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How Can We Fix The CFPB? Shut It Down

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Investor's Business Daily covers the release of The Case against the Consumer Financial Protection Bureau by Iain Murray.

Regulation: The Consumer Financial Protection Bureau's very name suggests its job is protecting you, the American consumer. Nothing could be farther from the truth. Now, a new study documents the agency's many problems and makes a modest proposal: Shut the CFPB down. We agree.

The CFPB arose from the 2010 Dodd-Frank reforms as a kind of super-regulator for all consumer finance. The Democrats who passed that bill used it to bludgeon Wall Street for its "greed" and to blame the banking industry for the 2007-08 financial crisis. But the CFPB has failed miserably at its job.

"The Consumer Financial Protection Bureau was set up under the Dodd-Frank Act of 2010 in violation of constitutional norms ostensibly to protect consumers from bad actors in the banking and financial services industry, but the agency is instead actively harming consumers, pressing ahead with regulations even when the benefit to consumers is likely to be outweighed by the costs," wrote Iain Murray, vice president for strategy at the Competitive Enterprise Institute, in a new study titled, "The Case against the Consumer Financial Protection Bureau: Unconstitutionally Structured and Harmful to Consumers."

Read the full article at Investor's Business Daily.