Here's where the hubris enters the story. When Warren and Obama created the CFPB, they designed that unorthodox funding structure specifically to prevent a future Republican-led Congress from trying to defund the bureau. Remember, this was in the age when Republicans were running around the country telling voters they intended to repeal Obamacare too. By isolating the CFPB from Congress' budgetary powers, Warren was trying to make it invulnerable to attack.Instead, she simply gave it a fatal flaw.Earlier this week, the Trump administration submitted its CFPB funding request to the Federal Reserve. It asked for…$0.
If Warren didn't get cutesy and instead just submitted CFPB to the normal budget process, it may have survived. But instead she and Obama created a federal fiefdom that fell under executive purview alone and now that's Trump.
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