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19. Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Campbell, “The Case for
Federal Pre-Emption of State Blue Sky Laws.”
20. David R. Burton, “Why the SEC’s Consolidated Audit Trail Is a Bad Idea,” Heritage Foundation Commentary,
December 5, 2019, https://www.heritage.org/monetary-policy/commentary/why-the-secs-consolidated-
audit-trail-bad-idea; Hester M. Peirce, Commissioner, U.S. Securities and Exchange Commission, “Statement
on the Order Granting Temporary Conditional Exemptive Relief from Certain Requirements of the National
Market System Plan Governing the Consolidated Audit Trail,” July 8, 2022, https://www.sec.gov/news/
statement/peirce-statement-consolidated-audit-trail-070822 (accessed February 20, 2023).
21. Peirce, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute”; Uyeda, “Remarks at the 2022
Cato Summit on Financial Regulation.”
22. David R. Burton, “How Dodd–Frank Mandated Disclosures Harm, Rather than Protect, Investors,” Heritage
Foundation Issue Brief No. 4526, March 10, 2016, http://thf-reports.s3.amazonaws.com/2016/IB4526.pdf.
23. For a detailed discussion of SEC administration, see Burton, “Reforming the Securities and Exchange
Commission.”
24. See, for example, Andrew N. Vollmer, “Accusers as Adjudicators in Agency Enforcement Proceedings,”
University of Michigan Journal of Law Reform, Vol. 52, No. 1 (Fall 2018), pp. 103–155, https://repository.law.
umich.edu/cgi/viewcontent.cgi?article=1602&context=mjlr (accessed February 20, 2023).
25. 7 U.S.C. § 1a(9), https://www.law.cornell.edu/uscode/text/7/1a (accessed February 20, 2023).
26. Or the CFTC can undertake a rulemaking.
27. 7 U.S.C. § 2(i), https://www.law.cornell.edu/uscode/text/7/2 (accessed February 20, 2023).
28. 7 U.S.C. § 7b–3, https://www.law.cornell.edu/uscode/text/7/7b-3 (accessed February 20, 2923).
29. Commodity Futures Trading Commission, “Cross-Border Application of the Registration Thresholds and
Certain Requirements Applicable to Swap Dealers and Major Swap Participants,” Final Rule, Federal Register,
Vol. 85, No. 178 (September 14, 2020), pp. 56924–57016, https://www.govinfo.gov/content/pkg/FR-2020-09-
14/pdf/2020-16489.pdf (accessed February 21, 2023).
30. Commodity Futures Trading Commission, “Interpretive Guidance and Policy Statement Regarding Compliance
with Certain Swap Regulations,” Federal Register, Vol. 78, No. 144 (July 26, 2013), pp. 45292–45374, https://
www.cftc.gov/sites/default/files/idc/groups/public/@lrfederalregister/documents/file/2013-17958a.pdf
(accessed February 21, 2023).
31. Commodity Futures Trading Commission, “Margin Requirements for Uncleared Swaps for Swap Dealers and
Major Swap Participants—Cross-Border Application of the Margin Requirements,” Final Rule, Federal Register,
Vol. 81, No. 104 (May 31, 2016), pp. 34818–34854, https://www.govinfo.gov/content/pkg/FR-2016-05-31/
pdf/2016-12612.pdf (accessed February 21, 2023).
32. H.R. 4173, Dodd–Frank Wall Street Reform and Consumer Protection Act, Public Law 111–203, 111th Congress,
July 21, 2010, Title X, https://www.congress.gov/111/plaws/publ203/PLAW-111publ203.pdf (accessed March 23,
2023). See also Consumer Financial Protection Bureau, “About Us,” https://www.consumerfinance.gov/about-
us/ (accessed March 23, 2023).
33. See, for example, Paul Sperry, “Trump Is Finally Fixing This Economy-Killing Agency,” New York Post,
December 2, 2017, https://nypost.com/2017/12/02/trump-is-finally-fixing-this-economy-killing-agency/
(accessed March 23, 2023). See also Jeb Hensarling “How We’ll Stop a Rogue Federal Agency,” The
Wall Street Journal, February 8, 2017, https://www.wsj.com/articles/how-well-stop-a-rogue-federal-
agency-1486597413 (accessed March 23, 2023), and H.R. 3389, CFPB Slush Fund Elimination Act of 2013, 113th
Congress, introduced October 30, 2013, https://www.congress.gov/113/bills/hr3389/BILLS-113hr3389ih.pdf
(accessed March 23, 2023).
34. Editorial, “CFPB Joins Justice in Shaking Down Banks for Democrat Activist Groups,” Investor’s Business Daily,
June 17, 2015, https://www.investors.com/politics/editorials/cfpb-diverts-civil-penalty-funds-to-democrat-
activist-groups/ (accessed March 23, 2023).
35. Table, “Budget by Program,” in Consumer Financial Protection Bureau, Annual Performance Plan and
Report, and Budget Overview, February 2023, p. 15, https://files.consumerfinance.gov/f/documents/cfpb_
performance-plan-and-report_fy23.pdf (accessed March 23, 2023).
36. Table, “FTE by Program,” in ibid., p. 16.
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37. Table 7, “Civil Penalty Fund Significant Activity,” in Consumer Financial Protection Bureau, Financial Report
of the Consumer Financial Protection Bureau, Fiscal Year 2022, November 15, 2022, p. 21, https://files.
consumerfinance.gov/f/documents/cfpb_financial-report_fy2022.pdf (accessed March 23, 2023).
38. Ibid.
39. Consumer Financial Protection Bureau, Financial Report of the Consumer Financial Protection Bureau, Fiscal
Year 2022, p. 20.
40. 12 U.S. Code § 5491, https://www.law.cornell.edu/uscode/text/12/5491 (accessed March 23, 2023).
41. Consumer Financial Protection Bureau, “Bureau Structure,” last updated March 15, 2023, https://www.
consumerfinance.gov/about-us/the-bureau/bureau-structure/ (accessed March 23, 2023).
42. See Consumer Financial Protection Bureau, “Consumer Financial Civil Penalty Fund Rule,” https://www.
consumerfinance.gov/rules-policy/final-rules/consumer-financial-civil-penalty-fund-rule/ (accessed
March 23, 2023).
43. Consumer Financial Protection Bureau, “Civil Penalty Fund: Consumer Education and Financial Literacy,”
https://www.consumerfinance.gov/enforcement/payments-harmed-consumers/civil-penalty-fund/consumer-
education-financial-literacy/ (accessed March 23, 2023).
44. U.S. Government Accountability Office, Consumer Financial Protection Bureau: Opportunity Exists to Improve
Transparency of Civil Penalty Fund Activities, GAO-14-551, June 2014, https://www.gao.gov/assets/gao-14-551.
pdf (accessed March 23, 2023).
45. Seila Law LLC v. Consumer Financial Protection Bureau, 591 U.S. ___ (2020), https://www.supremecourt.gov/
opinions/19pdf/19-7_n6io.pdf (accessed March 23, 2023).
46. Ibid., p. 37.
47. See 12 U.S. Code § 5497(a)(1), https://www.law.cornell.edu/uscode/text/12/5497 (accessed March 23, 2023).
Congress specified that the amount transferred to the CFPB “shall not exceed” 12 percent “of the total
operating expenses of the Federal Reserve System…in fiscal year 2013, and in each year thereafter.” Ibid., §
5497(2)(A)(iii).
48. Community Financial Services Association of America v. Consumer Financial Protection Bureau (5th Cir. 2022),
pp. 31–32, https://www.ca5.uscourts.gov/opinions/pub/21/21-50826-CV0.pdf (accessed March 23, 2023).
49. Ibid., p. 32.
50. Ibid. (quoting Seila Law LLC v. CFPB, 140 S. Ct. 2183, 2202 n. 8 (2020)).
51. U.S. Supreme Court, “Order List: 598 U.S.,” February 27, 2023, Docket No. 22–448, CFPB et al. v. Com. Fin.
Services Assn., et al., https://www.supremecourt.gov/orders/courtorders/022723zor_6537.pdf (accessed
March 23, 2023).
52. Devin Watkins, Competitive Enterprise Institute, “Consumer Financial Protection Bureau: Ripe for Reform,”
testimony before the Subcommittee on Financial Institutions and Monetary Policy, Committee on
Financial Services, U.S. House of Representatives, March 9, 2023, https://docs.house.gov/meetings/BA/
BA20/20230309/115384/HHRG-118-BA20-Wstate-WatkinsD-20230309.pdf (accessed March 23, 2023);
Norbert J. Michel, “7 Steps Next Director Can Take to Make the Consumer Financial Protection Bureau Less
Awful,” Heritage Foundation Commentary, July 28, 2018, https://www.heritage.org/markets-and-finance/
commentary/7-steps-next-director-can-take-make-the-consumer-financial.
53. The Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation, Federal Reserve,
and National Credit Union Administration. Those functions performed by the Office of Thrift Supervision (OTS)
prior to Dodd–Frank should be transferred to the OCC since OTS has merged with OCC.
54. See “Section 1071 of the Dodd–Frank Act” in David R. Burton, “Improving Small Business Access to Capital,”
Consumer Financial Protection Bureau Symposium on Section 1071 of the Dodd–Frank Act, Small Business
Lending Panel, November 6, 2019, https://files.consumerfinance.gov/f/documents/cfpb_burton-written-
statement_symposium-section-1071.pdf (accessed March 23, 2023).
55. 5 U.S. Code Chapter 5, https://www.law.cornell.edu/uscode/text/5/part-I/chapter-5 (accessed March 23, 2023).
56. Consumer Financial Protection Bureau, “Administrative Adjudication Proceedings,” https://www.
consumerfinance.gov/administrative-adjudication-proceedings/ (accessed March 23, 2023), and 12 Code of
Federal Regulations Part 1081—Rules of Practice for Adjudication Proceedings, https://www.law.cornell.edu/
cfr/text/12/part-1081 (accessed March 23, 2023).