The Consumer Financial Protection Bureau (CFPB) has now reached its second birthday. At two years old, it has clearly become just what many of us expected: an ambitious and ballooning bureaucracy, able to operate outside the normal checks and balances of our democratic government.
The opponents and proponents of the CFPB entirely agree on one thing: it was explicitly designed by its creators to evade the normal constraints of the American constitutional structure. Two years have taught us that the design has been remarkably successful in doing so.
Both sides of the debate agree on this fact. They of course do not agree on whether this is good or bad.
Read the full text of the article on The American.