Update on Richard Cordray and the Consumer Financial Protection Bureau

Dilbert (Scott Adams) cartoon via powerlineblog.com

Clarice Feldman closes her Sunday column at American Thinker with this summary:

Probably the most important development this week is the effective end of the CFPB (Consumer Financial Protection Bureau), a power grab by Democrats led by Massachusetts Senator Elizabeth Warren, which gives a single director who can only be fired for cause by the president (a structure designed to operate outside Congressional or executive control) power to regulate mortgages, credit cards, and retirement and pension investments -- in sum, all consumer financial transactions. Warren originally wanted to run this outfit, but when it was clear she’d never get Congressional approval, Richard Cordray became the one-man credit czar. Last October the Court of Appeals for the D.C. Circuit ruled that placing so much power in a single commissioner not answerable to the president was unconstitutional.

The Obama Administration sought en banc review by the entire Circuit Court Panel.  In March, the new administration reversed the government’s position. The entire panel heard the case in May. While the decision in that case is still pending, Cordray this week resigned, and the president appointed in his place OMB chief Mike Mulvaney as interim head. Mulvaney strongly opposed the creation of this bureau. The President thus has now put in place someone who can be counted on to undo the Democrats’ machinations to control all our financial transactions by the fiat of a single man. By their own hands, they created a situation they are powerless to undo -- just as by tarring Judge Moore with suspect accusations they open themselves to the same treatment. 

Richard Cordray has not yet confirmed his candidacy for Governor of Ohio, but the Cincinnati, Dayton, and Cleveland media expect him to announce soon.

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