Republicans to Block Obama Consumer Financial Bureau Chief

By Emily Stephenson | February 4, 2013

February 4, 2013 at 12:05 pm

ExciteBiker says:

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“In addition to changing the structure and funding of the bureau, the Republican senators want to allow federal bank regulators to verify that any new CFPB rules would not harm the safety and soundness of banks.”

Why don’t they just come right out and say it? They don’t care what the big banks do just as long as they keep cutting the campaign checks. And the only CFPB the Republicans will approve is one that’s been shot in the head twice and left for dead in the street. But no, they just want to “reform” it… by totally changing its structure, removing its funding guarantee and subjecting all of its decisions to bank regulators.

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- February 4, 2013 at 1:32 pm
  
  Scott Romoser says:
  
  Hot debate. What do you think?
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  Your imagery is inappropriate and unnecessary.
  
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- February 4, 2013 at 2:07 pm
  
  Nan says:
  
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  Excite… you are right on. We have now seen two major debacles in the financial industry… the Savings & Loan mess and the Banking collapse in 2008. The GOP keeps trying to protect their money bags at the expense of the tax payers. We need the consumer bureau to be a watch dog for ALL of America. We know what happens when money talks… Americans lose. The GOP needs to stop whining and get behind the economics of the country. We are moving ahead without them.
  
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  - February 4, 2013 at 2:34 pm
    
    Agent says:
    
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    Hidden due to low comment rating. Click here to see.
    Having another agency/bureau which is not accountable to Congress and free to do whatever they want is not the way to go. Since when has this Administration done a good job protecting consumers? Prices are rising all over the country on almost every necessity of life. Are you saying the Dodd-Frank bill is not enough to regulate banking and financial institutions? Now you want another Czar running this bureau at the pleasure of this President. You and Excite are just goofy on this subject.
    
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February 4, 2013 at 2:10 pm

Gadfly says:

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The Republicans are JR married to Archie Bunker. They are digging their own grave.

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- February 4, 2013 at 3:01 pm
  
  Scott Romoser says:
  
  Hot debate. What do you think?
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  Another inappropriate comment. “digging their own grave”, “shot in the head twice and left for dead in the street”. Do you think President Obama would approve of this language? How about Gabby Giffords?
  
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February 4, 2013 at 3:31 pm

P/L Underwriter says:

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“But the senators said “common sense reforms” are needed before they will confirm anyone to lead the bureau.”

Do any of our elected officials in Washington have common sense? They remind me of a bunch of spoiled kids that want their way and only their way. If they don’t get it they take their toys and leave. IMO, they all fail sandbox.

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February 4, 2013 at 3:35 pm

jim says:

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…I guess it makes no difference if it’s legal anymore. The Republican’s integrity appears to be about as good as Obama’s.
But, why should the country be stuck with Cordray when he knows nothing about what’s going on in the banking industry let alone the insurance requirements that have been in place and REQUIRED by THE GOVERNMENT for many many decades before a few idiots, who refused to read their mortgage documents, decided to try anad get out from under their mortgage loan by blaming the banking industry (instead of burning down their house). Force Placed insureance is NOT something new and it’s never been a product of the banking industry. It’s how banks protect their exposure when they borrow the government’s money in order to make loans to so many. It’s anything but a new program and 99% of the time the banks have tried to tell borrowers what would happen but it was always easier to throw the notices in the trash than take the necessary action to avoid forceplacement or foreclosure. As always, it’s easier to blame others than to take responsibility for your own problems….and what better way to do it than to get ahold of your ignorant congressman or representative and make them think that with a little political pull/noise-making, they can get all of us off the hook and make the rest of the country pay for it.

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February 5, 2013 at 12:07 pm

Mike N says:

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Let’s make sure we all understand the facts:
- The financial collapse was CAUSED by the government FORCING banks to make loans to unworthy borrowers.
- Due to this sickening government perversion of the market (started under Carter, greatly expanded under Clinton, and continued under Bush), the banks were allowed to securitize the mortgages, turning a government forced, money-losing proposition into a possible revenue stream.
- The problem was compounded further by Fannie and Freddy (run by Franklin Raines – Carter & Clinton Admins and Jamie Gorelick – Clinton Admin) going on a binge, purchasing mortgages by the millions, thus causing the taxpayers to guarantee the losses.

So, we can see the government has NO BUSINESS being in the protection racket, when THEY are the ones from whom we need protection.

Add to this the facts that Social Security is bankrupt, Medicare has been overpormised and cannot deliver, and Medicaid is completely broken. The government has proven, time and again, its incompetence. We know lawyers, outside of the legal profession (which is essentially legalized prostitution – unless one is a prosecutor or contract specialist), have zero expertise. Yet 75% of Washington is run by those who only know the law, and have zero experience in finance, business, or the real world.

Please note, the government is not here to protect you. Most often government is the problem, not the solution. This appointment and “new” government entity is a joke, as there is no way they would have protected us from the nexus of the real problem…government, and government lawyers meddling in the finances of the country – all in a sick effort to buy more votes from suckers.

Remember, the federal government does not care. In fact, since they do ot have to compete against anyone for anything, the government cares even less than Coca Cola. The reality is, Coke has to satisfy customers and maintain an image. The federal government does not, and they couldn’t care less about you, your children, your spouse, your kid’s education, or your future. the government is a faceless monolith, which serves a nothing more than a jobs program, whose primary purpose is garnering forced union reveune streams to democrat party coffers.

If, for a moment, you doubt me and feel government is really a caring enterprise, I challenge you to stop paying your federal taxes. Coming from a family of accountants I can assure you, stop paying taxes and you’ll see how much the feds “care”.

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- February 12, 2013 at 3:39 pm
  
  Agent says:
  
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  Mike, I guess the liberal bloggers invaded this story to give you that many thumbs down. They don’t want to hear the truth about our government and what has been going on. I don’t know if you saw the U Tube on Dr. Ben Carson and his speech at the Prayer Breakfast, but he basically handed the President his head on many issues and did it in a polite way. Obama sat there gritting his teeth and was dumbfounded that a black man didn’t agree with anything Obama has been doing or proposes to do.
  
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February 7, 2013 at 1:20 pm

draetish says:

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Don’t know why Mike N got a thumbs down, I guess it’s hard to swallow the truth. I agree with you 100%, the government could care less about the people this country will never be the same after this Adminstration, sad to say.

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February 12, 2013 at 1:39 pm

JC says:

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The collapse was caused by the Government forcing banks to lend…what planet do you live on. ave you ever heard of CDO’s squared or cubed. Do you think the Federal government dreamed these things up.And what about AIG protecting the collateralized debt. Did anyone force AIG to back the worth of CDO’s get real. There was a greed motivation on the banks part and AIG and at last they all should have had to sell off assets to repay the government in days not years.

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