"Ms. [Elizabeth] Warren's Consumer Financial Protection Bureau, created by the Dodd-Frank financial reform act, is a curious animal. It is not part of a regular executive department, but part of the Federal Reserve System. It is funded not from normal appropriations, but from the Fed's profits. But it is not accountable to the Fed. It is accountable instead to the Financial Stability Council, which can overrule the bureau's rules only with a two-thirds supermajority vote. Right now according to the Wall Street Journal, Ms. Warren and her bureau are working on a bureaucratic plan to "punish banks and reward voters with mortgage principal writedowns," as if that will help turn around the continuing housing meltdown."
[American Thinker]
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