Krugman on Consumer Financial Protection ::

Imagine how Professor Krugman, or congressional Democrats, would react if Republicans tried to make the Air Force, including nuclear-armed bombers and missiles, into an “independent” agency with “guaranteed funding” to make it immune to pressure from interest groups, including, say, the peace or disarmament lobby. They’d probably, with good reason, object, pointing out that, under the Constitution, America doesn’t have government agencies that are independent, stand-alone, or that have guaranteed funding. Instead our government is accountable to elected representatives, as part of the executive branch (subsidiary to the president), and funded by the Congress, whose members are elected by the people. Another word for what Professor Krugman describes as “interest-group pressure” is democracy.

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George Will calls it, “Untethered from all three branches of government, unlike anything created since 1789… By creating a CFPB that floats above the Constitution’s tripartite design of government, Congress did not merely degrade itself, it injured all Americans.”

via Krugman on Consumer Financial Protection ::

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