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  • Flashback: Senator Outlines Objections to 'Unaccountable' Consumer Czar

    Last fall Sen. Richard Shelby (R-AL) visited Heritage to talk about the Consumer Financial Protection Bureau and the “unaccountable” nominee to head the agency. At the time, there was speculation President Obama would attempt to bypass the U.S. Senate to install Richard Cordray as CFPB director. That’s exactly what happened today in what Heritage’s Todd Gaziano calls a “tyrannical abuse of power.”

    At the time of his visit in October, Shelby said bluntly, “I think it would be devastating if we let [Obama] make a recess appointment.”

    Of course, this purported “recess appointment” comes with the Senate not even in recess. Congress is still in session, and the Senate is having pro forma sessions every few days based on requirements of the Constitution.

    The debate over Cordray and former CFPB special adviser Elizabeth Warren dates to the bureau’s creation. Senate Republicans had asked the White House to make three reforms to the CFPB. They included 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.

    “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.”

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

    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 Featured, Scribe [slideshow_deploy]

    5 Responses to Flashback: Senator Outlines Objections to 'Unaccountable' Consumer Czar

    1. joe says:

      a dvd advise and consent should be played for apoint of informatio for obama

    2. Lloyd Scallan says:

      We knew this was coming. But just like when McCain ran in 2008, he refused to expose Obama. He lost the election. Now we are loosing our country because the media it taking the same tact as McCain. Obama will not stop until we stop him. Yet the Repbs just talk without the walk.

    3. rmgdonnow says:

      I wonder if cutting funding to the Fed by 50% would send have any effect to curtail this full-blown campaign to put the nation's entire lending industry under the thumb of a totally unaccountable gaggle of bureaucrats?? Can anything be done before (hopefully) a new administration in 2013??

    4. Rchick says:

      I don't get it. If it doesn't follow the Constitution, how can it be done? If this "recess appointment" was made when the Senate was not in recess, how can it stand? What's the use of having a Constitution if no one is being held to it? Should there be a lawsuit? Should the appointed person simply not be recognized? Should the agency's funding be withheld?

      I just don't get it! If it's blatantly unConstitutional, it shouldn't be allowed to happen! How do we nullify this?

    5. hubcab says:

      Its downhill…everything Barry does can be un-done. Keep the light on the politicians who have betrayed the public trust and call for their resignations.

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