House chairman bars consumer bureau chief from testifying

[mahatmakanejeeves]

Source: Los Angeles Times

By Jim Puzzanghera
April 23, 2013, 6:46 a.m.

WASHINGTON -- The head of the Consumer Financial Protection Bureau will deliver his semi-annual report to the Senate Banking Committee on Tuesday morning, but he's not welcome to do the same before a House panel.

House Financial Services Committee Chairman Jeb Hensarling (R-Texas) said bureau Director Richard Cordray was not legally appointed to the position and therefore the panel cannot accept his testimony.

It was the latest salvo in a long-running battle by top Republicans against the bureau, which was created in 2010.

Republicans argue the bureau is too powerful and poses a threat to the health of banks and the rights of consumers. But the White House, backed by consumer advocates, said it is needed to prevent a repeat of the subprime mortgage meltdown and to keep financial institutions from taking advantage of average Americans.



Read more: http://www.latimes.com/business/money/la-fi-mo-consumer-bureau-cordray-hensarling-recess-20130423,0,5858813.story

[marble falls]

1. Sweet weeping Jesus, yet another reason to be embarressed down here in Texas.

[sinkingfeeling]

2. Absolutely shameful! That's the house of represenatives. (no longer earns capitals)