Picture this: a government agency that operates with little accountability, spends taxpayers' money without congressional oversight, and enforces regulations based on flimsy theories about consumer behavior. That's the Consumer Financial Protection Bureau (CFPB), an institution so misguided in both mission and execution that it does not deserve mere reform—it should be abolished outright.

Heralded as the savior of consumers after the 2008 financial crisis, the CFPB has instead become a regulatory monster that stifles innovation and drives up costs for the very people it claims to protect.

When the CFPB was created, Congress transferred authority to it for approximately 50 existing rules and orders coming from 20 different statutes. For fiscal year 2024, it has an estimated budget of $762.9 million, a 9.5 percent increase from the previous year. The agency's funding structure allows it to operate independently of the congressional appropriations process: The bureau's budget is funded through transfers from the Federal Reserve System.

This funding mechanism has been a point of contention, with critics pointing out that it grants the agency excessive autonomy and insufficient accountability. In October 2022, the Fifth Circuit Court ruled the funding structure unconstitutional, but the U.S. Supreme Court reversed this decision in May 2024.