William Isaac Announcements: October 28, 2022
October 28, 2022
My good friend, Alex Pollock and his colleague, Paul Kupiec, co-authored an article on the Federal Reserve, which was just published by The Hill. The legislation creating the Consumer Financial Protection Bureau required the CFPB to be headed by a single individual instead of a bipartisan board governing most independent agencies such as the FDIC, the SEC, the FTC. Moreover, the CFPB receives its funding from the Federal Reserve Board instead of being funded by Congress. A Federal Court recently ruled – I believe correctly – that these governance arrangements are unconstitutional. Alex and Paul address these issues and go on to note that the Federal Reserve is hardly in position to fund the CFPB. I highly recommend this article to you.
The Fed is in the red: Should it still pay CFPB’s bills? By Alex J. Pollock and Paul Kupiec published by The Hill on October 26, 2022
The article can be found at williamisaac.com. Be safe and be well.