President Donald Trump made a bold move on February 1, by firing the head of Elizabeth Warren’s favorite slush fund, the CFPB. On Saturday, the president had Rohit Chopra yanked away from his desk. Democrats are furious. They haven’t been this mad since Trump had Mick Mulvaney running the bureau. That’s when we first started covering all the controversy.
Trump decapitates CFPB
On Saturday, February 1, President Donald Trump chopped the head right off the Consumer Financial Protection Bureau. He’s been trying to kill it since 2016 but it won’t die easily.
Axios acts stunned but the move shouldn’t be a big surprise. He’s “the first president to fire a leader of the CFPB,” they gasp.
In 2020, SCOTUS ruled “the agency’s structure was unconstitutional.” They also confirmed “presidents could fire directors at will.” Joe Biden wasn’t about to do anything to upset them. Republicans will figure out how to kill evil brainchild of Pocahontas, one way or another.
As Axios writes, “the future of the agency in the Trump era is up in the air. Chopra’s term was not supposed to end until next year.”
Warren came up with the idea “in the aftermath of the 2008 financial crisis.” Democrats tell the public it’s supposed to protect consumers against harmful practices. It doesn’t actually work that way. Consumers get a tiny fraction of the money seized by the bureau.
Trump knows it’s more like throwing a handful of pennies from the window of a Rolls Royce, as it speeds through the ghetto. Democrats skim millions.
CFPB Slush Fund
Before Trump even came on the scene, the CFPB Slush Fund Elimination Act of 2013 was introduced in October of that year.
The summary notes the measure “amends the Consumer Financial Protection Act of 2010 to repeal the Consumer Financial Civil Penalty Fund, into which are deposited any civil penalties paid in judicial or administrative actions under federal consumer financial laws.”
By January of 2019, as the Trump administration was tangling with the CFPB Democrat demons, we reported what broke first in the Washington Examiner.
“An educational ‘slush fund’ used by the Consumer Financial Protection Bureau has come under the ‘strictest review‘ by acting director Mick Mulvaney amid concerns the Obama-era agency has been doling out cash only to Democratic cronies.” Mulvaney asked Congress to disband the bureau, insisting it has way too much power and practically no oversight.
Back then, Cause of Action Institute drew attention “to a $14 million CFPB contract with GMMB Inc., a powerful media consulting shop that has produced political ads for Obama and 2016 runner-up Hillary Rodham Clinton.” That was only the beginning. Unfortunately most of the coverage has since been “scrubbed” from the interweb.
The Washington Examiner coverage is still around, but it’s behind a paywall. That’s okay. President Donald Trump knows exactly how evil the CFPB really is. A “slush fund” used “by the agency for political favors.“
