Bills to “Defang” the CFPB Advance in House

Three bills that Special Advisor Elizabeth Warren said would “defund” and “defang” the Consumer Financial Protection Bureau advanced through the House Financial Services Committee Friday.

The contentious debate over the bureau’s power continues with the advancement of the three bills, which aim to restrict the authority of the consumer protection agency, and call into question the bureau’s leadership structure. The bills will next move to full consideration by the House.

Republicans, which largely supported the bills, argue the measures will keep the bureau in check and will prevent it from wielding too much power. Democrats who have opposed the bills, including Warren, say the legislation will restrict the agency before it has a chance to progress.

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Of the bills, one calls for a five-member bi-partisan leadership commission to oversee the bureau, rather than a single director. Another would ease the ability of outside regulators to overrule the CFPB and a third addresses the ability of the bureau to work in the absence of a director.

President Obama has yet to nominate a director, and this week Rep. Barney Frank said it was likely the president would make the nomination during a Senate recess, which would bypass a difficult Senate confirmation process.

“I assume they will now make a recess appointment,” Rep. Frank told reporters.

Written by Elizabeth Ecker

 

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  •  It is has never been a secret that the President would appoint Ms. Warren during a Senate recess.  I thought that the political result from the assassination of Osama Bin Laden would have had a far more positive impact on the ability of the President to get what he wants out of the Senate but now it is clear it was a little more than a blip in the approval rating of this President.  If it had substantially helped his popularity, the President would be nominating Ms. Warren in the face of Republican (and even some Democratic) opposition.
     
    Who expects any of the CFPB bills currently in the House to be enacted?  It is all gamesmanship.  Either the Senate will not pass them or the President will refuse to sign them into law.  There is about as much of a chance of those bills becoming law as there is of the majority of voters in Berkeley, California voting for Newt Gingrich in the 2012 Presidential general election.  One way or the other — it “just ain’t gonna” happen.

  • I agree with what the Cynic has said, right on target! It is good news that the three bills have been approved through the House committee and will most likely be approved in the House. However, that is probably where it will end! The senate will not approve the bills and even if they did, Obama will not go along with it. The CFPB must have its authority striped.  The Financial Regulatory Reform Bill and its committee of “Devils”, the CFPB, will destroy this countries financial system as we know it now. The CFPB goes on the attack in July, look what it has done already and it has no authority as of yet! Our legislators need to continue to bring this to the forefront of the American people. Education to the public about this bill and the CFPB is badly needed. The truth about the bill is needed to be brought to the surface! John A. Smaldone 

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