43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau
Posted in the Robbinsdale Forum
Saint Paul, MN
#1 Feb 4, 2013
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 to 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.
Business as usual for the GOP. They want to destroy anything that might benefit the average American.
#2 Feb 4, 2013
Napoleonic Short Dyck Poster,
Feel free to work out you small dyck issues by using my name all day.
I just wish that Sociopaths like you were not objectifying me all day as you masturbate to the fantasy you have created about me in your Diseased Mind.
Also, why do you actively seek to reveal to the world, all of your Mental Health issues by posting as me?
#3 Feb 4, 2013
Brought to you, by Classless, DELICIOUS PhillipKs VodKa, BREAKFAST OF Cons.... LMAOROTFU~!
Served with the usual side of MORON RACIST SPAM ~!
Of course, I'd be remiss if I didn't like some con "accomplishments" too......
AH.... maybe later.
#4 Feb 4, 2013
You get um Slewsie....Nobdy has any context for this little attack you use, and they do not know what the fauch you are talking abou. But, Hey YOU know what it is you are saying, and it is all about YOU.
So Babbl'ese away!
Saint Paul, MN
#5 Feb 4, 2013
Consistent, EVERYONE knows that you are a drunk! Your grandiosity is unexcelled, even among alooholics. Remember the story of the drunk that was always trying to arrange things his way, certain that the world would be a better place if it would just let you arrange things?
That's you. Full blown alcoholism in all its glory.
Since: Oct 08
#6 Feb 4, 2013
So 43 Republicans object to the Presidents nominee, which sounds like the nominee would have some trouble getting the nod. So, what should the President do? Compromise by finding some common ground or refuse to negotiate with the Senators and potentialy have a stalemate! My guess, he actually thinks he has a mandate,(only Corolla has a mandate)and therefore will go on TV or will personally attack these Senators as "obstructing" in attempt to get his way! This is the "working together President the ignorant American public voted in for 4 more years!!
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