February 6, 2012
By Kurt Nimmo
Not only was Obama’s appointment of Richard Cordray to the misnamed Consumer Financial Protection Bureau (CFPB) unconstitutional, but the newly minted federal leviathan itself is in direct violation of Constitution, specifically the Tenth Amendment.
In January, Obama thumbed his nose at Article 2, Section 2 of the Constitution. It states that the president “shall nominate, and by and with the Advice and Consent of the Senate, shall appoint” officers to the government.
But as Ron Paul notes in the above video, the new agency – founded under the Federal Reserve dominated Dodd-Frank Wall Street Reform and Consumer Protection Act – is itself an unconstitutional monster that will further degrade the financial health of the country.
Cordray will act as a czar answerable not to the American people, but his masters at the Federal Reserve. Like an EU or Soviet era committee, the CFPB will be run by unelected commissars who will exercise extraordinary power. The agency is part of the Federal Reserve and its budget is not subject to congressional control or oversight.