Part of the way the Democrats plan to keep the House and the Senate in 2022 involves deeply politicizing two obscure federal agencies to generate big headlines by targeting big business.
President Biden has moved to weaponize the Public Company Accounting Oversight Board and the Consumer Financial Protection Bureau.
The PCAOB was created in the aftermath of the 2001 Enron scandal to crack down on companies that fudge their losses and deceive investors. The financial protection bureau emerged from the 2008 financial crisis to better protect consumers from unscrupulous bank practices.
Through Democratic and Republican administrations, the agencies meandered along, occasionally coming up with cases, and levying fines, but showing little for their modest budgets.
The CFPB’s biggest contribution to protecting consumers would appear to be the case against Wells Fargo over bank officials creating phony accounts for unwitting customers to ramp up fees. A deeper look shows that the agency had little to do with discovering the deception, instead piggybacking on reporting done by the press.
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