Consumer bureau chief showdown looms
December 7th, 2011
01:46 PM ET
2 years ago

Consumer bureau chief showdown looms

Washington (CNNMoney) - The Consumer Financial Protection Bureau - a point of pride in the Obama administration's efforts to reform Wall Street - faces a key test in the Senate on Thursday over whether it will have a director with real power.

No one in Washington expects the Senate to muster the 60 votes needed to break a filibuster against confirming former Ohio Attorney General Richard Cordray to be the first director of the bureau. Senate Republicans have vowed since May to block confirmation of any director unless they get structural changes to the bureau, which was formed as part of the Wall Street reform law passed last year.

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Filed under: Congress • President Obama
soundoff (11 Responses)
  1. Sniffit

    "Senate Republicans have vowed since May to block confirmation of any director unless they get structural changes to the bureau, which was formed as part of the Wall Street reform law passed last year."

    Let's translate: "We're going to break this governmental agency by not allowing it to have a proper director unless you let us break it by changing its structure so it can't work correctly in the first place."

    December 7, 2011 01:57 pm at 1:57 pm |
  2. stevie

    The CFPB needs to be scrapped. Unconstitutional garbage that does nothing but raise fees, rates, etc for consumers. Go after the real culprits: Bill Clinton for convincing congress to dump Glass-Steagle, Jimmy Carter for the Community reinvestment act, and Barney Frank and Andrew Cuomo. Let`s not leave out Chris Dodd, Maxine Waters, and Franklin Rains, another Obama buddy crook. All of these BUMS caused the crash. But they got their loot first. Clinton and Cuomo were forcing banks to make all those substandard loans. Liberalism is the very cause of this economic mess. And they continue business as usual. Crooks, all.

    December 7, 2011 01:58 pm at 1:58 pm |
  3. Sniffit

    "They want to replace the director with a board"

    A board they no doubt envision as being mandated to be bipartisan and therefore subject to the GOP causing gridlock on everything.

    "make the bureau ask Congress for money each year"

    So that, even though it's an executive branch agency, Congress can basically mandate how it performs all of its functions and enforces the law via budgetary fiat.

    "and prevent the bureau from making rules that could threaten the health of financial institutions."

    "and prevent the bureau from making rules that could actually work." FIFY.

    December 7, 2011 02:05 pm at 2:05 pm |
  4. lisa

    Gop can,t handle the thought of having a bureau that "Over sees any middle class or poor Americans rights,"Specially when it comes to "Protection from Corprorate,Gop, and White collar criminals! Go 99%er,s!!! Obama 2012!

    December 7, 2011 02:22 pm at 2:22 pm |
  5. Rudy NYC

    When are The People going to hear what the Republican Party is actually saying to them, "No!"

    "No" to laws to protect consumers from unscrupulous business tactics.
    "No" to laws to protect citizens from environmental damage caused by reckless businesses.
    "No" to the needs of the small businesses, but "Yes" to wants and demands of big business.

    December 7, 2011 02:31 pm at 2:31 pm |
  6. Rudy NYC

    Isn't it ironic that the party of "small government" wants to replace one job with a panel of bureaucrats?

    December 7, 2011 02:33 pm at 2:33 pm |
  7. Hammerer

    Rudy you are starting to get the idea!
    NO to any more government "protection" from obama.

    December 7, 2011 02:42 pm at 2:42 pm |
  8. Sniffit

    "Isn't it ironic that the party of "small government" wants to replace one job with a panel of bureaucrats?"

    I suppose on its face, yes...but when you consider that they're overall top priority and goal is to prove that government doesn't work and can't do anything right and "see? look! we broke it!"...then it makes perfect sense that they would demand a bipartisan panel that the GOP can tie in knots with procedural shenanigans and BS on votes, etc.

    December 7, 2011 02:46 pm at 2:46 pm |
  9. Sorensen

    The GOP is obviously scared to death that all their little corrupt friends, who are paying all their bills, will be dragged
    out in the daylight and stopped, humiliated and probably some of them jailed.
    This country is becoming a true banana republic.

    December 7, 2011 02:56 pm at 2:56 pm |
  10. GROVER NORQUIST IS A HERO TO ALL TAXPAYERS WHO ARE SICK OF PAYING MORE THAN THEIR SHARE TO FUND A CORRUPT SOCIALIST AGENDA

    they're overall top priority and goal is to prove that government doesn't work and can't do anything right
    ==================================================================================
    They don't have to prove it! The government proves it every day!! Medicare – BANKRUPT. Social Security - BANKRUPT. Post Office – BANKRUPT. Selling guns to drug dealers – ILLEGAL. Giving half a BILLION and subordinating the taxpayers – ILLEGAL. Fannie Mae - BANKRUPT. Freddie Mac - BANKRUPT. Obamacare – FAILURE BEFORE IT EVENS STARTS IN FULL.

    December 7, 2011 03:07 pm at 3:07 pm |
  11. Rudy NYC

    somebody wrote:
    They don't have to prove it! The government proves it every day!!
    ------------
    I need to point out that the Republican Party is morally BANKRUPT.

    December 7, 2011 03:14 pm at 3:14 pm |