This is an important issue of increasing federal government control over business, the economy and our lives that most people are, at best, vaguely aware of.
Sure, people may have seen the headlines, “GMAC/Ally Pay Loan Discrimination Fines” or “GMAC/Ally Settle Loan Racial Discrimination Cases,” but beyond that they know nothing. The only thing they’ll remember was that GMAC/Ally discriminated against minorities on car loans.
Except they didn’t.
A few intrepid reporters and publications have broken the story on the government criminal enterprise that is the Consumer Financial Protection Bureau. Oh, it sounds like a good place but it is a hive of lefty, socialist apparatchiks who want to bring every penny and avenue of consumer interaction with businesses under their control. And they are willing to cheat and lie to do it.
Paul Sperry has a good piece for the New York Post on this, “Bank CEO Reveals How Obama Administration Shook Him Down.” (I apologize for taking you to the ad garbage-filled NYP website — when I visited the banner ad was particularly aggressive and I’m tired of the looping ‘Fashion Must-Haves’ video.)
We can safely assume that a Hillary Clinton administration will continue these practices and enlarge the agency. A Bernie Sanders administration would be even worse. Which, if any, Republican administration would do anything about it? Trump may or may not. He might want to appear to not favor business and allow the bureaucrats to target other businesses (so long as they leave developers such as himself alone) or he might wake up on the wrong side of the bed one morning and declare war on the agency (I can dream!). Marco Rubio strikes me as the type that acknowledge the problem and then reach some kind of compromise reform. Ted Cruz seems like the only one who might actually target the agency for termination — on its lack of Constitutional enablement at the very least.