Countdown Clocks

Countdown Clocks

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The Dodd-Frank financial reform act, which barely got passed thanks to GOP obstruction, calls for a director. Because Senate Republicans threatened to filibuster anyone put forward for that position, President Obama was forced to make a recess appointment of Ohio Attorney General Richard Cordray. Now that it’s time to renew that appointment, the usual suspects are promising to hold their breath until they turn blue block the nomination. Unless they get to make some changes – changes that will weaken the bureau and give them a chance to control it. Tell me you’re not surprised…

Allow me to translate: “We hate this new agency because we can’t control it.” They would like to switch the director for a 5-person commission (bi-partisan, so they say) and make the CFPB fall under congressional appropriations. As it stands now, the bureau is funded via the Federal Reserve. They basically want to starve the bureau of funds so that it cannot fulfill its mission. A mission, says Senate Banking Committee Chairman Tim Johnson (D-S.D.), that…

“… enjoys overwhelming public support, and there is no evidence that the bureau is unaccountable and that structural changes are necessary. The market needs certainty, and blocking Richard Cordray’s nomination is a disservice to consumers and industry alike.” (source)

The House GOP has already stymied the The Commodity Futures Trading Commission (CFTC) and Securities and Exchange Commission (SEC) by denying them the funds to implement the Dodd-Frank provisions. Less than half of the rules that are supposed to protect the market have been put into place thanks to the House GOP. And there is still much that needs to be done to ensure the regulatory protections that were laid out in the bill.

h/t: T. Steelman at