The Consumer Financial Protection Bureau is unconstitutional, funds political allies without Congressional oversight

 

The Fed funds the CFPB not by Congressional authorization but by creating its own money. This clearly violates the Constitution.

Last year the CFPB took some of these monies created by the Fed and bought advertising intended to reach the public. The agency was thus using ” Fed money” to try to influence the voters. And the agency just happened to select President Obama’s campaign advertising firm as its paid agent. What a coincidence.
Former President Barack Obama’s presidential campaign advertising agency received nearly $60 million in federal contracts after he took office, according to an analysis by The Daily Caller News Foundation Investigative Group…
…The overwhelming majority of the $58 million funneled to GMMB came from the Consumer Financial Protection Bureau (CFPB) created by Democratic Sen. Elizabeth Warren in 2011. The CFPB awarded the agency a whopping $43.7 million, about 75 percent of GMMB’s total federal funding stream.
Now it further turns out that the campaign advertising firm bought advertising that was phony. There is no evidence that this was intentional, but it adds fiasco on top of corruption on top of illegality.
Newsweek Media Group (formerly IBT Media)—which owns Newsweek, International Business Times and other digital media properties—confirmed in a memo to staff on Thursday that Etienne Uzac and Marion Kim had resigned the previous day, one day before BuzzFeed News published excerpts from a report by consulting company and media watchdog Social Puncher accusing NMG of buying traffic and committing ad fraud to obtain $2.8 million from the Consumer Financial Protection Bureau for the government agency’s digital ad buy.
The CFPB had paid media agency GMMB $6.4 million “for direct placement on selected media assets using demand-side platform Double Click by Google,” according to Social Puncher. The ad campaign ran from March 9 to May 31, and according to the report, 52 percent of the CFPB digital ad buy went to Newsweek Media Group websites.

The Fed created money out of thin air (as they say) to fund the CFPB. Then the CFPB funded political allies with this money. Then at least a good chunk of the money went to fraudulent ad campaigns.

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