Elizabeth Warren’s Consumer Protection Agency Should Be ‘Abolished,’ Says Think Tank

The Daily Caller covers the release of “The Case against the Consumer Financial Protection Bureau.”

Consumers are being harmed by the same federal agency that was created to protect them after the 2007 recession, but none of the three branches of government can do much about it, according to a report released Thursday by a conservative nonprofit think tank.

The Consumer Financial Protection Bureau (CFPB) – an independent agency established under the 2010 Dodd-Frank Act – is costing, rather than saving consumers money, according to the Competitive Enterprise Institute’s report. The law also exempted CFPB from the oversight that typically applies to federal agencies.

The CFPB’s “problems are so fundamental that it should probably be abolished,” the report reads. The agency was largely designed by now-Sen. Elizabeth Warren, the Massachusetts Democrat who was then a major advocate and had not yet run for the Senate.

Read the full article at The Daily Caller.