More Winning: Trump Seizes Control of CFPB Back From Obama Holdovers

Elder Patriot – The Department of Justice has just dealt another deathblow to Democrats who were relying on legislative chicanery contained in the 2010 Dodd-Frank Act to maintain control of the Consumer Financial Protection Bureau (CFPB).

In true Marxist fashion, The CFPB was created to establish power and control over almost every financial transaction in the United States.

The act attempted to memorialize succession to head the bureau to the Obama appointee already in place, essentially negating the Federal Vacancies Reform Act that reserves that right to future presidents.

The act was written to allow the Director to operate outside the control of congress and of the White House.  In essence the CFPB director position was created to work above the reach of any oversight; almost like a tenured position no one could ever remove.

The CFPB Director has the power to regulate pensions, retirement investment, mortgages, bank loans, credit cards and essentially every aspect of all consumer financial transactions.

A spokesman for the Senate’s Democratic leader, Chuck Schumer, still contends that the deputy director should serve as the CFPB’s leader saying, “And we’ve been in conversations with the offices of Sens. Brown and Warren on exploring ways to ensure the line of succession, as drawn up in law, is adhered to.”

Armed with a legal decision from the DC Circuit Court of Appeals, President Trump ignored the outcry from liberals and appointed OMB Director Mick Mulvaney to head the bureau setting up a showdown with his opponents.  Mulvaney has been no fan of the way the CFPB has been managed and had called for its elimination in the past.

Last October, the DC Circuit Court, in response to legal challenges from credit unions and mortgage providers, ruled that placing so much power in a single Czar was unconstitutional.

Yet Democrats are still fighting the ruling and defending what has been decided to be unconstitutional law.

Yesterday, the Justice Department’s Office of Legal Counsel weighed in on the controversy and confirmed the president’s authority to make the appointment of the person he sees fit to handle the position based on his constitutional responsibility to staff the agencies under his command.

Trump is trying to breath new life back into the agency that, though originally claimed to be established to protect financial consumers, became another slush fund for corrupt politicians and that turned the financial system into a minefield for the little guy.

President Trump indicated this yesterday by this tweet:

This is just one more step in Trump’s war against Obama’s over regulations that stifled economic growth and resulted in stagnant wage growth over the tenure of his presidency. 

It should come as no surprise, therefore, that Schumer’s Democrats are fighting Mulvaney’s appointment.