U.S. News & World Report: Zywicki Op-ed on CFPB

Professor Todd J. Zywicki co-authored an opinion piece in U.S. News & World Report on Congress and the Consumer Financial Protection Bureau. In the piece, Zywicki discusses why Congress is codifying into law practices voluntarily adopted by the Consumer Financial Protection Bureau.


So if the bureau is already doing voluntarily what [Rep. Sean] Duffy and [Rep. Robert] Pittenger are asking them to, why is legislation necessary?

The answer has to do with the combination of the uniquely unaccountable nature of the Consumer Protection Bureau and its vast, vaguely defined powers. In short, lacking most of the standard tools of congressional oversight, such as budgetary appropriations and the power to confirm most senior officials, Congress’ only power to control the bureau is by substantive mandates that constrain the agency's discretion.

Redundant Today, Essential Tomorrow, U.S. News & World Report, June 30, 2015. By Todd Zywicki & Chad Reese.

Read the article