Based on the ample amount of publicly available evidence there’s no denying that ruling class politicians and unelected bureaucrats are flushing the country down the drain.
And sadly they’re orchestrating much of America’s destruction behind closed doors causing the true measure of the country’s downfall to be shrouded in secrecy.
But now John Kennedy unleashed havoc on Washington, D.C. by revealing this illegal scheme Barack Obama implemented.
Kennedy blasts scheme to circumvent Congress buried in 2010 Dodd-Frank Act
Buried deep within former President Barack Obama and his fellow Democrats’ 2010 Dodd-Frank Act was a provision establishing the creation of the so-called “Consumer Financial Protection Bureau” (CFPB).
Long story short, the CFPB was a key aspect of Obama’s grand plan to “fundamentally transform the United States of America” into a socialist “utopia” by knee-capping the U.S. banking and financial services industries with mountains of unnecessary red tape.
And in order to do it, Obama and his fellow Democrats crafted an illegal, unconstitutional funding scheme that would funnel money from the Federal Reserve’s “earnings” to the agency rather than funding it through the typical, legal Congressional appropriations process outlined by the Constitution.
Republicans and business leaders alike have spent nearly a decade and a half now filing numerous legal challenges to the CFPB’s unconstitutional funding scheme.
And during a recent Senate hearing, Senator John Kennedy (R-LA) got the opportunity to take CFPB Director Rohit Chopra to task for the fact that his agency only exists through illegal means.
As Senator Kennedy pointed out, once upon a time, the Federal Reserve was “earning money,” but since that ended nearly two years ago, funding has been funneled to the CFPB – in violation of the law that created it and the Constitution – directly from the federal government’s General Fund of taxpayer dollars.
The Senator also bashed the Supreme Court for somehow ruling that the CFPB’s convoluted funding scheme is supposedly within the law.
“For the longest time, the Federal Reserve was earning money, but that stopped in September 2022,” Kennedy explained.
“Now they are losing money,” he added. “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.”
Kennedy then turned to Chopra, and cut right to the chase.
“How are you entitled to any money right now?” Kennedy asked Chopra. “The Federal Reserve doesn’t have any earnings.”
But Chopra responded by claiming that the Louisiana Senator’s assessment of the situation was merely a “theory,” before adding that the agency believes they’re operating lawfully, as if they get to decide such matters for themselves.
“You raise the difference between revenue and net income,” Chopra claimed.
“There are other places throughout our laws. I can tell you we’ve looked at this issue. We do believe wholeheartedly everyone is complying with the statute,” he added.
Kennedy wasn’t backing down, though, chastising Chopra for the agency’s decision to operate illegally.
“I know you don’t like to hear this, but the law is the law,” Kennedy declared. “You’ve been operating illegally.”
But like the rest of the ruling class elites, Chopra believes he can merely reject reality and everyone else will go along with it.
“No, that’s not true, sir,” Chopra claimed.
Nevertheless, Kennedy held his ground and pointed out the fact that the law passed by Congress and signed into law by Obama that formed the CFPB explicitly states that its funding would come from Federal Reserve “earnings,” not revenue.
“We didn’t say revenue in the statute, we said earnings,” Kennedy fired back. “How can you possibly argue that the Federal Reserve has had earnings? They’re losing money.”
Make no mistake about it, this was always part of Obama and his fellow Democrats’ plan.
They didn’t want a Republican-led Congress to have the ability to do away with the CFPB by simply choosing to not appropriate taxpayer money to fund its operations.
But no matter how hard the ruling class tries, the Constitution couldn’t be more clear that government is to be funded through the Congressional appropriations process – not through whatever scheme the elites deem necessary to protect their power and corruption.
And sadly, this illegal scheme is just one of many the ruling class is running behind Americans’ backs.