The law creates two agencies—the Financial Stability Oversight Council (FSOC) and the Consumer Financial Protection Bureau (CFPB)—that have effectively unlimited power and very limited oversight, Garrett said.
“Put them together, they are basically the judge, the jury, and unfortunately the executioner of the economy,” he said. He argued that these agencies’ extensive authorities undermine the Constitution’s principle of the separation of powers.
The CFPB is unaccountable to Congress for its funding, and the president can only remove its director for limited reasons—and not for policy disagreements. The FSOC writes its own rules, and the courts cannot rule on the legality of its interpretation of the Dodd-Frank Act, which it is implementing, Garrett contended.Just like Mark Levin said earlier.
Congress, Courts, and Executive all ignore The Constitution.
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