"Consumer finance agency has no 'taint of legality' "

[WhiskeyGirl]

There can be unseemly exposure of the mind as well as of the body, as the progressive mind is exposed in the Consumer Financial Protection Bureau, a creature of the laby- rinthine Dodd-Frank legislation. Judicial dismantling of the CFPB would affirm the rule of law and Congress' constitutional role.

One CFPB request for $94 million in Federal Reserve funds was made on a single sheet of paper. Its 2012 budget estimated $130 million for - this is the full explanation - "other services." It has been hiring promiscuously and paying its hires lavishly: As of three months ago, approximately 60 percent of its then 958 employees were making more than $100,000 a year. Five percent were making $200,000 or more.

Where is the Federal Reserve getting all this money?  Wishing it into existence?

The Federal Reserve is the nations biggest private bank.  Should it really be in charge of a consumer organization?

C. Boyden Gray and Adam J. White, lawyers representing a community bank challenging the constitutionality of the CFPB's "formation and operation," note in The Weekly Standard: "By writing new law through case-by-case enforcement, and by asserting 'exception authority' to effectively rewrite statutes, the CFPB is substantially increasing bankers' compliance costs. The absence of clear, simple, upfront rules will force banks to hire ever more lawyers and regulatory compliance officers to keep up with changing laws - an outcome that inherently favors big banks over smaller ones."

Gray and White argue that Dodd-Frank "delegates effectively unbounded power to the CFPB, and couples that power with provisions insulating CFPB against meaningful checks" by the other branches of government. By creating a CFPB that floats above the Constitution's tripartite design of government, Congress did not merely degrade itself, it injured all Americans.

read more here - http://azstarnet.com/news/opinion/consumer-finance-agency-has-no-taint-of-legality/article_f211943a-2e64-5844-86e5-831dcf214332.html

A nation in bondage to global banks and business.

just my humble opinions