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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsJudge Amy Berman Jackson delightfully sticks it up Russell Vought's Project 2025 ***.
A federal judge in Washington, D.C., delivered a sharp rebuke Tuesday to the Trump administration's plan to eliminate the Consumer Financial Protection Bureau, rejecting its reasons justifying cutting off the agency's funding.
Judge Amy Berman Jackson wrote that the agency can keep receiving funding from the Federal Reserve, even though the Fed has operated at a loss for three years, Politico reported.
The bureau draws money directly from the Fed at the director's discretion, a funding mechanism established when Congress created the agency. White House budget chief Russ Vought, who is also acting CFPB director, challenged this arrangement and attempted to halt the money flow.
Vought's legal team argued that tapping Fed funds violates the CFPB's original charter because the central bank operated at a loss.
https://www.rawstory.com/consumer-financial-protection-bureau-2674837970/
bucolic_frolic
(53,891 posts)A conspiracy against the State.
badhair77
(5,082 posts)CaliforniaPeggy
(156,075 posts)badhair77
(5,082 posts)When I see excellence in something or someone, I have to comment. The need to affirm a good job is in my blood. 😊
CaliforniaPeggy
(156,075 posts)It helps us grow and improve.
Seinan Sensei
(1,342 posts)spanone
(140,938 posts)orangecrush
(28,156 posts)JohnnyRingo
(20,457 posts)We're seeing more and more rodents jumping in sardine cans and rowing away from the coming shipwreck.
Bluetus
(2,244 posts)The Fed creates money by Fiat. The idea of the Fed "operating at a loss" is nonsense. They literally can create as much money as they wish.