We are now totally screwed and Congress can no longer protect us from the almighty powerful and growing Federal Government. In the past when a "government" agency passed an especially egregious regulation a person or company can appeal to there congressman for some relief. Since the House funds all the agencies, they can put pressure on an out of control bureaucracy to be reasonable in their regulations.

Now the new Obama "Consumer Protection Agency" has no oversight from Congress or even the President. They are funding by the "Federal Reserve" which is a consortium with no one but themselves to answer to, somewhat similar to the "Gods" on the Supreme Court. What a new monster has Obama created. Give thanks again to our dear leader. He would make any Marxist proud? Thank you, thank you very much


  • Unaccountable Excess: Largely unaccountable to Congress and imbued with sweeping powers, the agency is the epitome of regulatory excess. Because the bureau is ensconced within the Federal Reserve, its budget is not subject to congressional control. This budgetary independence limits congressional oversight of the agency.
  • No Congressional Oversight: Although some financial regulatory agencies, such as the Federal Deposit Insurance Corporation and the Fed itself, also fall outside the congressional appropriations process, they are the exceptions rather than the rule among government agencies.
  • No Presidential or Fed Supervision, Either: The CFPB’s status within the Fed effectively precludes presidential oversight, while the Federal Reserve is statutorily prohibited from “intervening” in CFPB affairs.
  • Undefined Authority Risks Abuses of Power: The CFPB’s accountability is further minimized by the vague language of its statutory mandate. It is empowered to punish “unfair, deceptive and abusive” business practices. While unfair and deceptive have been defined in other regulatory contexts, the termabusive is largely undefined, granting the CFPB officials inordinate discretion to define its own powers.