Business As Usual: Every Donation From CFPB Goes to a Democrat
By Gloria Taylor
This election cycle the Consumer Financial Protection Bureau (CFPB) was one of only four federal agencies where every donation from its employees went to Democrats. Out of 300 donations amounting to $50,000, not one of these went to a Republican.
Created in 2010 under Dodd-Frank as a brain child of progressive Senator Elizabeth Warren, the CFPB has come under fire from not only Republicans, many of whom want to abolish or rein in the agency, but also from the court system for its unconstitutional structure.
The egregiously partisan nature of these donations further illustrates business as usual in D.C. and the serious need for financial reform. But it makes perfect sense that unelected and unaccountable federal bureaucrats contributed to either Hillary Clinton or Bernie Sanders. Both candidates praised the CFPB for its protection of consumers, lauded its crackdown on Wall Street, and would continue the status quo of the CFPB acting with an unprecedented lack of Congressional oversight.
A Clinton presidency would’ve further enshrined this agency’s ability to determine winners in the losers in the market as they continue to operate aside from the Constitutional checks and balances fundamental to our system of government.
Conservatives have pushed back against the bureau for years as it wreaks havoc on financial markets, generates uncertainty with new rules and regulations, restricts access to capital for potential homebuyers, and levels an undue regulatory burden on community banks. For example, the CFPB’s arbitrary ability to define its own powers and create sweeping rules at will has led to decreased choices for consumers when it comes to loans and hundreds of investigations against financial firms that require little to no evidence to initiate.
If one thing is clear, the CFPB is looking out for its own power rather than focusing on serious reforms that protect consumers. In the wake of the decision declaring the CFPB structure unconstitutional and the willingness of President-elect Donald Trump to repeal Dodd-Frank, conservatives have tremendous opportunity to restore free market principles to the financial sector and create the economic growth big government policies fail to produce.