Recently two members of Congress, Neugebauer (R-TX) and Capito (R-WV), asked Richard Cordrey, Director of the Consumer Financial Protection Bureau (CFPB), for assurances that the CFP will conduct a cost-benefit analysis for each rule it enacts, as required by the Dodd-Frank Act. Section 1022 of the Dodd-Frank Act requires the CFPB to consider the potential benefits and costs of any proposed rule.
Congress passes the law that requires the CFPB to adopt a new rule. So if the CFPB conducts the analysis and determines that the costs of the rule clearly exceed the benefits, what are they to do? Do they tell Congress we are not going to adopt the rule you required us to adopt. Not likely.
Congress continues to be dysfunctional. Now they are trying to share their inability to make consistent forward progress to the rest of government.
