Who's Watching the Watchmen? Oversight of the Consumer Financial Protection Bureau

Today’s Oversight hearing underscores the role of the U.S. Congress to scrutinize the implementation and enforcement of key provisions of the Dodd-Frank Act. The Consumer Financial Protection Bureau, which is the brainchild of today’s first witness, has been hailed by some as a much-needed regulatory authority to limit the risk of financial fraud. Yet others, myself included, are skeptical that the Bureau’s creation, structure, and broad discretionary powers are warranted.