CFPB Under Republican Attack

Ever since Elizabeth Warren first conceived the Consumer Financial Protection Bureau, Republicans have foamed at the mouth over the very idea of preventing Banksters from defrauding customers.  They say it will cost jobs, but that is a lie.  If consumers get to keep more of their own money, because Banksters can’t steal it, their spending will stimulate the economy and help create jobs.  So Republicans are going after the CFPB again.  But this time, greed is their motive.

Republicans on the House Financial Services Committee are having a campaign fund-raiser this week.

Starting on Wednesday, the committee’s majority is expected to pass bills to cripple the Consumer Financial Protection Bureau, one of the most important innovations in the 2010 Dodd-Frank financial reform law.

The bureau has one purpose: to shield consumers from unfair, misleading and deceptive lending. The purpose of the Republican bills is twofold. One is to deprive the agency of the power to fulfill its mission. Another is to attract campaign money. As long as the Senate and White House are controlled by Democrats, the bills are unlikely to become law. But by advancing them in the House, Republicans can demonstrate how thoroughly they would dismantle reform if they controlled Washington and, in the process, rake in Wall Street donations.

What do the banks want in exchange? For starters, they want even stricter constraints on the agency than those that were written into the law last year — and that were expressly included to address banks’ objections to the agency… [emphasis added]

Inserted from <NY Times>

Given the corporate cash in play, let me reiterate that we need 100% publicly financed campaigns.  Otherwise, a few DINOs will keep selling out, along with the entire Republican Party.