In 2011, Congress created an agency known as the Consumer Financial Protection Bureau, also known as the CFPB.
The intentions of the CFPB were good. They were supposed to help citizens take more control of their personal finances through education.
However, there was just one problem…
When Congress formed the CFPB they didn’t make them accountable to anyone – not even the President.
The CFPB can do whatever it wants, spend what it wants and taxpayers are left footing the bill. There is no one to stop them or tell them “No.”
These and other abusive practices have caused the Consumer Financial Protection Bureau to be plagued with scandal & corruption.
The CFPB has destroyed the integrity of what was supposed to be a watchdog for the people and its rich executives have directly profited from the lack of oversight.
How is the CFPB supposed to be responsible for protecting Americans from unfair financial practices, when they have manipulated the system to boost their own bank accounts?
- Congressman Keith Ellison; Democrat