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John Kennedy Tells Chief Biden Regulator Point Blank That His Agency Is 'Operating Illegally'
11:30 AM · Jun 12, 2024
“For the longest time, the Federal Reserve was earning money, but that stopped in September 2022,” Kennedy said. “Now they are losing money. They don’t have any earnings. They’re no longer transferring earnings to the general fund, and the Supreme Court based its decision on saying, this funding scheme is Constitutional under the appropriations clause, by saying that these earnings would go to the general fund from the Federal Reserve so getting them directly from the general fund is no big deal,” he added.
The Supreme Court ruled by 7-2 vote in May that the unconventional way the CFPB obtains funding is constitutional. Justice Samuel Alito wrote in the dissenting opinion that the ruling could establish a precedent wherein a federal agency can “bankroll its own agenda without any congressional control or oversight.”
“How are you entitled to any money right now?” Kennedy asked. “The Federal Reserve doesn’t have any earnings.”
The answer, according to the statute and according to Senator Kennedy, "bigger than Dallas," is that the CFPB is not operating within the law. //
What will come of these congressional grillings? Sadly, probably not much. There is nothing so enduring as a government program or agency; one might be forgiven for suspecting that these will survive the heat-death at the end of the universe to somehow arise again in the next universe to vex information-seekers and taxpayers in whatever replaces our reality.