02 March 2023, 09:58 AM
jon-nycScotus to review CFPB funding
Interesting. You may recall this funding structure was designed by Elizabeth Warren for the express purpose of not having it be accountable to congress.
https://www.consumerfinancemon...ase-until-next-term/02 March 2023, 11:13 AM
QuirtEvansThe Fed is self-funding, and the SEC pushed for self-funding for years, using registration fees (I don't recall whether they succeeded).
02 March 2023, 12:59 PM
NinaKind of beside the point, but kind of not - for those of you who have Netflix, I highly recommend their short series on Madoff - pretty sure it's just called "Madoff."
After watching that, it's clear that we need not only stronger regulations but stronger oversight on the regulators. The fox guarding the henhouse and all that.
02 March 2023, 01:49 PM
jon-nycI saw that, it was very absorbing. Much I had forgotten or didn’t know.
02 March 2023, 01:54 PM
AmandaI watched it recently.
Fascinating (and a downer).
03 March 2023, 11:54 AM
jon-nycIt's not clear to me what would happen if they declared the funding mechanism unconstitutional.
Would the Fed have to cease funding immediately? Would CFPB then just bleed out in a few months if Congress didn't appropriate any new monies?
Makes me wonder if this could be one of those instances where Scotus wants to do something but balks based on real-world implications.