ABOLISHCFPB

Consumer Financial Protection Bureau

Funded by the Fed, accountable to almost no one.

Official story

What they claim to do

Protects consumers in the market for financial products and enforces consumer financial law.

Ground truth

What they actually do

Created in 2010 to draw its funding from the Federal Reserve rather than from annual congressional appropriations. In Seila Law v. CFPB (2020), the Supreme Court ruled part of its original structure unconstitutional.

The libertarian case

An agency built to sit outside the normal budget process is a constitutional problem by design. Critics argue its rules have raised costs and reduced credit for the low-income borrowers it’s meant to protect. Fraud is already a crime. Disclosure and competition protect consumers better than a bureau that sets its own budget.

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