GOP shows it doesn’t care about U.S. consumers
By forcing the Senate to meet the 60-vote threshold, the GOP effectively prevented Cordray from taking control of the office. By not having a full-time director, the bureau, already approved by Congress and signed into law by Obama, can only do a limited number of things.
Right now, the bureau can oversee bank regulations, but can’t examine payday lenders and the mortgage servicers. These were ground zero for all of the shenanigans that destroyed the housing market, sending our economy into a tailspin.
Senate Republicans, except for Scott Brown of Massachusetts (who is facing a primary challenge next year from Elizabeth Warren, the architect of the bureau), incredibly have said they desire to protect consumers, but want a few changes to allegedly strengthen the bureau.
What are those changes?
— Get rid of a director and appoint a board.
— Instead of a bureau funded by the Federal Reserve, let Congress set its budget.
— In effect, let banking regulators overrule the bureau.
These changes are beyond laughable. In no way should the director be held hostage to the GOP as it tries to institute changes it couldn’t institute when the law was passed.
First, appointing a bipartisan board is a joke. When folks in Washington don’t want any accountability, they fall for the bipartisan board. To stop them from working, all one party needs to do is simply not make their appointments. What do we get? Gridlock.
Second, with Congress holding the purse strings, it can threaten the bureau by kowtowing to special interests. Just look at what is happening with the Environmental Protection Agency. Big business fights regulations the EPA sets, and Congress simply refuses to fund them or tries to make draconian cuts, rendering the agency ineffective.
Lastly, if the banking regulators did their jobs in the first place, we wouldn’t be facing this mess.
I do not understand why anyone in the 99% would vote for these clowns. I mean the constantly and CONSISTENTLY work in direct opposition to their constituents best interests and said constituents not only accept it, but cheer them on and blame the fallout on the other side.
HOW FUCKING STUPID ARE YOU PEOPLE?