Apparently Congress no longer has to appropriate money for the federal government to spend it.
Under the Dodd-Frank Act, Congress put the new Consumer Financial Protection Bureau inside the Federal Reserve. This was a horrific violation of the Constitution. Why? Because under the Constitution, only Congress can appropriate funds to be spent. But inside the Federal Reserve, new money is printed to finance operations without Congressional appropriation, review, or audit.
The new Consumer Financial Protection Bureau has grown rapidly and already is believed to cost more than the rest of the Federal Reserve put together. If this precedent stands, what will happen next? Will the entire federal government be folded into the Federal Reserve so that Congress need no longer appropriate money for anything?
Join us on our
Share this page with your friends
on your favorite social network: