— by Pat Garofalo on Feb 1, 2013 at 5:45 pm
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.
This material [the article above] was created by the Center for American Progress Action Fund. It was created for the Progress Report, the daily e-mail publication of the Center for American Progress Action Fund. Click here to subscribe.
Watch as MSNBC’s Chris Matthews takes on RNC Chair Reince Priebus about all of the RNC PR BS on the Morning Joe show. He stays fairly cool for some time listening to all of Mr. Priebus’ BS, but he eventually explodes and goes after him.
Reince Priebus: “I think Obama’s policies have created a sense that, for whatever reason, he’s looking guidance as far as health care is concerned, as far as our spending is concerned, as far as these stimulus packages are concerned, that he’s looking to Europe for guidance.”
Chris Matthews: “What? Where do you get this from? That’s insane. You mean the fact that every president we’ve had has tried to offset the economic cycle with stimulus going the other direction is somehow European?”
And what did Mr. Priebus do … he smirked and chuckled. Excuse me? If President Obama were looking to Europe, he would have cut the crap out of absolutely everything to institute “AUSTERITY” just as they’ve done in Europe … and that HAS NOT worked in Europe.
In another spot in the show segment, Mr. Priebus explains how Mitt Romney’s comment that “nobody’s ever asked me for my birth certificate” was the poor execution of a joke. A joke? Really? Where’s the joke in that? It’s pure birtherism. Somebody should ask Mr. Romney about his dad’s Mexican birth certificate and Mitt’s own anchor baby status. Let’s see if he takes that as a joke.
“That cheap shot about ‘I don’t have a problem with my birth certificate’ was awful,” said Matthews. “It is an embarrassment to your party to play that card. This stuff about getting rid of the work requirement for welfare is dishonest, everyone’s pointed out it’s dishonest, and you are playing that little ethnic card there. You can play your games and giggle about it, but the fact is your side is playing that card. When you start talking about work requirements, we know what game you’re playing, and everybody knows what game you’re playing, it’s a race card.”
A new Romney ad purports: “On July 12th, President Obama quietly announced a plan to gut welfare reform by dropping work requirements. Under Obama’s plan, you wouldn’t have to work and wouldn’t have to train for a job. They just send you your welfare check.” They continue to run that ad and others even though fact-checking sites have clearly sited it as FALSE. Fact-checking website PolitiFact says Romney’s claims are“pants on fire” bogus. The Washington Post‘s fact checker awarded four Pinocchios, its highest rating. And Annenberg Public Policy Center’s FactCheck.org the claims as false.
Mr. Priebus gloated that “the President’s policies simply haven’t worked.” Now—that is pure bull puckey! The President’s policies “SIMPLY” haven’t had an inkling of a chance as they’ve been pretty much blocked from being considered or voted upon, in their entirety, in both the House and the Senate by Republicans whose sole purpose in life is to “ensure President Obama is nothing more than a ‘one-term’ President.”
I consider the actions of the GOP members of Congress as being treasonous in their very nature and intent. They were elected to serve the people … and instead, they’ve done nothing than “serve themselves” at the expense of the American people.
Calls Out RNC Chairman for Last-Minute, Token Hispanic Outreach Effort &
GOP’s Out-Of-Touch Record on Latino Issues
Las Vegas, NV – State Senator Ruben Kihuen released the following statement in response to the Republican National Committee Chairman Reince Priebus’ damage control press call paying lip service to the party’s non-existent Latino outreach efforts on behalf of Republican candidate Mitt Romney:
“Given Mitt Romney’s support for Wall Street millionaires paying a lower tax rate than middle-class workers like teachers and nurses as well as his pledge to veto the DREAM Act, it’s no wonder the RNC has finally realized they have a problem with Hispanic voters and have pushed the panic button. However, no amount of conference calls or token, last-minute outreach efforts will change the fact that Mitt Romney is wrong for Latino families.
“On behalf of Nevada’s Hispanic community, my message to RNC Chairman Reince Priebus is this: in your dreams. When Nevada’s Latino community goes to the polls this November, they will have a clear choice between President Obama’s commitment to creating jobs and passing comprehensive immigration reform and the DREAM Act, and a Republican like Mitt Romney who would be the most extreme Republican presidential nominee on immigration issues in modern history.”