Billy Corriher
With the country still mired in a recession caused by the reckless decisions of big banks, Republicans in Congress continue to fight tooth and nail against stronger government oversight of the financial industry. Last week, Senate Republicans rejected the nomination of former Ohio Attorney General Richard Cordray to head the new Consumer Finance Protection Bureau (CFPB), created by the Dodd-Frank financial reform legislation. Republicans did not feign doubts about Mr. Cordray’s qualifications or suggest that he was the wrong person for the job. Instead, they pledged to reject any nominee to head the CFPB until the structure of the agency itself is changed.
These Senate Republicans are apparently unhappy with the manner in which the previous Congress responded to public outrage about the financial crisis and the lax government oversight that enabled it. So they are using the Senate’s arcane rules to thwart the democratic process. Congress established new rules to protect consumers from exploitation by financial institutions. The CFPB was intended to be independent from Congress, but Republicans seem determined to reign in the agency. [Read more…] about Republicans Still Hoping to Gut Financial Reform