Monday, November 19, 2012

Federal Reserve

Check out this provision in the Dodd-Frank law.
"The CFPB nullifies Congress’s power to use the power of the purse to control bureaucracies because its funding — “determined by the director” — comes not from congressional appropriations but from the Federal Reserve. Untethered from all three branches of government, unlike anything created since 1789, the CFPB is uniquely sovereign: The president appoints the director for a five-year term — he can stay indefinitely, if no successor is confirmed — and the director can be removed, but not for policy reasons."
It would be nice to have a court strike this down, but I won't hold my breath.

Iran could reach Israeli PM's arbitrary red line on uranium enrichment by June.

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