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The Consumer Financial Protection Bureau (CFPB) has proposed a new rule that would subject large payment firms, such as Apple Pay and Google Pay, to the same scrutiny as banks. The rule would require nonbank financial companies handling more than 5 million transactions per year to follow the same rules as giant lenders already supervised by the CFPB.

The goal of the rule is to ensure that these firms comply with protections against unfair, deceptive, and abusive practices, as well as privacy protections. The CFPB believes that the rule is necessary to protect consumers from the growing power of Big Tech companies in the payments industry.

Banks Support the Rule, While Republicans Oppose It

Banks are cheering the CFPB’s proposal, while Republicans in Congress have come out against it. Rep. Patrick McHenry (R-NC) said that the rule is “a step in the wrong direction” and that it will “only entrench the status quo by impeding the adoption and development of innovative products and services.”

CFPB Has Been Warning About the Rising Power of Big Tech in Payments

The CFPB has been warning for awhile about the rising power of Apple and Google in the payments industry. In September, it released a report that found the companies were acting as “choke points” to the US payment system, cutting off innovation by keeping other apps out.

CFPB’s Rule Is Open for Comment Until Jan. 8

The CFPB’s new rule is open for comment until Jan. 8. The agency expects to finalize the rule in late spring before the next presidential election.

The Perils of Big Government: A Threat to Individual Liberty and Economic Prosperity

Throughout history, the debate over the appropriate role of government has been a central theme in political discourse. On one side of the spectrum, proponents of big government advocate for an expansive role of the state in regulating the economy, providing social welfare, and intervening in international affairs. On the other side, proponents of limited government believe that the state’s primary function is to protect individual rights and enforce contracts, while leaving the rest of society to self-regulate.

While both sides have valid points, the dangers of big government cannot be ignored. An overbearing state can stifle economic growth, infringe on individual liberties, and undermine democratic principles.

Economic Stagnation

Big government often leads to economic stagnation. Excessive regulation and taxation can discourage investment and entrepreneurship, stifling innovation and economic growth. Government intervention in markets can also lead to inefficiencies and misallocation of resources.

Erosion of Individual Freedom

An overreaching government poses a significant threat to individual liberty. When the state controls too much of our lives, it limits our ability to make our own choices and pursue our own goals. Government intrusion into personal affairs can also lead to censorship, surveillance, and other forms of oppression.

Undermining of Democratic Principles

A democracy can only flourish when the power is distributed among the people and their elected representatives. When the government becomes too powerful, it can erode democratic institutions and undermine the rule of law.

Examples of Big Government Failures

History is replete with examples of the perils of big government. The Soviet Union’s centrally planned economy collapsed under its own weight, leaving behind a legacy of poverty and repression. Venezuela’s socialist experiment has led to economic ruin and widespread social unrest.

The Case for Limited Government

A limited government focused on protecting individual rights and enforcing contracts provides the best foundation for economic prosperity, individual liberty, and democratic principles. A government that respects the free market and the rule of law allows individuals to pursue their own interests, fostering innovation and economic growth. It also protects individual liberties from government overreach and upholds the democratic process.


The dangers of big government should not be taken lightly. An overreaching state can stifle economic growth, infringe on individual liberties, and undermine democratic principles. While some government intervention is necessary, we must be vigilant in guarding against the perils of big government and preserving the principles of limited government and individual liberty.

Shayne Heffernan

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