Cfpb, Biden Administration, Barney Frank Barney Frank discussed on The Doug Collins Podcast
To. This is something that's been out there for a while, people is either fighting in the distance. It's been discussed by us in Washington for a long time. Go back for just a second if you would, give us sort of the foundations of what this is, what it may be intended to be, what it actually is, and how everybody listening to this podcast is affected by the CFPB. Okay. Well, everybody is affected. Everybody who basically gets out of mortgage, the lack of competition, we had actually one of our co plaintiffs in a lawsuit. People and people that we were representing in a lawsuit against the CFPB longtime back that raised some of the same grounds as the Supreme Court is now hearing the community bank, which had not had a default in decades because they knew everyone. It was the state national bank of big spring Texas said that they couldn't make mortgages because weight of the red tape. And this is basically Elizabeth Warren said that you basically should regulate loan products like coasters that the disclosure was not enough. You would need to give a loan has proved to be faulty. I mean, never mind how we've given the way people use it a type of loan. The government needed to ban it. And you needed the consumer financial protection bureau just like the consumer product safety commission. I think about her analogy, especially now that the Biden administration wants to ban gas stoves for their own good. So it's not really good to have the government interfering too much in the market for kitchen appliances or from mortgages, but also one of the things that Barney Frank Barney Frank and Chris Dodd when they were making Don Frank was they put in and unaccountable head of this agency that could not be removed by the president, except for malfeasance. So it was not an independent board like, say, the Securities and Exchange Commission, federal communications, board and where you had people of both parties. It was like a cabinet secretary, but it was one that served a fixed 6 year term that could potentially outlast the one of the presidential administration. And on top of that, it was not accountable to Congress either because it did not get its appropriations from Congress. It got its appropriations from the Federal Reserve, the money the Federal Reserve makes from selling from selling dollars. And this agency with no accountability would have just incredible reach not only of over consumers that get mortgages, but just for any small business that extends credit, including like, say, an orthodontist that spreads out payments because can't pay for their kids braces, all at once or a butcher who may, who made you that, you've got plans with buying out pay later, this CSV has jurisdiction over all of that and yet no accountability. Somewhat the accountability was fixed in a court case with when they ruled that the president does have removal power. And of course, Biden, even though he's now complaining about the CWB should be independent was fired as he had the right to do. President Trump's appointee on the first day on the first day in office and appointed an acting and then got confirmed Rohit Chopra, who's the head of it now. And that's something the next Republican administration is going to do, but as long as they don't, as they are shielded from congressional accountability, they lack with the appropriations they lack that pillar of accountability that so many other agencies have and the Congress can't use its power of the purse strings to exercise what and make them more in line with the voters wishes..