When “Democrat socialist” Elizabeth Warren is upset, Americans have reason to celebrate. The fake American Indian is known for a few things: losing her temper and installing radical, freedom-violating, socialism.
Before she was a senator, Warren advocated for a government agency that regulated financial institutions. Then-President Obama gladly helped create this group, known as the U.S. Consumer Financial Protection Bureau.
But because this agency received funding from the Federal Reserve, not Congress, a court just ruled it unconstitutional.
A federal appeals court has ruled that the funding structure of the nation’s most powerful financial watchdog agency, the Consumer Financial Protection Bureau, is unconstitutional…
“While the great majority of executive agencies rely on annual appropriations for funding, the Bureau does not,” the judges wrote. “Wherever the line between a constitutionally and unconstitutionally funded agency may be, this unprecedented arrangement crosses it.”
The unique funding arrangement of the agency protected it from future Congresses, who could have reduced its funding and limited its overreach.
This federal court essentially defunded the agency, meaning it is effectively shut down unless Congress can pass something to fund it.
So, Elizabeth Warren is hopping mad.
From Western Journal:
Warren decried the court’s decision and the judges behind it on Wednesday.
“This is a lawless and reckless decision. @CFPB has returned billions of dollars to Americans by doing its job, and its funding is clearly constitutional. Extreme right-wing judges are throwing into question every rule the CFPB enforces to protect consumers and businesses alike,” the senator tweeted.
Isn’t it funny how concerned Democrats are about “lawlessness,” when it affects their pet projects?
They don’t seem to worry about lawlessness, when police can’t arrest criminals or when BLM burns down cities.
Warren’s agency was immune to Congressional accountability. Because it got its funding directly through the Federal Reserve, Congress had no power to limit this agency’s power.
And this agency had direct control over our banking institutions. You don’t have to be an expert to see how the CFPB could be abused by the government to control our banks–and your money.
Warren thought she got away with sneaking socialism into our banking system. One day, a president might come around that used the CFPB to take over our banks.
But this ruling just shut it down. This could lead to Congress actually having a say over this agency, making it much harder for Biden or anyone else to control.
- A federal court ruled the U.S. Consumer Financial Protection Bureau’s funding structure was unconstitutional.
- The agency was created under Barack Obama, championed by socialist Liz Warren.
- The Democrat senator was outraged over the ruling, calling the court “lawless.”
Source: NPR, The Western Journal