Cordray, the CFPB and the Left [Reader Post]


It will only be a matter of days before the left –; People for the American Way and Progressive Change Campaign Committee — as well as their establishment organs – the New York Times and MSNBC – will be singing the same song off the same song sheet. The tune we will hear from the chorus will call for the United States Senate to confirm former Ohio Attorney General Richard Cordray as the first director of the Consumer Financial Protection Bureau (CFPB).

For Tea Party activists, conservatives and those concerned about the future of our economy – this is a critical moment.

The CFPB was established in 2010 by the Dodd-Frank “Financial Reform” legislation when Democrats had 60 votes in the Senate and a large majority in the House. Of course, since then, the voters have rejected their desire to control vast swaths of the American economy. Time magazine is already asking, “What Do You Think the CFPB Should Crack Down On?

That is, of course, the problem. Rather than encouraging job growth among the private sector, the Bureau and its cheerleaders are ready to lead a jihad on America’s employers and entrepreneurs.

The Bureau was set up in such a way as to insulate it from Congress and the American people – giving broad powers to the Director and his massive staff to regulate nearly every financial transaction of the American people. The Chamber of Commerce has warned “Unlike most other federal agencies, the CFPB concentrates powers in the hand of the director. The director is the Bureau’s only Senate confirmed position and once confirmed cannot even be removed by the President – except for cause. The agency’s budget is not subject to review or approval by either the President or the Congress. And it is specifically exempted from having to coordinate its rules with other agencies, including the White House, to ensure consistency with other regulations.”

This is a liberals dream – a regulator with no oversight from Congress given the ability to run amok righting every perceived market wrong with the full power of the federal government.

From the progressive’s perspective, Cordray is the right man for the job. Cordray was selected when the progressives’ dream candidate – Elizabeth Warren – was rejected by the White House as too radical for Senate confirmation. She, in turn, selected and endorsed Cordray, who has now been nominated by the White House. Cordray, of course, is just as radical as Warren with a record to prove it.

As Attorney General he used litigation and lawsuits as a way to browbeat businesses and as head of the Bureau he promises the same tactics. Of his nomination, he said, “It gives me the opportunity to work on a 50-state basis on the issues that are near and dear to my heart in the state of Ohio”

44 Republicans in the Senate are refusing to confirm Cordray until the Bureau is reformed and proper checks and balances are put into place. Bravo. We can only hope they are ready for the attack and name calling that will soon follow. Be ready to hear terms like “hostage takers” bantered about like a number one pop song.

Obama’s spending and regulating is why America cannot extract itself from the jaws of the recession. Confirmation of Cordray to head the CFPB will allow the regulators to take a bigger bite out of job growth and leave American’s with little or no recourse to stop them.

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The government systems are failing! We need————————– more systems. LOL.

No doubt the CFPB will focus their efforts on those companies that supported Republicans.