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age.org/sites/de

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to Sm

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ex /15/78rn ion

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d Jack Michel nd J. Michel, nking, Housing, id%20 David R. Burton,

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a

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Burton, “Improving Entrepreneurs’ Access to Capital: Vital for Economic Growth”; Campbell, “The Case for Federal Pre-Emption of State Blue Sky Laws.” 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-consolidatedaudit-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 arket System Plan Governing the Consolidated Audit Trail,” July 8, 2022, https:/Awww.sec.gov/news/ statement/peirce-statement-consolidated-audit-trail-070822 (accessed February 20, 2023). Peirce, “It’s Not Just Scope 3: Remarks at the American Enterprise Institute”: Uyeda, “Remarks at the 2022

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/2016/1B4526. pdf. For a detailed discussion of SEC administration, see Burton, “Reforming the Securities and Exchange

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=mijlr (accessed February 20, 2023).

7US.C. § 1a(9), https://www.law.cornell.edu/uscode/text/7/la (accessed February 20, 2023).

Or the CFTC can undertake a rulemaking.

7US.C. § 2(), httos://www.law.cornell.edu/uscode/text/7/2 (accessed February 20, 2023).

7US.C. § 7b-3, https://www.law.cornell.edu/uscode/text/7/7b-3 (accessed February 20, 2923).

Commodity Futures Trading Commission, “Cross-Border Application of the Registration Thresholds and Certain Requirements Applicable to Swap Dealers and Major Swap Participants,” Final Rule, Federa/ 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).

Commodity Futures Trading Commission, “Interpretive Guidance and Policy Statement Regarding Compliance

W

h Certain Swap Regulations,” Federa/ 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).

Commodity Futures Trading Commission, “Margin Requirements for Uncleared Swaps for Swap Dealers and

us/ (accessed March 23, 2023).

ajor Swap Participants—Cross-Border Application of the Margin Requirements,” Final Rule, Federa/ Register, Vol. 81, No. 104 (May 31, 2016), pp. 34818-34854, https://www.govinfo.gov/content/pkg/FR-2016-05-31/ odf/2016-12612.pdf (accessed February 21, 2023). H.R. 4173, Dodd-Frank Wall Street Reform and Consumer Protection Act, Public Law 111-203, 1llth Congress, July 21, 2010, Title X, https:/Avww.congress.gov/1I1/plaws/publ203/PLAW-Illpub|203.pdf (accessed March 23, 2023). See also Consumer Financial Protection Bureau, “About Us,” https://www.consumerfinance.gov/about

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,” 7he

fall 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).

Editorial, “CFPB Joins Justice in Shaking Down Banks for Democrat Activist Groups,” /nvestor’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).

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).

Table, “FTE by Program,” in ibid., p. 16.