In a Washington Examiner op-ed, Oklahoma Attorney General Mike Hunter criticizes CFPB Director Richard Cordray for abusing his authority.
Appointed by President Obama and confirmed by a different Senate, Richard Cordray has served as director of the Consumer Financial Protection Bureau (CFPB) since 2012.
In an op-ed originally published by the Washington Examiner, Oklahoma Attorney General Mike Hunter ripped into Cordray for abusing his “vast, hyper-paternalistic authority” on a host of issues that have “limited consumer choice and shuttered community banks,” according to Hunter.
To make matters worse, President Trump cannot fire Cordray, short of finding inefficiency, negligence of duty, or malfeasance. Hunter lays out the pitfalls of a position with so much unchecked power:
The arrogance that necessarily follows such an accumulation of power is on full display in the Cordray-led CFPB. As Sens. Ben Sasse, R-Neb., and Mike Lee, R-Utah, pointed out recently, Cordray has vigorously exploited his untouchability and “repeatedly advanced unnecessary regulations”—regulations that kill jobs, bloat government, and restrict liberty. In particular, the Senators noted, Cordray’s CFPB has overburdened credit unions and community banks; proposed rules that reduced access to credit for average consumers; and relied on flawed research. He’s also utilized enforcement actions in lieu of rulemakings—circumventing a process designed to give notice to the public and collect diverse viewpoints.
Because Cordray is not accountable to the elected branches of government, the judiciary has become the last redoubt to curtail his despotism. My attorneys general colleagues and I are pushing back against the CFPB in the courts. A panel of judges on the D.C. Circuit Court of Appeals recently held that the CFPB Director’s near-total insulation from democracy was unconstitutional. The “concentration of enormous executive power in a single, unaccountable, unchecked Director,” Judge Brett Kavanaugh accurately observed, “poses a far greater risk of arbitrary decision-making and abuse of power, and a far greater threat to individual liberty, than does a multi-member independent agency.”
Hunter closed the op-ed by encouraging Congress to act in order to undo the “constitutional usurpations” taking place under Cordray’s rule.
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