The Obama administration wasted no time in putting in place – in a home-page video — Richard Cordray as head of the Consumer Financial Protection Bureau (CFPB) the day after the president’s controversial “recess” appointment of Cordray. His appointment, made while the Senate is technically not in recess, set off a storm of criticism for President Obama’s “tyrannical abuse of power.”
The new megalithic agency created under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 itself is under attack for the lack of accountability for its director and its funding, which doesn’t need Congressional authorization. CEI’s John Berlau points out these and other major issues relating to the lack of accountabilityfor CFPB and its head.
Watch the video below: