This article is part of an occasional online series that expands on our Abolish Everything issue by suggesting ways we could do without even more federal agencies or departments.
Picture this: a government agency that operates with little accountability, spends taxpayers' money without congressional oversight, and enforces regulations based on flimsy theories about consumer behavior. That's the Consumer Financial Protection Bureau (CFPB), an institution so misguided in both mission and execution that it does not deserve mere reform—it should be abolished outright.
Heralded as the savior of consumers after the 2008 financial crisis, the CFPB has instead become a regulatory monster that stifles innovation and drives up costs for the very people it claims to protect.
