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Van Voorhis: Sen. Warren exploits Equifax hack to set up new CFPB power grab

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Sen. Elizabeth H. Warren (D.-Mass.) and Sen. Brian E. Schatz (D.-Hawaii) have proposed the Freedom From Equifax Exploitation Act, but the real exploitation is Warren and her co-sponsor leveraging Equifax’s breach of personal information to expand the reach of Warren’s own creation: the Consumer Financial Protection Bureau.

For people, who have not heard of the CFPB, this rogue agency has morphed from its original intention of protecting consumers to becoming an agency that fights for powerful interests under the guise of consumer protection.

According to Forbes:

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[The CFPB] has issued contentious rules, tortured data to make other rules, engaged in an extravagant spending spree, and even found itself blasted by the Government Accountability Office (GAO) for employment discrimination. Nobody has ever made a strong case that the pre-Dodd-Frank framework failed, much less that a new federal agency was necessary to protect consumers. CFPB advocates act as though there would be no consumer protection in financial markets without this government agency, but that’s demonstrably false.

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Warren’s FREE Act would open the door to excessive regulation of a credit industry that provides a critical service to the markets.

The FREE Act mandates that credit agencies provide credit freezes and unfreezes free of charge, in addition to a number of other huge regulatory increases.

The bill seems innocent enough on the surface, but the broader intentions of Warren’s bill take a bit of deeper digging to find.

Warren has said she is intent on transforming the entire industry and the ultimate goal argued that this whole industry should be completely transformed,” she didn’t mean it lightly. This is simply the first of many steps in a federal takeover of the financial reporting industry.

If many Americans no longer trust Equifax with their personal information, then they would be no wiser to trust the federal government with their personal information.

Only the federal government and crony capitalist lobbyists, not consumers, will benefit from this new legislation.

After what was undoubtedly a horrific breach of consumer privacy, something must be done. Conservatives should support a free market-oriented solution to this problem, instead of an ineffective left-wing power grab.

Luckily, we already have an example to follow.

Pennsylvania lawmakers have proposed a more balanced bill, PA House Bill 1847, that could serve as a model for federal law. The bill outlines specific policies for dealing with credit breaches, and requires that credit agencies affected by a breach provide free credit monitoring for three years.

This is a smarter solution because instead of blanketly forcing all credit agencies to provide free credit monitoring, under the stern supervision of the CFPB no less, it incentivizes credit companies to increase their security and avoid a costly breach.

House and Senate Republicans need to vote down Warren’s the FREE Act, and introduce conservative legislation at the federal level that gives power back to the consumers, instead of to the bloated CFPB.

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Congress

Pelosi is Emboldened by Coronavirus Bailout, Vows to Dupe Republicans Harder Next Time

The Democrats’ socialist agenda is winning big during the coronavirus panic.

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House Speaker Nancy Pelosi (D-CA) pulled the wool over the eyes of President Donald Trump and Congressional Republicans with last week’s $2 trillion coronavirus stimulus package. The disaster relief money was earmarked for many liberal pet projects, and Pelosi aims to do the same thing for the next round of bailouts.

She said on Monday that House Democrats are already preparing another massive stimulus bill, using the coronavirus pandemic to enact more socialism. She is likely to include massive infrastructure spending and serious government intervention into the health care markets in the upcoming legislation.

“Our first bills were about addressing the emergency. The third bill was about mitigation. The fourth bill would be about recovery. Emergency, mitigation, recovery,” Pelosi said during a conference call.

“I think our country is united in not only wanting to address our immediate needs — emergency, mitigation, and the assault on our lives and livelihoods — but also, how we recover in a very positive way,” she added.

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Republican leaders are up in arms about how Pelosi is exploiting a crisis to get her partisan agenda muscled through Congress, but it is unclear if they have the courage to actually stop her.

“They’re approaching it — it seems like — as an opportunity to pass their political and ideological agenda. We’re approaching it as, ‘How do we protect the public health and our economy?’ And those are pretty divergent goals,” Sen. John Cornyn (R-TX) said.

Pelosi is eager to exploit the coronavirus crisis quickly and use the panic and fear in the public as an excuse to massively increase government spending and control.

“I do think that it is really important that as soon as we are here, we are ready to pass legislation,” she said.

President Donald Trump and Congressional Republicans did Pelosi’s bidding when they moved forward a $2 trillion bailout bill that included funding for liberal policy goals that had nothing to do with the coronavirus.

Rep. Thomas Massie (R-KY) sounded the alarm over the sham and attempted to get Congress to actually deliberate and vote on the bill. It instead passed on a voice vote with most legislators sequestered away from Washington D.C.

Massie’s principled stand against Pelosi’s profligate spending bill earned him a tongue lashing from President Trump, who now wants Massie replaced in Congress because he’s too conservative.

With no Republicans seemingly willing to stand up against Pelosi, there will likely be more bailout socialism on the way as the Democrats use coronavirus for their far-left power grabs.

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