Why Don't Republicans Want a Consumer Financial Protection Bureau?

[libby]

Almost two years ago republicans blocked Elizabeth Warren's appointment to head the new Consumer Financial Protection Bureau. She's now Senator Elizabeth Warren, and the republicans are trying to block appointment of the man who's been running the Bureau since then.

The Washington Post
Panel Approves Pick for Consumer Agency
Debate Over Bureau's Structure May Snarl Senate Vote On Cordray
March 20, 2012
by Danielle Douglas

Democrats on the Senate banking committee on Tuesday approved the nomination of Richard Cordray to head the Consumer Financial Protection Bureau -- just as they did nearly two years ago.

Clearing the committee, even by a slim 12-10 margin, was a minor feat. The real hurdle will come on the Senate floor. Cordray's nomination remains at the center of a larger political fight over the structure of the watchdog agency and, although the Democrats have 55 seats in the Senate, a single Republican could filibuster a final vote.

Lawmakers say they have no qualms about Cordray, who is widely praised by consumer and industry groups alike.

But Senate Republicans are demanding that the CFPB be subject to annual appropriations and led by a five-member board for greater transparency and accountability. Republicans have vowed to block the confirmation of any director unless President Obama relents.

The White House, however, insists that the bureau remain an independent regulator. Senate Majority Leader Harry M. Reid (D-Nev) has not scheduled a floor vote on Cordray's nomination, and his office did not respond to requests for comment.

Tensions over the CFPB came to a head in late 2011, when Obama installed Cordray to run the agency through a recess appointment. Republicans were livid about the end run, which staffers say poisoned the waters for Cordray.

Obama could use another recess appointment to keep Cordray, whose term expires at the end of the year, in place. The White House has not indicated whether the president is entertaining that option and did not return a call for comment.

In the past month, Sens. Elizabeth Warren (D-Mass), Sherrod Brown (D-Ohio) and Jack Reed (D-RI) have waged a campaign in support of Cordray's confirmation.

Warren, who crusaded for the creation of the agency four years ago has found herself still fighting to keep it intact.

"Cordray has earned a reputation as an effective and balanced regulator" and deserves an up-or-down vote, Warren said in an e-mail.  "The Senate needs to focus on how to put an end to practices  that cheat families in their mortgages and credit cards."

Warren and her democratic colleagues are in for a fight, as the war to dismantle the CFPB is being waged on multiple fronts. There are at least three bills and one on-going court case aimed at turning the bureau into a five-member commission.

A federal appeals court ruling questioning the constitutionality of recess appointments also poses a threat to the bureau. Although the ruling targets three members of the National Labor Relations Board, it could help a separate lawsuit seeking to use the same constitutional argument to remove Cordray.

Meanwhile, Mary Jo White, who shared a nomination hearing with Cordray, faces no real opposition to head the Securities and Exchange Commission.

Senate staffers say the former U.S. attorney, who sailed through the commission with a 21 to 1 vote, has broad bipartisan support.

douglasd@washpost.com

[Y]

That's a simple question to answer - because they've sold their collective soul to the corporate devil.

[The Troll]

That's a simple question to answer - because they've sold their collective soul to the corporate devil.

  Yep, they want to protect the super rich and the corporations from any harm they do to us every day.  They don't want to hurt their sugar daddies and the people to pay millions and millions to protect them. 

[Henry Hawk]

That's a simple question to answer - because they've sold their collective soul to the corporate devil.

What a BS talking point....

The fact is, why in the world would want MORE government bureaucracy to micromanage OUR personal buisness.  They will without a doubt, increase the cost of mortgages, which is already in the midst of a struggling economy, and their increased regulations will reduce loan availabilty.  They have already issued hundreds of pages of regulations.  Y, it is groups like this that enables the Larger corporations to survive, and it WILL force the smaller firms to close.  In the end, it just puts more mortgage costs to the consumer, who is already struggling.

[Exterminator]

What a BS talking point....

The fact is, why in the world would want MORE government bureaucracy to micromanage OUR personal buisness.  They will without a doubt, increase the cost of mortgages, which is already in the midst of a struggling economy, and their increased regulations will reduce loan availabilty.  They have already issued hundreds of pages of regulations.  Y, it is groups like this that enables the Larger corporations to survive, and it WILL force the smaller firms to close.  In the end, it just puts more mortgage costs to the consumer, who is already struggling.

It is better to be silent and be thought a fool than to speak up and remove all doubt.

[Henry Hawk]

It is better to be silent and be thought a fool than to speak up and remove all doubt.

Your nomal response when you have nothing else.  What I said is indeed true and a fact.  Also, as to why I truly feel is a waste of my time on here.  Of course you will come back with a wise ass answer.

[The Troll]

Your nomal response when you have nothing else.  What I said is indeed true and a fact.  Also, as to why I truly feel is a waste of my time on here.  Of course you will come back with a wise ass answer.

  What about your answers.  All bullshit and lies.  Just where in hell do you come up with all of these stupid answers and brain dead and stupid information.   

  Oh, I know, out of your Republican, Right Wing, Religious ass.   

[Exterminator]

What I said is indeed true and a fact.

Uh, no; you have no idea what you're talking about.   

[Henry Hawk]

Uh, no; you have no idea what you're talking about.   

Whatever skippy, I have read very much on this, and YES, I DO, know what I am talking about.....Easy for you to just spout off, but what I said IS TRUE......they are forcing the small guys out with over regulations, and allowing the big guy to absorb some of the cost, but still ends up passing it on to the consumer.  It is nothing more than common sense.

[me]

Whatever skippy, I have read very much on this, and YES, I DO, know what I am talking about.....Easy for you to just spout off, but what I said IS TRUE......they are forcing the small guys out with over regulations, and allowing the big guy to absorb some of the cost, but still ends up passing it on to the consumer.  It is nothing more than common sense.

Unfortunately they are very much lacking in the common sense department.