What is a CFPB?

It does not take a genius to recognize that the next great government growth agency is the Consumer Financial Protection Bureau (“CFPB”). It is essentially a “start-up department.” As currently conceived, it will be under the treasury secretary, Timothy Geithner. No doubt CFPB will be listed as a job creation initiative launched by Obama. In will certainly create hundreds if not thousands of new jobs. Although the full plan has not been revealed, I can envision CFPB offices will be placed in every state and in most major cities.

If we did not have to pay for it out of taxes, and if it was not a fact that it added to an already bloated federal government, and if it was not a fact that it was just going to create more legal disputes for the burgeoning litigation industry and if it were not that consumers already had a protection bureau called the senate and congress, I would be in favor of the CFPB. But because of those things I am not.

However, look for the CFPB to change its name to a more pronounceable acronym that has branding and approval capability. The FCC controls the air we breathe and sells it to communications companies. The next analogous step to the FCC is that products will be compelled to be approved by the CFPB. From cars to chairs, it must have the CFPB approval stamp to be consumer safe.

Mr. Bob, I disagree with you. The CFPB was created as apart of the financial overhaul of the banks; it was not set up to approve consumer products. Octopus’ tentacles grow and reach into places that were never anticipated. The only safe job is a government one.

Read your history.