Last month, Richard Cordray stepped down from his post as the first Director of the Consumer Financial Protection Bureau (CFPB). The CFPB now has the opportunity to move in a new direction — one that respects constitutional limits, promotes a healthy and well-functioning financial system, and thereby benefits consumers.
The CFPB was established on two false premises: first that there were no consumer financial protections in place prior to the Dodd-Frank Act; second, that the CFPB was necessary to prevent a repeat of the 2008 financial crisis. Both assumptions deserve more careful examination.
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