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Sen. David Perdue: Cordray is gone, let’s eliminate the CFPB

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The only Fortune 500 CEO serving in the Senate laid down a marker for Congress to either wipe out the Consumer Financial Protection Bureau or put someone in charge, who will dismantle its destructive programs and policies Thursday upon the news that Richard A. Cordray, the bureau’s director leaves his job Nov. 30.

“If we can’t immediately eliminate the CFPB or bring it under Congressional oversight, we need someone to take the helm who will help undo the damage that’s already been done,” said Sen. David A. Perdue Jr. (R.-Ga.), a member of the Senate Banking Committee.

Perdue said he is leading the effort in the Senate to hold the CFPB accountable, protect consumers’ personal information, and void the bureau’s regulatory overreaches,” he said.

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Even the liberal-leaning DC Circuit Court ruled the CFPB is unconstitutionally structured and recommended giving more of the bureau’s powers to the president, he said.

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“Together, we have made a real and lasting difference that has improved people’s lives,” wrote Cordray in an email to workers at his agency.

“I trust that new leadership will see that value also and work to preserve it –- perhaps in different ways than before, but desiring, as I have done, to serve in ways that benefit and strengthen our economy and our country,” he said.

Cordray, who is thought to be a candidate for Ohio governor, was at the center of a Senate stalemate in 2012.

The Dodd-Frank financial service regulation law created the bureau, but made it a part of the Treasury Department until its first director was confirmed by the Senate. Afterwards, the agency would become a part of the Federal Reserve, effectively alienated from congressional and executive oversight–so much so, that the CFPB would be funded by the Federal Reserve.

When in November 2013, Senate Majority Leader Harry Reid (D.-Nev.), with the support of Sen. Robert P. Corker Jr. (R.-Tenn.) and Sen. John S. McCain III (R.-Ariz.), changed Senate rules to wipe out the filibuster for all personnel nominees, except for nominees to the Supreme Court, one of President Barack Obama’s nominees quickly approved by the Senate was Cordray.

“Together, we have made a real and lasting difference that has improved people’s lives,” Cordray said of the CFPB in the email. “I trust that new leadership will see that value also and work to preserve it –- perhaps in different ways than before, but desiring, as I have done, to serve in ways that benefit and strengthen our economy and our country.”

Chairman of the House Financial Services Committee Rep. Jeb Hensarling (R.-Texas) said Cordray’s exit is a change to reset the CFPB.

“The bureau has an important mission,” Hensarling said.

“Properly designed and led, it can truly protect consumers by ensuring they have access to competitive markets that are vigorously policed for fraud,” he said. “Americans deserve the opportunity to choose the checking account they want, the mortgage they want and the credit card they want.”

Congress

He Found His Spine: Vulnerable Senator Cory Gardner Vows to Support Trump’s SCOTUS Nominee

Gardner found his backbone.

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Sen. Cory Gardner (R-CO) has often been at odds with the Trump movement, being a favorite of the GOP establishment’s Senate Leadership Fund.

This is why his recent declaration that he will be supporting President Donald Trump’s choice to succeed the deceased Ruth Bader Ginsburg is so surprising. He made the announcement in a Twitter post on Monday.

“When a President exercises constitutional authority to nominate a judge for the Supreme Court vacancy, the Senate must decide how to best fulfill its constitutional duty of advice and consent,” Gardner said in his official statement.

“I have and will continue to support judicial nominees who will protect the Constitution, not legislate from the bench, and uphold the law. Should a qualified nominee who meets this criteria be put forward, I will vote to confirm,” he added.

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The official statement can be seen here:

The president’s pick for the Supreme Court will certainly fit Gardner’s criteria. Trump has announced that he will be appointing a woman to the bench.

One top contender – Amy Comey Barrett – recently made a trip to the White House, as Big League Politics has reported:

Judge Amy Coney Barrett visited the White House on Monday, as President Donald Trump zeroes in on selecting a nominee to fill the vacant seat on the US Supreme Court.

Barrett is reportedly a front-runner for the judicial nomination. She’s a generally conservative judge, with a staunch pro-life record. Her track record on immigration law issues is generally conservative.

Barrett currently serves as a circuit judge of the U.S. Court of Appeals for the Seventh Circuit. Senate Majority Leader Mitch McConnell has advised President Trump that she is his preferred candidate for the seat on the court.

President Trump had confirmed that he plans to nominate a woman to fill the seat of Justice Ruth Bader Ginsberg, who died of complications from pancreatic cancer on Friday.

Democrats have launched a full-fledged fit urging President Trump to give them a break and decline to nominate a conservative justice, but they won’t be so lucky. Republican Senators and President Trump have rallied around the notion of appointing a justice before the November election, fulfilling their constitutional responsibilities.

Trump confirmed that he would be revealing the identity of his judicial nominee on Friday or Saturday, taking a few extra days to vet candidates. Florida Judge Barbara Lagoa is reportedly another candidate being considered for the nomination.

It’ll be inherently harder for incensed, power-thirsty Democrats to attack a female judicial candidate. Maybe they’ll alienate swing female voters through waging a scorched earth campaign to block the confirmation of Barrett, who is a mother of seven.

The Republicans have a great opportunity to score a major political victory and really stick it to the extreme Left with this expedited SCOTUS confirmation. The fact that a moderate like Gardner is on board is a great sign that the confirmation is likely to occur before November’s election.

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