
As a result, CFPB Director Richard Cordray will no longer wield singular control over the entire consumer finance market. The court instead rightfully granted the president the power “to remove the director at will, and to supervise and direct the director.”
The ruling is a major blow to Sen. Elizabeth Warren, D-Mass., who proposed the CFPB in a 2008 law review article and has championed its radical agenda ever since.
The bureau was created in 2010 by the Dodd-Frank Wall Street Reform and Consumer Protection Act, and imbued with unparalleled powers over virtually every consumer financial product and service. Established within the Federal Reserve System, the bureau was designed to operate independently, and with virtually no oversight....
http://dailysignal.com/2016/10/11/court-ruling-reins-in-unaccountable-financial-regulation-agency
