On Wednesday, President Obama broke through a Republican blockade on confirming any director by appointing Richard Cordray for the job during a Senate recess and giving the new agency its full authority.
The move was applauded by consumer advocates, who had been pushing the White House to take the muzzle off its new watchdog.
"Congress wanted the bureau to protect consumers no matter where they shopped for financial products," said Ed Mierzwinski, consumer program director at the U.S. Public Interest Research Group. "With a director, the public can now have confidence the consumer bureau is ready, willing and able to investigate their financial problems."
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Showing posts with label cordray. Show all posts
Showing posts with label cordray. Show all posts
Wednesday, January 4, 2012
99% Time to be Heard; Time to FIGHT; For those of us with credit cards, mortgages, or student loans -- be heard NOW!!!
Today the President appointed former Ohio Attorney General Richard Cordray as Director of the Consumer Financial Protection Bureau.
For months, Senate Republicans -- with Mitt Romney and Rick Santorum right behind them -- have fought this bureau every step of the way, and their latest strategy is to refuse to allow even an up-or-down vote on this nomination.
The issue isn't his qualifications: Cordray has bipartisan support from elected officials across the country and a clear majority of the Senate behind him. They won't allow a confirmation vote on any director -- because they don't want the agency to exist at all. YOUR ONLY PROTECTION FROM EXPLOITATION!!!!
We can't afford to continue allowing Wall Street to write its own rules. But today's action by the President is already coming under partisan attack, which we expect to intensify in the days to come.
Without a director, the Consumer Financial Protection Bureau is legally prevented from doing its job to protect millions of Americans -- including those of us with credit cards, mortgages, student loans, or home equity lines. But with Mr. Cordray at the helm, the agency will make sure payday lenders, private student loan providers, debt collectors, and the like have to play by the rules.
That's what this campaign is all about: electing a President who makes sure everyone plays by the same rules and gets a fair shake.
But Mitt Romney apparently doesn't think consumers deserve any protection at all from predatory lenders and other bad actors. His plan to fix the economy is simply to deregulate it. His proposal for the housing market is to let it "hit the bottom" so that investors can come in and make a quick buck.
The President thinks we need a cop on the beat preventing the reckless behavior that helped cause the financial crisis and so many problems for middle-class families in the first place. The President is RIGHT!!!
But if the past is any guide, the GOP and Romney are not going to let this happen without a fight. They'll be doing everything they can to stand in Cordray's way.
For months, Senate Republicans -- with Mitt Romney and Rick Santorum right behind them -- have fought this bureau every step of the way, and their latest strategy is to refuse to allow even an up-or-down vote on this nomination.
The issue isn't his qualifications: Cordray has bipartisan support from elected officials across the country and a clear majority of the Senate behind him. They won't allow a confirmation vote on any director -- because they don't want the agency to exist at all. YOUR ONLY PROTECTION FROM EXPLOITATION!!!!
We can't afford to continue allowing Wall Street to write its own rules. But today's action by the President is already coming under partisan attack, which we expect to intensify in the days to come.
Without a director, the Consumer Financial Protection Bureau is legally prevented from doing its job to protect millions of Americans -- including those of us with credit cards, mortgages, student loans, or home equity lines. But with Mr. Cordray at the helm, the agency will make sure payday lenders, private student loan providers, debt collectors, and the like have to play by the rules.
That's what this campaign is all about: electing a President who makes sure everyone plays by the same rules and gets a fair shake.
But Mitt Romney apparently doesn't think consumers deserve any protection at all from predatory lenders and other bad actors. His plan to fix the economy is simply to deregulate it. His proposal for the housing market is to let it "hit the bottom" so that investors can come in and make a quick buck.
The President thinks we need a cop on the beat preventing the reckless behavior that helped cause the financial crisis and so many problems for middle-class families in the first place. The President is RIGHT!!!
But if the past is any guide, the GOP and Romney are not going to let this happen without a fight. They'll be doing everything they can to stand in Cordray's way.
Thursday, December 8, 2011
Republican gifts for the Xmas Holiday: No Consumer Protection, No Payroll Tax Cut and a Drive to Dump on the Environment... HO HO HO!!!
President Barack Obama said the Senate’s failure to confirm Richard Cordray as head of the Consumer Financial Protection Bureau “makes no sense” and will leave middle-income Americas without protection from “unscrupulous” lenders.
“There is no reason why Mister Cordray should not be nominated and should not be confirmed by the Senate,” Obama said at a White House news conference, less than an hour after Republicans in the Senate blocked a motion to end debate on the nomination. He vowed to keep pushing for confirmation.
“We’re not giving up on this,” he said.
Asked whether he would consider using his authority to make a recess appointment of Cordray, bypassing the Senate, Obama said, “We’re going to look at all our options.”
The motion to end debate on the nomination failed with a vote of 53 in favor and 45 opposed. Sixty votes were needed to proceed.
Obama also pressed Congress to pass an extension of the temporary payroll tax cut before leaving for the holidays and without adding provisions that don’t directly apply.
House Republicans are proposing to add a provision to the tax legislation that would expedite approval of TransCanada Corp. (TRP)’s proposed Keystone XL pipeline that is under review by the State Department. A decision has been put off until early 2013 to address environmental concerns about the route.
“There is no reason why Mister Cordray should not be nominated and should not be confirmed by the Senate,” Obama said at a White House news conference, less than an hour after Republicans in the Senate blocked a motion to end debate on the nomination. He vowed to keep pushing for confirmation.
“We’re not giving up on this,” he said.
Asked whether he would consider using his authority to make a recess appointment of Cordray, bypassing the Senate, Obama said, “We’re going to look at all our options.”
The motion to end debate on the nomination failed with a vote of 53 in favor and 45 opposed. Sixty votes were needed to proceed.
Obama also pressed Congress to pass an extension of the temporary payroll tax cut before leaving for the holidays and without adding provisions that don’t directly apply.
House Republicans are proposing to add a provision to the tax legislation that would expedite approval of TransCanada Corp. (TRP)’s proposed Keystone XL pipeline that is under review by the State Department. A decision has been put off until early 2013 to address environmental concerns about the route.
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