43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

  1. You have chosen to ignore posts from AlleyCatBruin. Show AlleyCatBruin's posts

    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.”
     
    http://thinkprogress.org/economy/2013/02/01/1530481/gop-senators-pledge-block-consumer-bureau
    Just more proof of how pathetic the republican party is......
     
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  3. You have chosen to ignore posts from ComingLiberalCrackup. Show ComingLiberalCrackup's posts

    Re: 43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

    The arrogant Obama Administration considers the Constitution an "obstruction".

    Obama placed Cordray in the position through a recess appointment on Jan. 4, 2012.

    The next day, however, a federal appeals court ruled that similar recess appointments made to the National Labor Relations Board were unconstitutional, calling into question the validity of Cordray’s appointment.

    The CFPB has more power and authority than almost any independent agency in history and asking them to present a budget to Congress for approval is a very modest request.

    The Consumer Protection Bureau itself is arguably unconstitutional under the Supreme Court’s Free Enterprise Fund decision issued in 2008.  Like the federal agency struck down there, the Bureau is not subject to any ongoing Executive Branch authority, as it is an independent agency overseen by an independent agency.  It is not subject to any Congressional authority, because it is statutorily empowered to set its own budget, and raise its own funds through the Federal Reserve Board.  It is even exempted from at least some judicial review.

     
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    Re: 43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

    In response to ComingLiberalCrackup's comment:

    The arrogant Obama Administration considers the Constitution an "obstruction".

    Obama placed Cordray in the position through a recess appointment on Jan. 4, 2012.

    The next day, however, a federal appeals court ruled that similar recess appointments made to the National Labor Relations Board were unconstitutional, calling into question the validity of Cordray’s appointment.

    The CFPB has more power and authority than almost any independent agency in history and asking them to present a budget to Congress for approval is a very modest request.

    The Consumer Protection Bureau itself is arguably unconstitutional under the Supreme Court’s Free Enterprise Fund decision issued in 2008.  Like the federal agency struck down there, the Bureau is not subject to any ongoing Executive Branch authority, as it is an independent agency overseen by an independent agency.  It is not subject to any Congressional authority, because it is statutorily empowered to set its own budget, and raise its own funds through the Federal Reserve Board.  It is even exempted from at least some judicial review.




    The fillibuster is unconstitutional.  You can't wrap yourself in the constitution while wiping your 8ss with it.  You can't have it both ways.

     

     
  5. You have chosen to ignore posts from AlleyCatBruin. Show AlleyCatBruin's posts

    Re: 43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

    In response to Newtster's comment:

    Glad to see you continue your pattern of undying obedience to the Borg and throwing logical and rational thought out the  window.

    Dodd-Frank codifies too big to fail and is nothing but another gift from the Democrats to the largest banks in the country.

    Do you approve of the fact that the Borg has not prosecuted one bankster for the fraud they perpetrated? Do you approve of the slush fund COngress created with this ridiculous law that only gives the banksters more motivation to take undue risks?

    The real obstruction is from the crooks in the Democrat Party and their Republican friends that continue to OBSTRUCT JUSTICE.




    I knew that you would like it! lolol

     
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  7. You have chosen to ignore posts from UserName99. Show UserName99's posts

    Re: 43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

    Republicans hate the CFPB, the FDA, the EPA, the Post Office, sex education, gun research by the CDC and ATF, the Census Bureau, student loan programs and any other government program that protects, educates, and informs the public.

    They love a lack of regulation.  Weak or zero regulation produces bank failures, unsafe food, unsafe water, air and soil, unsafe pharmaceuticals and causes large scale public suffering.

    Most Americans need and deserve protection from these cretins before they destroy our lives, either by white collar crime, by assault weapon, by pharmaceutical product or by some consumer product.

    The Consumer Financial Protection Bureau wants to protect Americans and the GOP hates that idea just as much as it hates America. 

     

     
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  10. You have chosen to ignore posts from massmoderateJoe. Show massmoderateJoe's posts

    Re: 43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

    People only whine about the filibuster when they are on the wrong side of it.

     
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    Re: 43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

    In response to GreginMeffa's comment:

    In response to WhatDoYouWantNow's comment:

     

    If they're not going to do away with filibusters, I think at the very least they should make the would-be buster stand up and talk, old school.  It should be just as obnoxious for all involved as it is for the citizen  now.

     




    I'm down wit dat, buts up to them and only them.  THAT actually IS in the constitution

     



    I second that response

     
  14. You have chosen to ignore posts from MattyScornD. Show MattyScornD's posts

    Re: 43 GOP Senators Threaten Obstruction Unless Consumer Protection Bureau Is Weakened

    Shouldn't we be pushing for more truly independent oversight bureaus in DC and not less...?

    Given the circumstances of the 2008 crash, is there anyone who thinks the then-current regulatory agencies were sufficient...?  Really??

    Are some people that disdainful of consumers to think they don't merit some protections in the murky, highly risky consumer finance area...?

    It's one thing to say that certain industry regulations require better enforcement of current rules...and quite another to deny those agencies the resources with which to do their jobs.  If we can give intel and defense agencies every tool, trick and toy under the sun, then we can certainly give a little more to agencies tasked to prevent mass wire and bank fraud, predatory lending and usurious practices.

    History has proven that the banks and financiers are either unable or unwilling to ethically, properly police themselves.  Someone has to do it.  Even the Wild West had marshals.

     

     

     

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