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The CFPB Is Harming the Very People It Was Supposed to Protect

This article was originally published on January 16, 2018 in Real Clear Markets.

This July will mark the seventh anniversary of the founding of the Consumer Financial Protection Bureau (CFPB). Created by the Dodd-Frank Act in the wake of the 2008 global financial crisis, its proponents envisioned the CFPB as a completely independent consumer watchdog designed, in theory, to be immune to political pressure. However, by violating basic separation-of-powers principles, the agency actually became unaccountable and far more politicized than the traditional agency structured as a bipartisan commission.

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