Elizabeth Warren’s ‘consumer watchdog’ hounded legit businesses — time to shut it down
Recognizing that free advice is worth exactly what you pay for it, allow me to offer Treasury Sec. Scott Bessent some insight on his new gig as acting director of the Consumer Financial Protection Bureau.
The bureau, originally the brainchild of Sen. Elizabeth Warren, was built on the misguided principle that protecting consumers in the financial services arena should be “above politics.”
In Washington-speak, that means an entity that’s not accountable to elected politicians — or, by extension, to the people who elected them.
That was bad enough. But under the leadership of Barack Obama appointee Richard Cordray, the bureau decided that being “above politics” also meant that it could be “above the law.”
Thus it was, for example, that the CFPB set out to regulate automobile dealerships, even though it was explicitly prohibited — in statute — from doing so.
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