Brian Wise: Five years after Dodd-Frank, time for a course correction at CFPBposted July 20, 2015
When disaster strikes in this country, someone usually grabs the microphone to pronounce that Washington will step in with new programs to ensure “it” will never happen again. Such was the case five years ago this month with the passage of the Dodd-Frank Act, the voluminous legislation intended to supposedly ensure that there would never be a repeat of the 2008 financial crisis that gripped America.
It was supposed to protect the consumer from the fraudulent or unscrupulous business practices of financial institutions. It’s hard to argue with that. Financial institutions, credit companies, and other industries dependent on financial services have had to make drastic changes to their operations since the passage of the bill.
However, Dodd-Frank has ended up contributing to an unprecedented interference in the free market and reductions in personal privacy and consumer freedom – more than any other single piece of legislation.
The law’s most significant achievement – the creation of the Consumer Financial Protection Bureau (CFPB) – has become the poster child for nanny state government, domestic spying and a lack of transparency and accountability that’s nothing to celebrate.
Most Americans don’t know about the existence of the CFPB, but Dodd-Frank’s out of control law enforcement agency is turning out to be perhaps the most powerful agency nobody has ever heard of. According to a USCC-Zogby Analytics poll in June, 2015, less than one in five Americans know the CFPB exists. From all indications, the CFPB would like to keep it that way.
To read complete article in The Hill, please click here.