Senate Majority Leader Harry Reid had a small window at the beginning of the new Congress to reform how filibusters are handled. Senate Republican leader Mitch McConnell and 42 other senators sent a letter to President Barack Obama stating that they would oppose any nominee to head the Consumer Financial Protection Bureau.
The Republican senators said that the agency has little accountability to Congress and has too much regulatory authority. Richard Cordray was re-nominated by President Obama last week. Cordray is already leading the agency due to a recess appointment made last year that was necessary when Republicans blocked his nomination.
Senate Republicans want three changes in the CFPB before they stop the nomination of Cordray as its head. First they want the agency to be by Congress instead of the Federal Reserve. By having the bureau to the congressional control, it would compromise its political independence. Republicans also want the range of financial institutions the bureau has authority to regulate to be narrowed down. Lastly, the GOP wants other bank regulators to be allowed to chaperone the CFPB by verifying its rules would not hard the safety and soundness of banks.
Melissa Harris-Perry, MSNBC host, said that the attempt to remove some of the authority from the CFPB was just a redirection of blame away from Wall Street. She added that the thing that caused the economic crash in 2008 were the decisions made by the one-percenters on Wall Street.
Harris-Perry said that it goes beyond blame since the havoc made by Wall Street has real consequences for a select few. The governors, local administrators, and mayors who were cutting their city and state budgets were affected. In 2010, these positions were controlled by Republicans who were cutting government jobs, which provided opportunity to lift into the working class.
Source: http://www.paydayloansmag.com/republican-senators-block-consumer-bureau-nominee-proposed-by-obama/
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