As the Senate prepares for what should be a contentious confirmation hearing for President Trump’s nominee to head the powerful Bureau of Consumer Financial Protection (formerly known as the Consumer Financial Protection Bureau), a federal judge in New York just ruled that the BCFP’s unchecked power violates the Constitution.
The BCFP “lacks authority to bring claims” because of the lack of constitutional checks on its director, ruled Loretta Preska, a respected senior judge and former Chief Judge of the U.S. District Court for the Southern District of New York, on June 21.
The Dodd-Frank financial regulatory overhaul, rammed through the Democrat-controlled Congress and signed by President Barack Obama in 2010, purposefully created the BCFP as a massive bureaucracy almost completely unanswerable to the president and Congress once confirmed by the Senate. Former House Financial Services Committee Chair Barney Frank, D-Mass., whose name is emblazoned on the law, admitted to CNN that “we deliberately tried to give it [the BCFP] some protection from the normal political process.”
Read the full article on the Washington Examiner.