Breaking! Barney Frank Admits Consumer Financial Protection Bureau Was Set Up to Purposely Bypass Congress!
The founding fathers purposely set up checks and balances and Barney Frank admitted this week that he and Elizabeth Warren PURPOSELY bypassed that when they set up the CFPB.
“When we wrote the law creating the CFPB, and we deliberately tried to give it some protection from the normal political process,” Frank said on CNN’s “New Day.”
Passed in 2010, the Dodd-Frank Act established the CFPB and called on the bureau’s deputy director to serve as acting director between Senate-confirmed chiefs. Cordray promoted English, his chief of staff, to the deputy director position shortly before resigning from the bureau on Friday.
No wonder President Trump threw the lying Senator Elizabeth Warren out into the news cycle, as she is headed for a brick wall she created a few years back.
Warren set up the Consumer Financial Protection Bureau (CFPB) to operate above any oversight by funding it directly by the Federal Reserve, keeping congress out of the loop.
Yes, one of the many crooked schemes done during the Obama administration!
The CFPB gets it’s operating budget from the Federal Reserve, not from congress. Again, this was set-up to keep congress from de-funding the agency as a way to remove it and having oversight.
President Trump has named Mick Mulvaney as director of the Consumer Financial Protection Bureau (CFPB).
You might remember, it has scared the liberals so much, they opened a lawsuit to stop this.
Leandra English, the deputy director of the government body, sued the Trump administration to block the appointment of Mick Mulvaney as interim director of the CFPB.
Today, a federal judge refused to block Mulvaney from serving as acting director of the prominent federal consumer watchdog agency, denying a request by Leandra English, the No. 2 official at the Consumer Financial Protection Bureau, to serve in his stead.
Mulvaney is in a rare position to drain one of Washington’s deepest swamps, and now he has plans to audit this secret agency.
Conservative Treehouse writes:
The CFPB was essentially created to work as a legal money laundering operation for progressive causes by fining financial institutions for conduct the CFPB finds in violation of their unilateral and arbitrary rules and regulations. The CFPB then use the proceeds from the fines to fund progressive organizations and causes. That’s the underlying reason why the Democrats are fraught with anxiety right now.
Elizabeth Warren set up the bureau to operate above any oversight. Additionally, the bureau was placed under spending authority of the federal reserve. The CFPB gets its operating budget from the Federal Reserve, not from congress. Again, this was set-up to keep congress from defunding the agency as a way to remove it. Everything about the way the CFPB was structured was done to avoid any oversight. Hence, a DC circuit court finding the agency held too much power, and deemed the Directors unchecked position unconstitutional.
Mick Mulvaney is now in a position to look at the books, look at the prior records within the bureau, and expose the political agenda within it to the larger public. That is sending the progressives bananas.
Most likely President Trump will not appoint a replacement until Mulvaney has exposed the corruption within the bureau. That sunlight is toxic to Elizabeth Warren and can potentially be politically destructive to the Democrats. If the secrets within the bureau are revealed, there’s a much greater likelihood the bureau will be dissolved.
There are billions of scheme and graft at stake. Within the record-keeping there are more than likely dozens of progressive/Democrat organizations being financed by the secret enterprise that operates without oversight. That’s the risk to the SWAMP.
The CFPB is the product of far-left progressives, specifically Elizabeth Warren, initially setting up a financial control agency that operates without congressional oversight.
The Bureau construct was challenged in court and ruled ‘unconstitutional’. That’s the backdrop for this press conference today with Acting Director Mick Mulvaney.
“It’s time for the Democrats to stop enabling this brazen political stunt by a rogue employee and allow Acting Director Mulvaney to continue the Bureau’s smooth transition into an agency that truly serves to help consumers,” White House spokesman Raj Shah said in a statement.
The CFPB was created after the financial crisis to target unfair or abusive practices by financial institutions offering consumer products, including credit cards, mortgages and loans.
Republicans have sought to rein in the agency for years as part of efforts to roll back banking industry regulations, saying it is unaccountable to elected officials and harms economic growth by unfairly burdening companies.
This is some serious draining the swamp. Elizabeth Warren has a lot to lose and if it is bad as some believe it is, her career is over for good.
No 2020 run, no senate seat, in fact, she might could go to jail.
She has a lot more to worry about than Trump calling her Pocahontas.