CFPB Director Richard Cordray told GAC attendees that his agency has also purposely hired staff from the industries it will regulate.

WASHINGTON—No issue at this year’s GAC was more polarizing than the new Consumer Financial Protection Bureau. Speakers, particularly politicians, were either completely against it or completely for it, depending upon which party they represented.

Rep. Jeb Hensarling (R-Texas) told a Wednesday morning general session crowd that rarely has an agency had so much potential to harm individual liberties. Not only was the appointment of Director Richard Cordray, done without Senate confirmation, “unlawful and unconstitutional,” the bureau will apply subjective judgment in declaring legal activities to be fraudulent. 

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