For the last 160 years, we have been in a slow but steady nosedive into socialistic centralized government. This idea that the local people and representatives are not fit to understand their problems and deal with them has turned into an overgrown monster at the federal level.
This monster grew tremendously after the financial collapse of ’08. This was when Congress under Obama’s direction created the Consumer Financial Protection Bureau. This agency was given oversight of all mortgage lending as a part of the Dodd-Frank legislation.
The Bureau was given many regulator and disciplinarian duties. And this power was given to one person in the person of the director of the CFPB. A person set in place by the President and answerable to no one. But this power has been slightly curtailed.
The Washington Times reports
In a setback for President Obama, a federal appeals court curtailed the power of the Consumer Financial Protection Bureau Tuesday, ruling the agency violated the Constitution with a structure that gives too much unelected authority to its sole director.
But rather than shutting down the agency, as a mortgage lender in the case requested, the court said the CFPB should operate by allowing the president to remove the director at will rather than for cause.
“The CFPB therefore will continue to operate and to perform its many duties, but will do so as an executive agency akin to other executive agencies headed by a single person, such as the Department of Justice and the Department of the Treasury,” the court said.
Now, the court was partly correct in its assessment. They were correct in asserting that there was too much power in this agency. they are correct that there was vested too much trust in one man to wield this much power. They were also correct in stating that any man with this much power should be in some way answerable to the people he serves.
Where they have it wrong is in allowing this agency to exist in the first place. They are making and enforcing regulations (laws) on the people without their consent. They have by this ruling validated all the unconstitutional agencies that run our country.
One step forward and three steps back.