Senate Republicans vow to gut Consumer Financial Protection Bureau

[sasha031]

Boy, are Republicans committed to Americans getting screwed by the financial sector, or what? One of the major sources of evil in their world appears to be the idea that regular Americans deserve a degree of consumer protection. They're practically allergic to it.

Forty four of . . . 47 have signed on to a letter threatening to filibuster any nominee to head the new Consumer Financial Protection Bureau unless it is dramatically weakened.
"We will not support the consideration of any nominee, regardless of party affiliation, to be the CFPB director until the structure of the Consumer Financial Protection Bureau is reformed," reads a letter, co-authored by Senate Minority Leader Mitch McConnell and Sen. Richard Shelby (R-AL), ranking member of the Banking Committee....

Specifically, Republicans want the CFPB subject to the appropriations process—something it avoids as an entity housed in the Federal Reserve. They also want to delegate more decision making authority away from the Bureau's director, and give other regulators—many of which are captured by the financial industry—opportunities to block CFPB rules.

This shouldn't be a winning fight, if Democrats don't want it to be. The financial reform law is still fairly popular, and the CFPB is the most popular part of it. President Obama could use recess appointment to fill the vacancy, and take the fight public. At this point it's a question of how he and Senate Democrats decide to handle it.
http://www.dailykos.com/story/2011/05/09/974476/-Senate-Republicans-vow-to-gut-Consumer-Financial-Protection-Bureau

[Drale]

1. This is more of the Republican death rattle

They know they are not getting reelected in 2012, so they are going to shove as much of their crazy legislation down our throats as they possibly can. The ironic thing is that ever piece of crazy legislation they try and pass just digs their grave deeper and deeper.

[MichiganVote]

2. Still working hard for the voters are they?

[kysrsoze]

3. Seriously. How can anyone beliee they support anything but biz and the wealthy?

[MichiganVote]

4. They don't care what we think or need. But not enuf' of the population believes that yet.