House GOP Votes to Advance CFPB-Restricting Bills

House Republicans voted Wednesday to advance three bills that would reshape the Consumer Financial Protection Bureau by restricting its authority and power.

The bills would alter the leadership of the CFPB from a having a single director to having a five-member bipartisan commission; would ease the ability of regulators on the Financial Stability oversight Council to overturn CFPB regulations; and would limit the work the CFPB can do without an appointed and confirmed director.

A House subcommittee voted in favor of the bills 13-7. The full committee will meet to consider the bills on May 12, according to reports.

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President Obama has yet to name a nominee for the position, although wide speculation includes Elizabeth Warren, special advisor to the president, as a frontrunner. (Do you think Elizabeth Warren is fit for the director seat? Take our poll.)

Democrats have argued that these bills attempt to take down the agency before it officially launches in July.

Written by Elizabeth Ecker

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  • Does anyone really believe that this President will sign these bills? Does anyone expect the House to help this bureau?

    The recent actions of Ms. Warren look like the actions of the desperate. She whines and gripes about the Republicans. She is acting more like a matador trying to torment a bull with mere words or an overgrown tattle teller than the future Director of a government bureau. The more she does this, the more pathetic she looks. I don’t get it. She maybe winning over liberals but she is turning off independents. Worse she is making the President and Secretary Geithner look weak in the process.

    Being appointed by a President who personally JUST oversaw the end of Osama Bin Laden should be enough to get her through the confirmation process in the Senate where the Democrats hold a bare majority. All of campaigning could really backfire and doom the very bureau she has fought so hard to create. I for one am getting tired of her tactics.

    Her style may be a new form of politics but it looks silly, lacking dignity even self-esteem. What precedence is there for this kind of conduct by an Assistant to the President or a Special Assistant to the Secretary of a department? It is almost like the President has told her that if she really wants to win the Directorship she will have to campaign for it. How odd?

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