Breitbart.com reported yesterday that there are some questions as to the amount of money Elizabeth Warren spent to set up the “Consumer Financial Protection Bureau” as a federal watchdog to prevent financial institutions from abusing U.S. consumers.
The article reports:
The Office of Inspector General of the United States Federal Reserve (OIG) was requested by the House Financial Services Oversight and Investigations Committee on January 29, 2014, to evaluate the Consumer Financial Protection Bureau’s (CFPB) headquarters renovation costs that rose from $55 million to at least $215.8 million.
…According to a 2012 Independent Performance Audit, the legislation uniquely guaranteed the CFPB an automatic percentage of the Federal Reserve System’s operating expenses and that “funding is not subject to the traditional formulation and review of the Congressional appropriations process.” In addition, “Receipt of funds from the Federal Reserve authorizes the agency’s budget spending authority.”
The article explains why this spending is a problem for Ms. Warren:
The OIG found that the “Scope and Justification for Estimates” for the “$55 million and $95 million budget amounts for the renovation for fiscal year FY 2012 [beginning October 1, 20011] and FY 2013 [beginning October 1, 2012], respectively, were published in the CFPB’s public budget documents.” The OIG also found that “Approvals through decision memorandums were obtained for these amounts.” But the OIG reported that “CFPB was unable to locate any documentation of the decision to fully renovate the building.”
It therefore appears that although Sen. Elizabeth Warren was the responsible party at the CFPB who approved the “decision to renovate,” the design, and the cost “Scope and Justification for Estimates,” all documents regarding her decisions have vanished.
More missing paperwork from the Obama Administration. Someone needs to open a Lost and Found for these people. Ms. Warren was supposed to be protecting consumers from overzealous corporations, meanwhile she was exploiting the taxpayers to create her own luxurious offices. This sort of expense can be added to the list of places the federal budget could easily be cut.