Obama talks 'consumer watchdog agency,' GOP touts energy project
December 10th, 2011
06:00 AM ET
2 years ago

Obama talks 'consumer watchdog agency,' GOP touts energy project

Washington (CNN) - Congressional Republicans threw a monkey wrench in President Barack Obama's plans to nominate an individual to head the "first-ever consumer watchdog" agency.

Obama, in his weekly White House address, spoke Saturday of his nominating former Ohio Attorney General Richard Cordray to lead the forming agency "whose job it is to protect American families from being taken advantage of by mortgage lenders, payday lenders and debt collectors."

"Tens of millions of Americans use these services. Protecting them from unscrupulous practices is an important job. And that's why I nominated Richard Cordray," Obama explained.

Obama said Cordray has the support of "most attorney generals across the country" on both sides of the aisle and expressed dismay Republican members of Congress blocked his nomination.

"On Thursday, Republicans blocked his nomination," Obama said. "They refused to even allow it to come up for a vote."

Senate Republicans had vowed since May to block confirmation of any Consumer Financial Protection Bureau director unless they get structural changes to the agency, which was formed as part of the Wall Street reform law passed last year.

Senate Minority Leader Mitch McConnell said Thursday that President Obama ignored his party's call for more accountability and transparency in the bureau's structure.

Obama vowed to persist with his efforts to counter the "high-powered lawyers and lobbyists" that work in the interest of financial institutions.

He condemned the "irresponsible behavior" on Wall Street that "contributed to the worst financial crisis since the Great Depression."

House Speaker John Boehner, in the GOP weekly address, voiced disapproval of the president postponing a decision to support an energy measure included in a jobs bill Republican members of Congress will act on next week.

"The Keystone (XL) energy project is a bipartisan proposal the president ought to support," Boehner explained, saying the initiative would be a job creator and "reduce our dependence on oil from the Middle East."

"Unfortunately, the president wants to put off a decision on the Keystone project until after next year's election. Not only that - he now says he will reject the House's jobs bill if it includes support for the project," Boehner, R-Ohio, lamented.

Earlier this week, Obama warned that he would reject any bill that coupled approval of the Keystone XL project to a bill renewing payroll tax cuts.

Boehner says Republican members of the House will see that the jobs bill "extends payroll tax relief, extends and reforms unemployment benefits, and cuts government spending."

"There will be no tax hikes on America's job creators," he said.

The speaker spoke of "27 bipartisan House-passed jobs bill" that are in the queue for approval by the "Democratic-run Senate." He drew particular attention to one, the REINS Act, that would "require Congress to review any new regulation that has a major impact on the economy."

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Filed under: President Obama • Republicans • Senate
soundoff (28 Responses)
  1. C

    Just curious here, but when will Americans be required to acknowledge Obama raising the left arm under his regime and loudly stating "Hiel Obama?"

    December 10, 2011 06:30 am at 6:30 am |
  2. willie floyd

    He could appoint the POPE and the Repubs. would reject him. I think our president should just take a vacation until after the '12 elections. When all these jerks in this do nothing congress are replaced, maybe then our country can return to a semblance of normalcy.

    OBAMA/BIDEN 2012

    December 10, 2011 06:31 am at 6:31 am |
  3. diridi

    just boot out all congress idiots...nation benefits...o.k, GOP idiots play drama in nation....just boot them out..

    December 10, 2011 06:31 am at 6:31 am |
  4. John

    The Republican don't want anybody to watch over these Business. That what the Republican do Is to protect these Business so they can rob people Blind.

    December 10, 2011 06:35 am at 6:35 am |
  5. sick of republican phonies

    Republican tactics, per Josef Goebbels: Find a buzzword (say, "job creators"). It does not matter if it is true or false. Repeat and repeat until it is accepted as a given. WHERE ARE ALL THE JOBS THESE "CREATORS" HAVE CREATED SINCE BUSH SLASHED THEIR TAXES IN 2000?

    December 10, 2011 06:37 am at 6:37 am |
  6. Jerry

    I thought this thoroughly confused president wanted to create jobs. I guess only if he can take full credit. (And so far his efforts have mostly failed.) I also thought he wanted to work across the aisle. The American people continue to be lied to by this president and his lapdogs. So much for transparency and wanting to create jobs and improve the American economy.

    Fellow Americans research the issues as much as possible and educate your friends and family. America needs voters to be informed in 2012.

    December 10, 2011 07:20 am at 7:20 am |
  7. dreucalypt

    So, this week the Republicans decided two things: 1) Consumers should not be protected from predatory practices by credit card companies and other creditors, 2) tax hikes on working people are fine but the very rich are entitled to special tax breaks.

    December 10, 2011 07:29 am at 7:29 am |
  8. Wire Palladin, S. F.

    Boner's alleged 'job creators' have not been creating jobs for over 8 years. They have been enjoying their tax breaks and shipping jobs overseas. I realize that the republicans will fight any bill that will help 99.8% of Americans so they can continue to get their bribes, but when an entire party puts the interests of 260,000 people over the will of 160 million, they need to be replaced.

    December 10, 2011 07:48 am at 7:48 am |
  9. Keith in Austin

    Consumer protection is desired by the GOP equally as it is by Democrats however, Conservatives do NOT support a program that is not bipartisan and giving ultimate control and power to a lone Liberal Democrat! This was voiced to Obama in a Congressional Letter nearly SIX MONTHS AGO! Now Obama is using the impasse to again try and DIVIDE us as a Nation!

    Regarding the Keystone Pipeline, Obama's postponement until after his re-election bid is for his own selfish, political reasons only! He is PURPOSLY killing over 20,000 new jobs and the flow of much-needed Canadian Shale Oil to not upset his left-wing base of environmentalists even though 3 years of research show that the pipeline meets all EPA mandates! Typical Bozo and why this hack needs to go next November!

    December 10, 2011 08:07 am at 8:07 am |
  10. The Greedy Old PIgs have declared class war on US!

    They Keystone proposal is a scam to benefit the GOBP deathcult's paymasters in Big Oil. However, what they aren't telling you is that the project is in trouble even if it gets approved. The numbers are based on wildly inflated estimates when in fact there is excess shipping capacity. Three companies are suing XL and its partners right now to get out of the deal. So (a) despite what the GOBP baggers tell you, this will only create a few thousand jobs for a year or two and (b) the project itself is probably not economically viable based on what is happening within the industry itself (not that our so-called "liberal" media can be bothered reporting this). Pure and simple, the Keystone approval is just another GOBP deathcult attempt to hold the rest of us hostage in order to obtain a massive financial benefit for the 1%ers expecting their GOBP cult members to follow orders. Cos once a GOBP cult member gets bought, s/he better stay bought!

    December 10, 2011 08:20 am at 8:20 am |
  11. annie s

    The pipeline is the least of the what Republicans tucked in their "payroll tax extension" bill. No mention on CNN that they also included provisions that deny unemployment benefits to high school dropouts, that they require drug testing before anyone can receive unemployment benefits and that they cut the amount of time a person can collect those benefits by 40 weeks. They also gut one of the most important parts of the Affordable Health Care Act – preventive health services – in exchange for not cutting payments to physicians. Typical of Republicans, their bill helps the working class on the surface, but look deeper and you'll see it hurts them overall.

    December 10, 2011 08:48 am at 8:48 am |
  12. John

    Reminds me of the speech at the end of team america. We need a de to ef all these ashholes.

    December 10, 2011 09:18 am at 9:18 am |
  13. Namejkane

    These republican baffoons have no credability with the normal American people and are in their last year in congress. They represent only lobbyist and the teabag extremest, they need to pass a jobs bill so they can use it when they get kicked out of congress next year, boner, cantor Ryan and the mummy from ky, all clowns!!!!

    December 10, 2011 09:27 am at 9:27 am |
  14. Chris

    What is "bipartisan" to you John Boehner? All of the Republicans and only a handful of Democrats?

    December 10, 2011 09:42 am at 9:42 am |
  15. The Democratic Party works for the people, the RepubliCON Party works for profit.

    "Congressional Republicans threw a monkey wrench" in everything since President Obama was elected. Republicans want the President to fail at any cost – they have no problem destroying our country thinking it will benefit their political party.

    The Democratic Party works for the people, the Republicon Party works for profit.

    December 10, 2011 09:42 am at 9:42 am |
  16. Larry L

    It's comforting to have a President who serves as an advocate for all of the people – and frightening to see the Republicans offering candidates who only choose to serve corporate leaders and the wealthy right-wing. People need to discard their political party ties and vote with their good brain – not their Fox News brain-washed brain.

    December 10, 2011 09:53 am at 9:53 am |
  17. Donkey Party

    The GOP-baggers continue to hold the country hostage. And they wonder why they are called domestic terrorists??? Could one of you knuckle-dragging right-wingers explain how the GOP-baggers can go from not wanting to pay for the Bush tax cuts, or saying tax cuts pay for themselves, to saying now that tax cuts for over half the population of the United States needs to be paid for? When civil war breaks out, there won't be anyplace for the GOP-baggers or their supporters to hide. I personally can't wait.

    December 10, 2011 09:55 am at 9:55 am |
  18. GonzoinHouston

    First Republicans blame the recession on dumb consumers for taking out loans they couldn't pay back. Then they fight tooth and nail (and filibuster) against an agency that would prevent future consumers from taking out such loans in the future. Clearly the GOP is a lot more concerned about the well-being of lenders than consumers.

    Why hasn't someone made an issue about the abuse of the filibuster by the Republicans in the Senate? There have been more filibusters in the Senate in the last three years than in the entire history of the US COMBINED.

    December 10, 2011 09:55 am at 9:55 am |
  19. John Coake

    Boner is a disgrace to this country. We need members of congress who represent the people NOT SPECIAL INTEREST GROUPS ONLY!!!

    December 10, 2011 10:00 am at 10:00 am |
  20. GI Joe

    If it was an agency to protect the wealthy ....................

    Oh wait, we already have the entire republican party for that.

    Never mind.

    December 10, 2011 10:02 am at 10:02 am |
  21. sensible

    Cry, Boner, cry........boo hoo, boo hoo

    December 10, 2011 10:24 am at 10:24 am |
  22. Jess C

    Boehner and his worn out GOP rhetoric of no tax increases for the "job creators" is pure crap. It's been shown to be an empty talking point. Time to move these old cronies who only support the wealthy out! The GOP is killing our country. Those who don't connect the dots at this point....shame on them!

    December 10, 2011 10:28 am at 10:28 am |
  23. steve-Fargo

    Really no tax hikes on american people? What do you call an increase in insurance premium on middle class americans? Why did you have to tie this pipeline issue to something that would help small businesses. We know who the republicans work for... we know who's voice you are speaking for. Count your days cuz this independent is ready to fight for what's right

    December 10, 2011 10:30 am at 10:30 am |
  24. sensible

    Why do they have to make a pipeline across the entire country? Just build refineries in Minnesota!

    December 10, 2011 10:32 am at 10:32 am |
  25. Wyobob

    What is boners facination with the foreign owned pipeline? A pipeline to a place where there is no excess refining capability. There must be some substantial sweetheart deals in the works.

    December 10, 2011 10:35 am at 10:35 am |
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