Credit Due: To Congress and the President for De-Litigating Financial Contracts
Indeed We Should
One of the very many problems in the festering Swamp that is Washington, D.C. - is the inert posture most of its denizens so often strike. Too many pose and preen - but never actually do anything.
Which we rightly, roundly, routinely criticize.
So when DC does something well and good - we are obliged to call attention to and praise it, and them.
One of those magical moments just transpired. The good DC did - was to undo another of the very many problems in the festering Swamp that is DC.
Some of the so rampant awfulness an unelected, unaccountable bureaucracy unilaterally, so incessantly foists upon us.
As those of us who didn’t succumb to government schools know, the way DC is supposed to work is - the Legislative Branch legislates, then the Executive Branch executes. If the first thing doesn’t happen - the second thing isn’t supposed to either.
WAY too often, the Executive Branch does all sorts of things the Legislative Branch never granted it legislative permission to do. It’s been going on for decades - and the Barack Obama Administration raised it to a heinous art form.
And God bless President Donald Trump and this Congress - they have been very good at undoing a whole lot of this particular form of Obama heinousness.
As we have repeatedly said, far and away President Trump’s biggest mistake - has been not making more people leave DC when and since he arrived. Because Swamp-esque government stupidity - continues to happen on his watch, thanks to these very many holdover Swamp Creatures.
One such Creature - did some serious additional damage on July 19.
Behold the very awful Obama holdover Richard Cordray - STILL head of the very awful Consumer Financial Protection Bureau (CFPB):
CFPB Issues Rule Banning Arbitration Clauses in Finance Contracts
Get that? The unelected Cordray and his unelected bureaucrats - (further) inserted the government into every single financial contract negotiation to ever again occur. And banned something - from every financial contract ever again drafted anywhere in the United States.
That’s not HUGE government or anything.
Does the Constitution expressly empower the government to do this? Heavens no.
Did the Congress pass legislation - that ignores the Constitution and empowers the government to do this? Heavens no - not even that.
The very awful Cordray and his fellow CFPB Swamp Creatures - simply empowered themselves, and the tens of thousands of bureaucrats to follow.
What this massive power grab did - was empower, exponentially, trial lawyers. Who give lots and LOTS of political coin to Cordray’s Democrat Party and Leftist fellow travelers.
Arbitration - is a reasonable, logical, inexpensive, expedient alternative to settle legal disputes.
As opposed to fabulously expensive, protracted, courts-clogging lawsuits - and the fabulously expensive, protracted, courts-clogging trails they entail. For which trial lawyers - bill lots and LOTS of coin to litigate.
Thankfully, Trump and this Congress are bailing the water Cordray and the CFPB are drilling holes in the boat to bring on board.
Trump Signs GOP Repeal of Consumer Banking Rule
This is extraordinarily good news. For which President Trump and this Congress deserve much credit and appreciation.
That being said - this is a repair…of an Obama-holdover Trump Administration self-inflicted wound.
Mister President: Please dump Cordray - and the very many Cordray-esque Swamp Creature leftovers.
And replace them with people not quite so openly hostile to the Constitution and the free market.
Because what’s better than repairing self-inflicted wounds?
Not inflicting self-inflicted wounds.
This first appeared in Red State.