The Daily Caller
By Amanda Carey
Updated: 6:22 PM 08/06/201
When President Obama signed into law the Dodd-Frank Wall Street Reform and Consumer Protection Act on July 21, he also created the Consumer Financial Protection Bureau (CFPB), and along with it, perhaps the most powerful agency head in the history of the American bureaucracy.
According to one financial expert, who wanted to remain unnamed, the amount of power the director of the CFPB would assume is “so significant it may be unconstitutional.”
Appointed by the president and approved by the Senate for five-year terms, the director of the CFPB will have almost unlimited authority to regulate consumer issues and call the shots for banks and other lending firms.
To top it off, the director will only be supervised by two boards- the Consumer Financial Protection Oversight Board and the Consumer Advisory Board. Both will comprise of members appointed by none other than the director.
“I am not familiar with an institution that gives so much power to one person,” Todd Zywicki, law professor at George Mason University, told The Daily Caller. “The idea that this position is unconstitutional is exactly correct.”
Read more @ The Daily Caller.
