Consumer Financial Protection Bureau Grants Itself Authority to Shut Down Any Business at Anytime

Katie Pavlich

Last week the Consumer Financial Protection Bureau, through the power of Dodd-Frank, passed a rule giving the agency unprecedented power to shut down businesses, no matter what the reason, at any time it wishes through a cease-and-desist order. Further, the rule puts businesses at the mercy of the CFPB and they cannot go back into operation until government approval or a court ruling is made over an issue. Subsequently because bureaucratic decisions and court rulings take a substantial amount of time to happen, businesses cannot survive during those waiting periods. Here are the details (bolding is mine)…

…The new rule comes on the heals of revelations the Department of Justice has been smothering firearms dealerships and other “high risk” entities out of business by “choking” banks and stripping funding through Operation Choke Point…



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Related:  Tyranny expands as consumer agency gives itself power to shut down businesses

…This latest expansion of government tyranny is merely the next phase in the gradual power grab by the federal government which strips private business of their right to engage in commerce. Business owners from small operations to large will be placed in a financially untenable situation where many will be unable to afford to continue…



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