Thread by @bansisharma

1. Mother of CFPB -- Elizabeth Warren!

This right here is why I cannot stand Elizabeth Warren. My disgust for her is rooted firmly in the Consumer Financial Protection Bureau which she created on Obama's direction.

https://twitter.com/ewarren/status/1100965720278659073

2. Consumer protection is an essential function of the govt, but that is not what this agency is actually about. CFPB is an unconstitutional monstrosity that is structured to be accountable to no one.

3. CFPB's budget is not controlled by Congress. So Congress does not have control of the purse string for CFPB. Even the POTUS cannot spend the money Congress does not allocate, but CFPB has no such restrictions on it.

4. CFPB does not report to Congress and it does not report to the President and it does not report to the judicial branch. So who does it report to? Just to its own head, who reports to nobody. I think its legal structure is still in dispute, but Elizabeth Warren is proud of it.

5. Now you heard Elizabeth Warren brag about the banks having had to pay $12 Billion because of their role in the financial crisis. Leaving aside the issue of real culpability for the crisis, it's still fair to say the banks were not entirely blameless either.

6. CFPB did not build a robust case against the banks. Using its enormous punitive powers it just shook down the biggest banks who paid up to get the govt off their backs. That is not even the biggest problem.

7. Now it would have been nice if the $12 Billion was used to make innocent victims of the financial crisis whole. After all, the "C" in CFPB stands for Consumer, right? Noooo. No consumer ever got a single cent of it.

8. Obama admin kept the whole pot of $12 Billion and through all sorts of shenanigans allocated it to "consumer advocacy" groups, almost all of whom are ... you guessed it, liberal outfits who in essence are Democratic party apparatchiks.

9. Now you see the real design behind the creation of CFPB and making it accountable to no one but some singular bureaucrat appointed by a Democrat President who cannot be fired by a Republican President.

10. Such is the creation for which Elizabeth Warren is feeling giddy in the video at the top of this thread. What a freaking hideous act! As an aside, having created it, Elizabeth Warren wanted to head her own creation. Obama said thanks, but no thanks. She was pretty sore.

11. Having been kicked out rather unceremoniously by Obama, she went back to Harvard and ran for Senate. Having tasted blood in DC, she couldn't go back to teaching. Why teach in Harvard when you can extort in DC seems to be her new calling?

The End.

Here's some more color on the colorful CFPB. Listen to Jonah Goldberg, who by the way is a NeverTrumper, so not a fan of Trump or his appointees in general.
independentsentinel.com/cfpb-forced-co…

And some more color on CFPB from the President.
The Wall St Journal editorial he references is well worth a read.

What Went Wrong With the CFPB

"I was an aide to Barney Frank. I’ve learned it’s a mistake to create an unaccountable agency." -- Dennis Shaul
wsj.com/articles/what-…

1. CFPB vs Wells Fargo
While many cite the $100 million CFPB extracted from Wells Fargo in fines as evidence of the great work CFPB is doing. Most people have no knowledge of the fuller story which is infuriating.

2. Ronald L. Rubin was an enforcement attorney at the CFPB and chief adviser on regulatory policy at the House Financial Services Committee. He had direct visibility into everything that went on within the CFPB. Here's his insider's view on the Wells Fargo case.

3/x. Look at what CFPB didn't do. Like I said, if CFPB protected consumers, I would be all for it. It is a rogue agency which cares far more about maintaining its own power to shake down businesses than it cares about protecting consumers.