Dodd-Frank May Get Thrown-Out
23rd June 2012
The plaintiffs point out that Dodd-Frank grants the CFPB sweeping authority over consumer financial product and services firms. For example, the CFPB has the open-ended power to determine which lending practices are “unfair,” “deceitful,” or “abusive” under the Act. It can also unilaterally exempt any class of covered persons from rules it promulgates.
Dodd-Frank also grants the CFPB aggressive investigative and enforcement powers. It can issue subpoenas, conduct hearings and adjudicative proceedings, and file lawsuits.
In other words, it can freely ignore Friends of the Crust while oppressing those out of favor, backed by the full power of the modern state. But that’s the way they roll these days: Pass a law that criminalizes almost anything that anyone would want to do, then exempt your friends and the well-connected — and, eventually, those who are willing to let the bureaucrats and politicians ‘wet their beaks’.
Your tax dollars at work.