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Monday, 20 March 2017 15:02

President Trump Wants Power to Fire the Head of the Consumer Financial Protection Bureau

Written by  Bob Adelmann

When PHH Financial, a mortgage lender, was fined $109 million by the head of the Consumer Financial Protection Bureau (CFPB), it filed suit against the agency for overreaching its prerogatives. It also demanded that the court dismantle the agency altogether.

A three-judge panel of the U.S. Court of Appeals for the District of Columbia ruled last fall that, indeed, Richard Cordray, the CFPB’s director, did overreach, but that dismantling the agency was itself too much to ask.

Last Friday Trump’s Department of Justice (DOJ) made an unusual move in the case, which has been appealed to the full bench by filing an amicus brief. Said DOJ officials: “Because a single agency head is unchecked by the constraints of group decision-making among members appointed by different presidents, there is a greater risk that an ‘independent’ agency, headed by a single person, will engage in extreme departures from the president’s executive policy.”

This is how a lawyer complicates the simplest thing: The CFPB’s head is not accountable to anyone. Its funding comes from the Federal Reserve where the agency is housed. Cordray cannot be fired, except for the grossest mismanagement. He is, in other words, immune from any oversight by the president, Congress, or the courts.

Read more at TheNewAmerican
Last modified on Monday, 20 March 2017 16:47

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A person such as this that was appointed rather than elected should not have the power to fine anyone for anything. Either a court does this or a vote of the entire agency board members does

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Corday has the perfect job - he can't be fired! Can his budget be cut?

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If it was appointed by obama, it has to go. No questions asked.. And, it probably needs to be investigated as well..

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Unelected, unaccountable.....off with his head says the Red Queen.

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Too many agencies with too many initials ....

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I gotta agree with the other posters so far - disband the Fed.

And get rid of the CFPB along with it. On a side note, Richard Cordray is just bad news. He was just awful as Attorney General for Ohio. Get rid of him.

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Disband the Federal Reserve System!!!!!!!

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The Federal Reserve system should be closely investigated also. It is not an agency of the Federal government, but is an entity owned by bankers. Very powerful and uncontrolled.

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Its always nice to be above the law.

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