A Constitutional Crisis Is Already Brewing & It Centers Around the CFPB

Alex Wong & Drew Angerer via Getty Images

A Constitutional Crisis Is Already Brewing & It Centers Around the CFPB

Jan, 20th 2017

There’s a courtroom drama playing out that’s likely to spark a Constitutional crisis during the first few days of the Trump Administration — and could lead to two people simultaneously claiming to be the director of a major federal agency. You’ll need a scorecard to follow along, so that’s what I’ve done here.

The nation’s youngest, and perhaps most high-profile, consumer agency was set up in the wake of the financial collapse, and it was designed to be different from other regulators. The Consumer Financial Protection Bureau was given a single, powerful director, unlike the Federal Trade Commission or the Federal Communications Commission. Architects of the agency believed that commissions lead to the committee effect, which muddies the waters and hamstrings effective, decisive, “cop-on-the-beat” action. The director was also given...

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