but we can give them the opportunity to make themselves look stupid. We will see if they have learned anything from the electoral fiasco they suffered through last year or whether they will all continue to play the public role of Wall Street's defenders.
Richard Cordray CFPB Confirmation Imperiled By Senate Republicans, Again
Get ready for a replay of last year's bitter fight over confirming Richard Cordray to lead the Consumer Financial Protection Bureau.
Along with 42 Senate Republicans, Senate Minority Leader Mitch McConnell (R-Ky.) sent a letter to President Barack Obama on Friday, vowing to block any CFPB nominee until Congress passes a law to revamp the agency. Obama has already re-nominated Cordray to stay on as the CFPB director.
CFPB launched in July 2011 but, because of the protracted fight with Republicans, went without a director for months until Obama put Cordray in the post. The bureau was the brainchild of now-Sen. Elizabeth Warren (D-Mass.) and was created as part of Dodd-Frank financial reform legislation -- a bill opposed by every Republican -- to monitor the activities of non-bank entities, including payday lenders, debt collectors and credit reporting agencies. Many of those entities were "the source of some of the most harmful, deceptive, unfair and predatory lending practices" that led to the 2007 financial crisis, Deputy Treasury Secretary Neal Wolin has said.
"The establishment of the Consumer Financial Protection Bureau was to make sure that average Americans who do business with and have dealings with financial institutions have somebody in Washington looking out for their interests," (White House press secretary Jay) Carney said during his daily briefing. "Financial institutions have plenty of people looking out for theirs."
http://www.huffingtonpost.com/2013/02/01/richard-cordray-cfpb_n_2599838.html
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