Mick Mulvaney’s Master Class in Destroying a Bureaucracy From Within

Alternative title: Elizabeth Warren succeeds in creating agency insensitive to political pressure.<p>I think the current administration is absolutely wrong about the payday loan industry. But at the same time the law that created the CPFB was terrible, and its frankly shocking to me that Elizabeth Warren failed to foresee this. She purposely created a particularly undemocratic institution which quite predictably, but to her horror, went off the rails.<p>The way to stop payday lending is through congressional action. The way to counteract unfriendly lobbyists is with horse trading. One of the reasons legislation like this has become harder is the disappearance of earmarks.

This article leaves off a very critical detail around why people were critical of the CFPB in the first place.<p>Contra this statement:<p>&gt; Their unease had only grown as Mulvaney ordered a hiring freeze, put new enforcement cases on hold and sent the Federal Reserve, which funds the C.F.P.B., a budget request for zero dollars, saying the bureau could make do with the money it had on hand.<p>That was advertised as a feature of the CFPB when it was originally created, as they are funded from the fines they collect from violations.<p>Anyone who has a problem with the incentives in privatized prisons should have a problem with the funding structure of the CFPB, as they are both policing for profit.

He&#x27;s doing his job: keeping the little people in their place.

The easiest way to stop payday lending is to mandate weekly pay for anyone making under $100K a year. Why should workers be loaning two weeks pay, on average, to their employer?

Can someone summarize please? I can&#x27;t see through the pay wall.

Live by the sword, die by the sword.<p>The CFPB is an extra-constitutional body. It&#x27;s creation and whatever happens to it just showcase how off the rails things are.