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TPM: Senate Dems Kick Off Efforts To Break GOP Filibuster Of Consumer Financial Protection Bureau
Emphasis mine.
Senate Dems Kick Off Efforts To Break GOP Filibuster Of Consumer Financial Protection Bureau
BRIAN BEUTLER
MARCH 12, 2013, 6:00 AM
On Tuesday, Democrats will use what would normally be a straightforward exercise of the Senate’s advise and consent powers to begin a political campaign aimed at preserving one of the party’s signature Obama-era accomplishments.
At 10:00 a.m., in the Dirksen Senate office building, the Senate Banking Committee will convene a hearing to advance the nomination of Richard Cordray to head the Consumer Financial Protection Bureau.
If you recognize Cordray as the current director of the CFPB, you’ll wonder why the Senate has anything left to say about his role as one of the top cops on Wall Street. But its involvement is a direct consequence of a GOP effort to combine the Senate’s filibuster rules with its advise-and-consent powers to gut the agency. And unless the Democrats can force an end to that effort, the CFPB will lose its director — and many of its existing powers at the end of the year.
The CFPB is a new regulatory agency Democrats created to protect consumers from fraudulent financial products when they passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. It is housed within the Federal Reserve, and derives its funding directly from the central bank, to keep it, like all other major financial regulators, at least partially insulated from political retribution during the appropriations process on Capitol Hill.
But from the moment the agency was conceived, Republicans have despised it, and once it was born, Senate Minority Leader Mitch McConnell (R-KY) organized his members around a promise to block the confirmation of any CFPB director, unless and until Democrat agreed to weaken the agency, including by placing Congress in charge of its budget every year.
more...
http://tpmdc.talkingpointsmemo.com/2013/03/senate-dems-kick-off-efforts-to-break-gop-consumer-bureau-filibuster.php
BRIAN BEUTLER
MARCH 12, 2013, 6:00 AM
On Tuesday, Democrats will use what would normally be a straightforward exercise of the Senate’s advise and consent powers to begin a political campaign aimed at preserving one of the party’s signature Obama-era accomplishments.
At 10:00 a.m., in the Dirksen Senate office building, the Senate Banking Committee will convene a hearing to advance the nomination of Richard Cordray to head the Consumer Financial Protection Bureau.
If you recognize Cordray as the current director of the CFPB, you’ll wonder why the Senate has anything left to say about his role as one of the top cops on Wall Street. But its involvement is a direct consequence of a GOP effort to combine the Senate’s filibuster rules with its advise-and-consent powers to gut the agency. And unless the Democrats can force an end to that effort, the CFPB will lose its director — and many of its existing powers at the end of the year.
The CFPB is a new regulatory agency Democrats created to protect consumers from fraudulent financial products when they passed the Dodd-Frank Wall Street Reform and Consumer Protection Act in 2010. It is housed within the Federal Reserve, and derives its funding directly from the central bank, to keep it, like all other major financial regulators, at least partially insulated from political retribution during the appropriations process on Capitol Hill.
But from the moment the agency was conceived, Republicans have despised it, and once it was born, Senate Minority Leader Mitch McConnell (R-KY) organized his members around a promise to block the confirmation of any CFPB director, unless and until Democrat agreed to weaken the agency, including by placing Congress in charge of its budget every year.
more...
http://tpmdc.talkingpointsmemo.com/2013/03/senate-dems-kick-off-efforts-to-break-gop-consumer-bureau-filibuster.php
3 replies
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