• Home
  • Politics
  • Health
  • World
  • Business
  • Finance
  • Tech
  • More
    • Sports
    • Entertainment
    • Lifestyle
What's Hot

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
Facebook Twitter Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
Thursday, May 8
Patriot Now NewsPatriot Now News
  • Home
  • Politics

    Security video shows brazen sexual assault of California woman by homeless man

    October 24, 2023

    Woman makes disturbing discovery after her boyfriend chases away home intruder who stabbed him

    October 24, 2023

    Poll finds Americans overwhelmingly support Israel’s war on Hamas, but younger Americans defend Hamas

    October 24, 2023

    Off-duty pilot charged with 83 counts of attempted murder after allegedly trying to shut off engines midflight on Alaska Airlines

    October 23, 2023

    Leaked audio of Shelia Jackson Lee abusively cursing staffer

    October 22, 2023
  • Health

    Disparities In Cataract Care Are A Sorry Sight

    October 16, 2023

    Vaccine Stocks—Including Pfizer, Moderna, BioNTech And Novavax—Slide Amid Plummeting Demand

    October 16, 2023

    Long-term steroid use should be a last resort

    October 16, 2023

    Rite Aid Files For Bankruptcy With More ‘Underperforming Stores’ To Close

    October 16, 2023

    Who’s Still Dying From Complications Related To Covid-19?

    October 16, 2023
  • World

    New York Democrat Dan Goldman Accuses ‘Conservatives in the South’ of Holding Rallies with ‘Swastikas’

    October 13, 2023

    IDF Ret. Major General Describes Rushing to Save Son, Granddaughter During Hamas Invasion

    October 13, 2023

    Black Lives Matter Group Deletes Tweet Showing Support for Hamas 

    October 13, 2023

    AOC Denounces NYC Rally Cheering Hamas Terrorism: ‘Unacceptable’

    October 13, 2023

    L.A. Prosecutors Call Out Soros-Backed Gascón for Silence on Israel

    October 13, 2023
  • Business

    Trump Announces First Post-Tariff Trade Deal

    May 8, 2025

    Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

    May 7, 2025

    Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

    May 7, 2025

    Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

    May 7, 2025

    ‘Wait Them Out’: John Kennedy Tells Larry Kudlow One Lie He Suspects China’s Telling US

    May 7, 2025
  • Finance

    Ending China’s De Minimis Exception Brings 3 Benefits for Americans

    April 17, 2025

    The Trump Tariff Shock Should Push Indonesia to Reform Its Economy

    April 17, 2025

    Tariff Talks an Opportunity to Reinvigorate the Japan-US Alliance

    April 17, 2025

    How China’s Companies Are Responding to the US Trade War

    April 16, 2025

    The US Flip-flop Over H20 Chip Restrictions 

    April 16, 2025
  • Tech

    Cruz Confronts Zuckerberg on Pointless Warning for Child Porn Searches

    February 2, 2024

    FTX Abandons Plans to Relaunch Crypto Exchange, Commits to Full Repayment of Customers and Creditors

    February 2, 2024

    Elon Musk Proposes Tesla Reincorporates in Texas After Delaware Judge Voids Pay Package

    February 2, 2024

    Tesla’s Elon Musk Tops Disney’s Bob Iger as Most Overrated Chief Executive

    February 2, 2024

    Mark Zuckerberg’s Wealth Grew $84 Billion in 2023 as Pedophiles Target Children on Facebook, Instagram

    February 2, 2024
  • More
    • Sports
    • Entertainment
    • Lifestyle
Patriot Now NewsPatriot Now News
Home»Business»John Kennedy Tells Chief Biden Regulator Point Blank That His Agency Is ‘Operating Illegally’
Business

John Kennedy Tells Chief Biden Regulator Point Blank That His Agency Is ‘Operating Illegally’

June 12, 2024No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
John Kennedy Tells Chief Biden Regulator Point Blank That His Agency Is
Share
Facebook Twitter LinkedIn Pinterest Email

Republican Louisiana Sen. John Kennedy accused the Consumer Financial Protection Bureau (CFPB) Director Rohit Chopra on Wednesday of operating his agency in an illegal manner.

The Dodd–Frank Wall Street Reform and Consumer Protection Act mandates that the CFPB operate using funds from the “combined earnings of the Federal Reserve System.” However, Kennedy alleged during a CFPB “Semi-Annual Report to Congress” hearing that the Federal Reserve has not had any earnings and has been “losing money” since September 2022, claiming that this means the CFPB is “operating illegally.” (RELATED: Senate Confirms Warren Ally Rohit Chopra To Head Consumer Finance Bureau)

WATCH: 

John Kennedy Tells Chief Biden Regulator Point Blank That His Agency Is ‘Operating Illegally’ pic.twitter.com/RoWVgwvcK7

— Daily Caller (@DailyCaller) June 12, 2024

“For the longest time, the Federal Reserve was earning money, but that stopped in September 2022,” Kennedy said. “Now they are losing money. They don’t have any earnings. They’re no longer transferring earnings to the general fund, and the Supreme Court based its decision on saying, this funding scheme is Constitutional under the appropriations clause, by saying that these earnings would go to the general fund from the Federal Reserve so getting them directly from the general fund is no big deal,” he added.

The Supreme Court ruled by 7-2 vote in May that the unconventional way the CFPB obtains funding is constitutional. Justice Samuel Alito wrote in the dissenting opinion that the ruling could establish a precedent wherein a federal agency can “bankroll its own agenda without any congressional control or oversight.”

See also  Qantas apologises after Aussie regulator alleges ticket sale for cancelled flights

“How are you entitled to any money right now?” Kennedy asked. “The Federal Reserve doesn’t have any earnings.”

Chopra responded that this is a “theory,” to which Kennedy said it is a “congressional statute.”

“You raise the difference between revenue and net income,” Chopra said. “There are other places throughout our laws. I can tell you we’ve looked at this issue. We do believe wholeheartedly everyone is complying with the statue.”

Chopra also disputed that the Federal Reserve has not had any earnings since September 2022.

“I know you don’t like to hear this, but the law is the law. You’ve been operating illegally,” Kennedy said.

“No, that’s not true, sir,” Chopra said.

Kennedy again asserted the Federal Reserve has had no earnings.

“We didn’t say revenue in the statute, we said earnings,” the Kennedy said. “How can you possibly argue that the Federal Reserve has had earnings? They’re losing money.”

“I’m happy to discuss this with you, but we have looked at this theory before,” Chopra responded.

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Agency Biden Blank Chief Illegally John Kennedy Operating point regulator tells
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025

Tyson Foods Announces It Will Bend The Knee To Trump Admin’s New Rules

May 7, 2025

Federal Reserve Holds Interest Rates Steady Despite Pressure From Trump

May 7, 2025
Add A Comment

Leave A Reply Cancel Reply

Top Posts

If Mike McCarthy’s Job Is in Danger, Mine Should be Too

January 15, 2024

Dua Lipa Reveals An Eye-Popping Tiffany Necklace From The Vault

May 2, 2023

‘It’s a no brainer’: Schwarzenegger says he would be president if he could run — ‘I see so clearly how I could win’

June 17, 2023

Dow Jones Futures: Nasdaq, Nvidia Break Key Support As AI Stocks Sell Off; What To Do Now

August 10, 2023
Don't Miss

Trump Announces First Post-Tariff Trade Deal

Business May 8, 2025

President Donald Trump announced Thursday the U.S. has reached a trade agreement with the U.K.,…

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025

Electric Vehicle Sales Nosedive As GOP Takes Buzzsaw To Biden’s Mandate

May 7, 2025
About
About

This is your World, Tech, Health, Entertainment and Sports website. We provide the latest breaking news straight from the News industry.

We're social. Connect with us:

Facebook Twitter Instagram Pinterest
Categories
  • Business (4,110)
  • Entertainment (4,220)
  • Finance (3,202)
  • Health (1,938)
  • Lifestyle (1,626)
  • Politics (3,084)
  • Sports (4,036)
  • Tech (2,006)
  • Uncategorized (4)
  • World (3,944)
Our Picks

‘My D*ck Looks Like A Thumb’: Kevin Hart Describes His Recent Injuries

August 28, 2023

Death of ‘malnourished’ 12-year-old found ‘decomposing’ in Milwaukee home investigated as a homicide, police say

October 14, 2023

Fans Attending 2032 Brisbane Olympic Games Assured Beer Will Flow

June 30, 2023
Popular Posts

Trump Announces First Post-Tariff Trade Deal

May 8, 2025

100 Funny Father’s Day Quotes for Hilariously Relatable Humor (and Plenty of Love Too)

May 8, 2025

Top 10 Benefits Of Acupuncture

May 8, 2025
© 2025 Patriotnownews.com - All rights reserved.
  • Contact
  • Privacy Policy
  • Terms & Conditions

Type above and press Enter to search. Press Esc to cancel.