Trump and the Consumer Financial Protection Bureau

The CFPB's new rule on small-dollar loans will, as Iain Murray mentioned, draw opposition from Republicans who argue that it will only cut off access to credit for some individuals. It may also increase Republicans' interest in reforming the agency and removing its director, Richard Cordray. The agency's insulation from accountability to elected officials—it gets its funding from the Federal Reserve, not Congress, and by statute the president cannot fire its director at will—raises constitutional questions. A three-judge panel of the D.C ...