Source: Prison Planet
Kurt Nimmo
Kurt Nimmo
Not only was Obama’s appointment of Richard Cordray to the misnamed
Consumer Financial Protection Bureau (CFPB) unconstitutional, but the
newly minted federal leviathan itself is in direct violation of
Constitution, specifically the Tenth Amendment.
In January, Obama thumbed his nose at Article 2, Section 2 of the
Constitution. It states that the president “shall nominate, and by and
with the Advice and Consent of the Senate, shall appoint” officers to
the government.
But as Ron Paul notes in the above video, the new agency – founded under the Federal Reserve dominated
Dodd-Frank Wall Street Reform and Consumer Protection Act – is itself
an unconstitutional monster that will further degrade the financial
health of the country.
Cordray will act as a czar answerable not to the American people, but
his masters at the Federal Reserve. Like an EU or Soviet era committee,
the CFPB will be run by unelected commissars who will exercise
extraordinary power. The agency is part of the Federal Reserve and its
budget is not subject to congressional control or oversight.
On January 4, the agency began to regulate nonbank services,
including debt collection, consumer reporting, prepaid cards, debt
relief services, consumer credit and money transmitting, check cashing,
and related activities. It claims the authority to supervise any nonbank
that it decides may pose a “risk” to consumers or engages in “unfair,
deceptive, or abusive” practices.
In other words, the CFPB will micromanage a large sector of the
economy and punish supposed violators not based on law, but rather
supposition of harm and political priorities.
The CFPB is another bankster scam protected under the cloak of the
Federal Reserve. The financial crisis did not result from lack of
regulation over consumer financial products and services. The CFPB is
simply another power grab by the bankster cartel masquerading as
consumer protection.
“Giving impetus to the CFPB’s creation was the poor reputation of
Wall Street banks and financial firms that developed as a result of the
financial crisis,” Paul explains. “Banks which received trillions of
dollars of taxpayer-funded bailouts turned around and shafted their
customers by foreclosing on homes, raising credit card interest rates,
and introducing numerous new fees.”
“But rather than keeping Wall Street in check as its proponents
allege, the CFPB will end up placing further restrictions on the ability
of Main Street Americans to engage in productive financial endeavors,”
he continues. “Current law already allows only the richest Americans to
invest in potentially lucrative ventures such as hedge funds because
such investments are deemed to be “too risky” for the average American
to invest in. The government in its paternalistic wisdom treats American
investors as too stupid to know what to do with their own money, and
“protects” them, supposedly, by keeping them poorer than they otherwise
would be. We can expect even more of this once the CFPB is running in
full stride.”
Not surprisingly, the establishment media has completely ignored this
story. It is their job to make sure you don’t find out what the CFPB is
all about and demand it be stopped immediately.
If the government really wanted to protect consumers, it would
dismantle the Federal Reserve system, reintroduce honest money and break
up the criminal bankster cartel.
