Unfortunately, the loss of the CRPB is not the worst of our problems. The loss of constitutional governance, the rule of law, an independent legislative branch, environmental protection, science, medical research, civil rights, equal opportunity and equal rights, global allies (other than Israel), decency, and morality are but a few that are bigger losses. But, yeah it does suck about the CFPB.
CFPB has done FAR LESS than it could, not FAR MORE.
The argument being made is that this underperformance is vital... it is not.
If the requirement for real consumer protection is the destruction of the present "do as little as possible" CFPB with one that actually seeks to deliver on its fiduciary duty, then so be it.
Lina Khan showed that this can be done at the FTC.
until it was dismantled during the advent of the so called Neoliberal Era in the 1970s and 1980s, states were much more involved in the regulation of banking and finance, in fact, we had slight semi-fragmentation of our capital markets (and that was a good thing!), it was several different things that was done to undo this, for example, state usury laws were effectively nullified by the federal government after a few different policies were implemented that were made possible by the 1978 Supreme Court case "Marquette National Bank of Minneapolis v. First of Omaha Service Corp.", this decision was ridiculous, for every single day of the nations existence our states had usury laws -- even longer in the case of the original 13 because the 13 colonies had them -- and so the idea thats in the constitution and nobody knew about it for 200 years is dumb. and its very antidemocratic, like, the voters in a state cant do usury laws if they want!?. But I think I see some signals that their are decentralizing forces afoot and we may see a shift back towards much more state level involvement in banking/finance in the coming years, and maybe even somehow a dumping of that court decision
Unfortunately, the loss of the CRPB is not the worst of our problems. The loss of constitutional governance, the rule of law, an independent legislative branch, environmental protection, science, medical research, civil rights, equal opportunity and equal rights, global allies (other than Israel), decency, and morality are but a few that are bigger losses. But, yeah it does suck about the CFPB.
Meh.
CFPB has done FAR LESS than it could, not FAR MORE.
The argument being made is that this underperformance is vital... it is not.
If the requirement for real consumer protection is the destruction of the present "do as little as possible" CFPB with one that actually seeks to deliver on its fiduciary duty, then so be it.
Lina Khan showed that this can be done at the FTC.
until it was dismantled during the advent of the so called Neoliberal Era in the 1970s and 1980s, states were much more involved in the regulation of banking and finance, in fact, we had slight semi-fragmentation of our capital markets (and that was a good thing!), it was several different things that was done to undo this, for example, state usury laws were effectively nullified by the federal government after a few different policies were implemented that were made possible by the 1978 Supreme Court case "Marquette National Bank of Minneapolis v. First of Omaha Service Corp.", this decision was ridiculous, for every single day of the nations existence our states had usury laws -- even longer in the case of the original 13 because the 13 colonies had them -- and so the idea thats in the constitution and nobody knew about it for 200 years is dumb. and its very antidemocratic, like, the voters in a state cant do usury laws if they want!?. But I think I see some signals that their are decentralizing forces afoot and we may see a shift back towards much more state level involvement in banking/finance in the coming years, and maybe even somehow a dumping of that court decision