The Consumer Financial Protection Bureau, Elizabeth Warren’s baby, and protectorate of the Federal Reserve (the Fed funds the CFPB) is graduating lobbyists left and right. This crew holds the keys to Dodd-Frank for industry and it doesn’t lend out the keys for free.
(From The Washington Examiner)
The Democratic Congress and the Obama White House created the CFPB with its 2010 Dodd-Frank financial regulation bill. The top aides to Messrs. Dodd and Frank, of course, have cashed out to K Street and Wall Street.
But the CFPB was supposed to be different. Other financial regulators were “captured” by the industries they were supposed to regulate. One reason was the revolving door: play ball with the banks, and you’ve got a nice job waiting when you get sick of government work. So Congress thought it was time to replace those captured regulators with a new, un-captured regulator.