Hensarling Uses Words “Tyranny,” “Dictator” in Discussing CFPB

by Jeff Sovern

In the Dallas Morning News. Here are some more quotes from the article:

Hensarling bemoaned that the bureau gets to be a "cop on a beat, a judge and its own Congress." * * *

He said the bureau has led to higher bank fees, fewer banking options and more difficulty in obtaining loans. And he said the agency has failed in its enforcement duties, falling "asleep at the wheel" over Wells Fargo's sales scandal until others uncovered the problem. * * *

"I stand ready to negotiate," [Hensarling] said. "I just don't plan to negotiate with myself."

For a more empirically-based view, see Adam Levitin on Hensarling's alternative facts.  In light of the Bureau's occasional setbacks in court, such as the panel decision in PHH (now vacated but still subject to ratification by the DC Circuit), it's hard to justify the claim that it's a judge.  And if the Bureau really were its own Congress, its rules wouldn't be subject to the Congressional Review Act. 

Leave a Reply

Your email address will not be published. Required fields are marked *