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43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

Posted by on Feb. 2, 2013 at 6:24 PM
  • 8 Replies

43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

When the Dodd-Frank financial reform law first passed, Senate Republicans refused to confirm a director for the newly-created Consumer Financial Protection Bureau. They promised to block any nominee — regardless of that nominee’s qualifications for the job — unless the Bureau was weakened and made subservient to the same bank regulators who failed to prevent the 2008 financial crisis.

President Obama was thus forced to recess appoint Ohio Attorney General Richard Cordray to be the Bureau’s first director. Now that Obama has renewed Cordray’s nomination, the Senate GOP is again promising to block any nominee unless the Bureau is watered down:

In a letter sent to President Obama on Friday, 43 Republican senators committed to refusing approval of any nominee to head the consumer watchdog until the bureau underwent significant reform. Lawmakers signing on to the letter included Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Mike Crapo (R-Idaho), the ranking member of the Senate Banking Committee.

“The CFPB as created by the deeply flawed Dodd-Frank Act is one of the least accountable in Washington,” said McConnell. “Today’s letter reaffirms a commitment by 43 Senators to fix the poorly thought structure of this agency that has unprecedented reach and control over individual consumer decisions — but an unprecedented lack of oversight and accountability.” [...]

In particular, Republicans want to see the top of the bureau changed so it is run by a bipartisan, five-member commission, as opposed to a lone director.

They also want to see the bureau’s funding fall under the control of congressional appropriators — it currently is funded via a revenue stream directly from the Federal Reserve.

Republicans want to implement a commission (instead of a lone director) and subject the CFPB to the appropriations process in order to stuff it full of appointees with no interest in regulating and starve it of funds. The other financial system regulators that have to go before Congress for their funds already don’t have the resources to implement Dodd-Frank, thanks the House GOP, leaving large swathes of it unfinished. There are also a host of other reasons that the CFPB needs to be both independently funded and have a strong, independent director.

The CFPB has done important work on behalf of consumers, winning wide praise from consumer advocates and the financial industry. Senate Republicans, meanwhile, have made it abundantly clear that they believe that blocking any and all nominees is an acceptable strategy.

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If they enforced bank regulations like they do park rules, we wouldn't be in this mess

by on Feb. 2, 2013 at 6:24 PM
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Replies (1-8):
Annsf
by Member on Feb. 2, 2013 at 7:02 PM

Blackmail anyone?

LauraKW
by "Dude!" on Feb. 2, 2013 at 7:05 PM
Party of "No".
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UpSheRises
by Platinum Member on Feb. 2, 2013 at 7:13 PM
Cocksuckers.
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mikiemom
by Ruby Member on Feb. 2, 2013 at 7:16 PM
1 mom liked this

Yes because they don't give a rat's ass about the American people -

brookiecookie87
by Platinum Member on Feb. 2, 2013 at 7:22 PM


Quoting mikiemom:

Yes because they don't give a rat's ass about the American people -

I think the natural conclusion is they value the money that is lining their pockets more than the American people. But if you want to make the leap and say they don't give a rat's ass about the American people you can.


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If they enforced bank regulations like they do park rules, we wouldn't be in this mess

AdrianneHill
by Platinum Member on Feb. 2, 2013 at 8:48 PM
The American people care about money so it is only natural that the gop protect the machinery of capitalism to protect America and her citizens... Sorry, can't say it without laughing a little. I guess that's why I'm not a gop lawmaker
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Veni.Vidi.Vici.
by on Feb. 2, 2013 at 9:10 PM

Seems to obvious for me to wonder what lines I didn't read between.


meriana
by Platinum Member on Feb. 2, 2013 at 9:50 PM

A lot of the GOP would much prefer that the financial sector and wall street have no regulations or regulators. They'd also prefer that businesses aren't regulated and a national right to work law. In other words they would much prefer that businesses, the financial sector and wall street be able to do just as they please regardless of how what they do affects the average person or in what manner. Their ideal world is similar to pre-union days when companies ruled and workers had no protections at all.

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