Elizabeth Warren’s Boomerang
She designed the CFPB to be unaccountable. Now she’s upset about it.
The Wall Street Journal quotes Iain Murray’s tweet on Elizabeth Warren’s complaints about the CFPB:
Like Donald Trump, Ms. Warren might want to let an editor see her tweets before she sends them. Iain Murray of the Competitive Enterprise Institute quickly responded to Ms. Warren by tweeting, “If only the CFPB had any meaningful accountability to Congress . . .”
Someone get the smelling salts because Ms. Warren is down for the count.
As Mr. Murray and readers of these columns know, Ms. Warren designed the CFPB as an independent agency like no other precisely so it could ignore Congress. The bureau is funded not with an annual appropriation like the rest of the government, but by the Federal Reserve based on a request from the head of the CFPB. Congress thus can’t use its constitutional power of the purse to enforce public accountability.