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  • VIDEO: Senator Says Confirming Consumer Czar Would Be 'Devastating'

    Richard Cordray, President Obama’s pick to lead the Consumer Financial Protection Bureau, won approval from the Senate Banking Committee last week on a party-line vote. His confirmation to run the new agency faces fierce opposition from Republicans, who have vowed to block Senate approval until reforms are made to the agency.

    Sen. Richard Shelby (R-AL) is leading those calls for reform. As the ranking Republican on the Banking Committee, Shelby has maintained a hard line with Obama and Democrats on Cordray’s confirmation.

    In an interview at Heritage, Shelby criticized Obama for failing to respond to the GOP’s suggested reforms for the CFPB. As a result, he encouraged Republican leaders to block Cordray and limit Obama’s ability to make a recess appointment.

    “Forty-four of us have written a letter to the president and asked for three changes,” Shelby said. “We haven’t heard from the president. Maybe he’s off campaigning. … Until we hear from him, I don’t believe we’re going to confirm anyone.”

    He also added: “I think it would be devastating if we let [Obama] make a recess appointment, but that’s the call of the leadership.”

    The three reforms include creating a board rather than a single czar to run the agency, subjecting the CFPB to the congressional appropriations process, and making sure it considers impact of new rules on the safety and soundness of financial institutions.

    Heritage has also outlined a number of problems with the CFPB. Research fellow Diane Katz writes that “eliminating the bureau outright would be the best option.”

    In addition to fighting against the CFPB, Shelby has also proposed legislation to reform Dodd-Frank. He also addressed the recent decision by Bank of America to impose a $5 fee on debit-card transactions, a result of the Durbin Amendment to Dodd-Frank.

    The interview runs about 4 minutes. Hosted by Rob Bluey and produced by Brandon Stewart. For more videos from Heritage, subscribe to our YouTube channel.

    Posted in Scribe [slideshow_deploy]

    4 Responses to VIDEO: Senator Says Confirming Consumer Czar Would Be 'Devastating'

    1. Bobbie says:

      what's happening? America has an administration that treats us as though we've been oppressed from truth and reason so words and communication through most elected leaders are phony. As if America has history of 3rd world leadership. Don't condescend us! The Obama administration insults the intelligence and with insult and degradation, America's good nature. There has yet to be truth!! The American administration is blatantly encouraging Americans to resent fellow Americans.

      Our efforts are teaching people from 3rd world countries that there is common sense that belongs in America in order to live free. People in America now, who suffered from leaderships of various levels of oppressions are understanding quickly that the current administration is exploiting them vulnerable to common sense and seeing them naive to government's acts. They're learning quickly that America's leadership is becoming no better then the 3rd world leaderships they took refuge from.

      America doesn't need consumer czars. America needs freedom. Get the government off the backs of all Americans. This isn't the reflection of America immigrants should be proud to take part in. It's an America, we for the first time are ashamed of embarrassed of and disappointed in. Leadership in America use to have integrity and dignity where 3rd world leaders have NONE! We are human beings , PEOPLE, that want respect from elected leaders who continue to lie, cheat and steal holding themselves unaccountable just like 3rd world leaders! The disrespect of us is uncalled for and beneath American standards.

    2. Dinah 46 says:

      I'm sorry. I do not agree with your suggestions for changing BHO's idea. We don't need the Czar, with or without a committee. Did you hear me scream? Excuse me. I just have such a hard time understanding why our executive branch worked for so many years with the President, Vice-President, and the cabinet members, and now, all of a sudden we need 45?, 46? more department leaders, all without requiring approval of Congress. Surely there is some part of the Constitution that prevents the President from taking over everything in this way.

    3. Tom Bell says:

      ITS GOING TO BE THE FIRST TASK FOR POTUS 2012 MITT ROMNEY TO UNTANGLE AND
      LEAVE SANS EFFECT ANY ILLEGAL NOMINATION OR EXECUTIVE ORDERS SIGNED BY
      OUR DICTATOR IN CHIEF OBAMA .- THE THOUSANDS OF PAGES OF OBAMACARE PRESSED
      TO BE SIGNED DURING RECESS OR LATE AT NIGHT WHEN EVERYBODY WAS ASLEEP;
      WILL MAKE A LIVELY FIRE .-

    4. Tom Bell says:

      censorship ad portas

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