Of course CFPB really stands for Consumer Financial Protection Bureau, but if Republicans have their way, it will become the Consumer Financial Predation Bureau, an agency dedicated to allowing Banksters and other criminal Republican miscreants to prey on Americans. The House Finance Committee just approved three new bills designed to render the CFPB impotent.
The power and independence of a new U.S. financial consumer watchdog agency would be curbed under three pieces of legislation approved on Friday by a Republican-controlled House of Representatives panel.
The measures may win approval in the full House later, but analysts do not expect them to become law…
…One of the Republican bills would put a five-member, bipartisan commission in charge of the CFPB, instead of a single director as called for by Dodd-Frank.
Another bill would make it easier for banking regulators from other agencies to block new rules put forth by the CFPB.
Republican Representative Shelley Moore Capito applauded the committee’s passage of a third bill, which she backed, also dealing with the watchdog agency.
Her measure would block the CFPB from fully taking over financial consumer protection duties from other agencies until it has a director who is confirmed by the Senate.
Obama has not yet nominated a CFPB director.
Forty-four Republican senators said last week they would not vote to confirm any nominee unless the CFPB’s powers were curbed.
Analysts said the Senate ultimatum could convince Obama to name a director while the Senate is in recess, side-stepping the confirmation process. Capito’s measure, if approved, could negate such a recess appointment strategy… [emphasis added]
Inserted from <Reuters>
I wouldn’t be too upset about this, because I don’t see much chance of it clearing the Senate, let alone getting Obama’s signature. However, this does serve to illustrate just how far Republicans are willing to go to screw 98% of Americans for the benefit of the richest 2%.
Because Republican Senators have vowed to block any appointment, Obama should appoint Warren during the next recess.
I suspect that when Republicans gather to worship Supply-side Jesus (not the real Jesus), they are saying “Let us prey”.
4 Responses to “Consumer Financial Predation Bureau”
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Little buggers , always up to something arent they?
Phyllis, Republicans only do evil on days that begin with “T”: Tuesday, Thursday, Taturday, Tunday, Today, Tomorrow.
Rep. Barney Frank is pretty certain, given the admitted truculence of the Teapublican senators, that a recess appointment of Elizabeth Warren is coming.
The next two Senate recesses are May 30 to June 6, and July 4 to 11. I say, given the wave of popularity Pres. Obama is now riding, the sooner the better.
From his mouth to Obama’s pen!