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Jan. 20, 2015

Consumer Financial Protection Bureau Does Anything But

In Orwellian fashion, the U.S. Consumer Financial Protection Bureau does not protect consumers’ finances, but wastes them. In starting luxurious renovations on its building – which include a glass staircase and a water wall – the bureau ignores the fact that consumers are taxpayers. And they are wasting the taxpayers’ money. “A government report pegs the price of the work at $210 million – $120 million more than initial estimates, with off-site leasing costs included,” Watchdog.org reports. “‘That’s more per square foot than the Bellagio hotel-casino in Las Vegas,’ said John Berlau, a senior fellow at the Competitive Enterprise Institute. And, critics add, CFPB doesn’t even own the building.” The bureau is less than five years old (the bureau was created in response to the 2008 financial crisis), but it’s already become a monument to big-government narcissism and inefficiency. Too big to fail, indeed. More…

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