The partisan column by Mr. Caforio “Corporations run amok” is an indirect reference to regulatory reform that will impact his legal wallet. Attorneys garner fat fees from class action lawsuits and are therefore opposed to arbitration clauses in contracts. The attorney lobbyists aren’t the champions of consumers as represented in this column. They are advocating for their self-interests.
Also, he’s a candidate for Rep. Knight’s seat representing CA District 25 while engaged as a partner in a legal practice that engages in precisely these types of class action lawsuits.
Therefore, he can’t be considered an objective source on consumer protection regulation due to his current and aspirational professions.
The Consumer Financial Protection Bureau promulgated this rule, not your elected representatives. This Federal agency, created by Dodd-Frank legislation, has no Congressional budget oversight and is funded directly from the Federal Reserve with little recourse for oversight by the Executive Branch either.
Democrats, beginning with the “Progressive Era” at the inception of the 20th Century, have actively worked for generations to set up a shadow government of unelected technocrats in Federal agencies to subvert Constitutional oversight accountable to the governed.
These are facts Mr. Caforio doesn’t provide in his column.