http://www.addictinginfo.org/2013/02/02/gop-threatens-to-block-consumer-financial-protection-bureau-unless-they-can-cripple-it/
According to a letter sent to the President Thursday, 43 Republican Senators will refuse to budge on approving the director. Mitchie “the Turtle” McConnell and Mike “DUI” Crapo signed the letter which reads, in part:
“The CFPB as created by the deeply flawed Dodd-Frank Act is one of the least accountable in Washington. 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.” (source)
Allow me to translate: “We hate this new agency because we can’t control it.” They would like to switch the director for a 5-person commission (bi-partisan, so they say) and make the CFPB fall under congressional appropriations. As it stands now, the bureau is funded via the Federal Reserve. They basically want to starve the bureau of funds so that it cannot fulfill its mission. A mission, says Senate Banking Committee Chairman Tim Johnson (D-S.D.), that…
“… enjoys overwhelming public support, and there is no evidence that the bureau is unaccountable and that structural changes are necessary. The market needs certainty, and blocking Richard Cordray’s nomination is a disservice to consumers and industry alike.” (source)
The House GOP has already stymied the The Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) by denying them the funds to implement the Dodd-Frank provisions. Less than half of the rules that are supposed to protect the market have been put into place thanks to the House GOP. And there is still much that needs to be done to ensure the regulatory protections that were laid out in the bill.
with all this jibberjab it all boils down to their fight against regulations, they want to remain free to pillage your pocket with impunity. they are cheating you out of safe and fair agencies that would keep you safe from private sector barbarians, you need only remember what credit card people have done to you, mortgage's that help sink the economy and put you underwater, job losses, trying to kill EPA how long before lung cancer and dirty water kills your family and friends? they want you vulnerable and sick so the insurance co.'s can rip you even frther big business is collective. why aren't we?
