Fed Judges Question Constitutionality Of Obama’s Prized Consumer Agency

From The Daily Caller via H/T at Instapundit:

Don’t recognize the name? Despite being President Obama’s biggest gift to Elizabeth Warren, the CFPB has mostly flown under the radar since its creation in 2010. That could change soon because of the U.S. Court of Appeals for the District of Columbia, which is hearing a constitutional challenge to CFPB’s legitimacy.

“Critics of CFPB have noted it is the only agency not accountable to congressional oversight and therefore violates the separation of powers set down by the Constitution. That principle provides that Congress have checks over the executive branch agencies like CFPB. Those checks do not apply to the agency,” reports Richard Pollock of the Daily Caller News Foundation Investigative Group.

Created by a Democratic Congress, CFPB was purposely put under the Federal Reserve to get it out of the reach of congressional oversight. Congress doesn’t even have the power to set the bureau’s budget because it is funded entirely via the Fed. Pollock has been putting an investigative spotlight on the bureau for several years, as seen here, here and here.

If the three-judge appeals court panel rules against CFPB, the bureau will appeal to the full Appeals Court, which has a majority of judges appointed by Presidents Obama and Clinton. Next stop will then the U.S. Supreme Court, so stay tuned.

It was set apart specifically to avoid congressional oversight.