This Government Agency Offends the Constitution and Needs to Be Eliminated

A little-known federal government agency, the Consumer Financial Protection Bureau, imposes enormous costs on consumers and financial service providers through costly and unwarranted command-and-control regulation.

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What’s more, the Consumer Financial Protection Bureau runs afoul of the constitutionally mandated separation of powers. Thus, both economic and constitutional concerns indicate that it is time for Congress to abolish the Consumer Financial Protection Bureau and reallocate those of its functions that merit being retained to other existing federal regulatory agencies. Creation of the Consumer Financial Protection Bureau was a key feature of the Dodd-Frank Act of 2010, which, as Heritage scholars have explained, represents a failed attempt to address the causes of the 2008 financial crisis (in fact, it makes future financial crises and bailouts more likely). More...

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