The economic downturn in 2008 cost Michiganians their jobs, families their savings, and some even their homes. In response to this seismic event, Democrats in Congress passed and President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law. According to its supporters, Dodd-Frank was a panacea of regulatory solutions that would end “too big to fail” and prevent a future financial crisis. In reality, Dodd-Frank has made it even more difficult for struggling families across Michigan to secure a future for themselves and for their children. First, Dodd-Frank did ... Read More »
For seven years now, the Dodd-Frank Act has stifled the American Dream — for half of the country. Let me explain. After the 2008 financial crisis, the economy was in dire straits. Washington responded with the Dodd-Frank Act, a sweeping overhaul of the American financial regulatory system, implementing the strongest regulations seen since FDR's New Deal. Since 2008, some of America's large firms and large metropolitan cities have experienced positive post-recession recovery. Today's rising stock market figures indicate that our economy is prosperous and gaining strength with each day. It appea... Read More »
By Chairman Jeb Hensarling and Rep. Roger Williams Few Americans are familiar with the Consumer Financial Protection Bureau, but it is the most powerful and least accountable Washington bureaucracy in history and a perfect example of the political left’s dangerous belief that the ends always justify the means. While the agency has an important mission, it was purposefully designed by Democrats to evade checks and balances that apply to other regulatory agencies, including those responsible for consumer and investor protection. Its bizarre, unique and defective design is exactly why a panel of... Read More »
By Congressman French Hill (R-AR) Washington, D.C.'s idea of government may have changed, but the American people's has not. This is a significant observation I have made since returning to Washington after living and working for 25 years in central Arkansas. In Washington, accountability has gone from a focal point of governance to a relative afterthought. The rest of America doesn't approve of Washington's dismissal of accountability. When I'm home in Arkansas, I haven't met very many people--if any--who have told me they don't agree with the idea that our government needs to be accountable ... Read More »
p.p1 {margin: 0.0px 0.0px 0.0px 0.0px; font: 18.7px Calibri; -webkit-text-stroke: #000000} p.p2 {margin: 0.0px 0.0px 0.0px 0.0px; font: 14.7px Calibri; -webkit-text-stroke: #000000} p.p3 {margin: 0.0px 0.0px 0.0px 0.0px; font: 16.0px Calibri; -webkit-text-stroke: #000000} span.s1 {font-kerning: none} span.s2 {font: 16.0px Calibri; text-decoration: underline ; font-kerning: none; color: #0000ff; -webkit-text-stroke: 0px #0000ff} The CFPB began an investigation into Wells Fargo only after the bank contacted the agency and the Los Angeles city attorney had filed a civil complaint, according to d... Read More »
Los Angeles Times – Republicans Attack Consumer Financial Watchdog as They Push For His Firing Part of the GOP attack focused on the Wells Fargo case as they argued the watchdog agency “was asleep at the wheel” in identifying that the bank was creating unauthorized accounts and only got involved after the Los Angeles Times and Los Angeles City Attorney Feuer had uncovered the problems. Politico Pro – CFPB Was Late to Wells Fargo Probe, Letters Suggest The CFPB began an investigation into Wells Fargo only after the bank contacted the agency and the Los Angeles city attorney had filed a civil co... Read More »
Independent Journal Review By: Richard Berman Washington, D.C. is known for many things: Majestic monuments, smoky steakhouses, and wasteful bureaucracy at its worst. From the Environmental Protection Agency's crippling regulations to the Pentagon's $125 billion boondoggle, the swamp is full of critters. But no government agency is creepier or crawlier than the Consumer Financial Protection Bureau (CFPB). It starts with the CFPB's structure. Normally, government agencies like the State Department and Environmental Protection Agency are overseen by Congress, which determines funding levels and ... Read More »
Since I was first elected to Congress, I have fought to hold government agencies and Washington bureaucrats more accountable to Floridians and all Americans. Unfortunately, the Consumer Financial Protection Bureau (CFPB) continues to operate in a manner unaccountable to Congress, the president and American taxpayers. You don’t have to take my word on this. On October 11, 2016, the D.C. U.S. Circuit Court of Appeals found the CFPB’s leadership structure unconstitutional. In its decision, the court stated, “The [CFPB] Director enjoys significantly more unilateral power than any single member of... Read More »
As the following article from Real Clear Markets points out, the unaccountable and unconstitutional CFPB shows utter contempt for constitutional due process rights and tramples on the rule of law. This abuse may grab headlines, but it does not achieve justice and ultimately harms the very consumers the Bureau is supposed to protect. “Prohibited by statute from regulating auto dealers, the agency targeted them anyway” “Actions that were legal when PHH engaged in them became illegal through some after-the-fact interpretive magic by the bureau” “CFPB violated due process” “The bureau assumed awa... Read More »
By: Jeb Hensarling Wall Street Journal February 9, 2017 The Obama presidency placed no greater burden on America’s growth potential than the avalanche of regulations that smother the U.S. economic system. The most destructive and dangerous of the new regulatory bureaucracies created by the Democrat-dominated 111th Congress is the Consumer Financial Protection Bureau. The CFPB stands with ObamaCare as a crowning “achievement” of Mr. Obama’s transformation of America. With unprecedented automatic funding provided directly by the Federal Reserve, the agency is unanswerable to anyone. Democrats ch... Read More »
