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.
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.
“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.”
House Democrats Seeking to Restrict Attorney General Bill Barr From Any Travel Outside DC
House Democrats are seeking to ground Attorney General William Barr in Washington, D.C, by cutting off the
Democrats revealed the measure as a set of 12 goodies they intend to provide to the party’s liberal base in budget proceedings for fiscal year 2021. The DOJ budget allocation prevents the use of any federal funding “from supporting Attorney General travel outside the National Capital Region.”
Democrats are citing Barr’s investigation of federal corruption and FBI misconduct targeting the Trump campaign, fabricating claims of a wide-ranging Russian plot in order to use federal power to monitor and spy upon the candidate. Barr has made fact-finding trips to Italy in order to get to the bottom of DOJ misconduct in the matter, which apparently arouses the ire of Democrats.
House Democrats are also seeking to compel the Attorney General to testify before the Judiciary Committee.
“While these provisions are intended to force Attorney General Barr to respond to congressional oversight, it would also limit his ability to travel abroad playing detective on Trump conspiracy theories,” said Appropriations Committee spokesman Evan Hollander to the Washington Examiner.
It’s somewhat doubtful such a nakedly partisan measure will ultimately make it through the budget process, as a de facto restriction of the Attorney General to Washington D.C. would prevent oversight over the Department of Justice, one of the most important and largest departments of the federal government.
Perhaps Democrats will be inclined to up the ante when they don’t get what they want, and they’ll pass a new provision requiring Barr sit quietly in a small closet until his tenure as Attorney General is over.
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