Richard Cordray confirmed as director of the Consumer Financial “Protection” Bureau after two-year Dodd-Frank battle

posted at 8:41 pm on July 16, 2013 by Erika Johnsen

After the Senate brokered their deal this morning wherein Majority Leader Harry Reid would refrain from triggering the “nuclear option” of altering Senate procedure to limit minority rights, and Republicans would for the most part drop their stalled-out opposition to a number of President Obama’s nominees for executive-branch posts, the Senate has confirmed (66-34) Richard Cordray as the director of the Consumer Financial “Protection” Bureau, a full year and a half after his notorious “recess” appointment:

The Senate on Tuesday confirmed a director of the Consumer Financial Protection Bureau, ending a nearly two-year standoff in Congress and putting the new agency on sounder legal footing.

Democrats overcame long-held Republican objections to approve Richard Cordray’s nomination to head the bureau, which was created by the 2010 Dodd-Frank Wall Street reform law. …

“There is no doubt that the consumer agency will survive beyond the crib,” Senator Elizabeth Warren told reporters earlier on Tuesday. Warren, a Massachusetts Democrat, set up the consumer bureau before running for the Senate last year.

The consumer bureau, which opened in 2011 and oversees mortgages, credit cards and other consumer-oriented financial products, had been a source of controversy since its creation.

I put “recess” in quotations, of course, because the Senate wasn’t actually in recess when the president went ahead and appointed Cordray anyway; and I always feel that it’s appropriate to put the “Protection” in the CFPB in quotations, because, well… shudder.

Part of the the Republicans’ longstanding reluctance over Cordray’s confirmation stemmed from the fact that, in full-fledged practice, the CFPB is probably going to end up as little better than the finance-equivalent of the wildly overzealous and highly partisan EPA, except on steroids, with even less transparency and even more ability to run roughshod over a wide range of financial markets.

Dodd-Frank very stealthily bestowed the CFBP with a rather terrifyingly outsized amount of authority, and Republicans were hoping they could hold out for annual appropriations from Congress and a bipartisan board rather than the Federal Reserve funding and single director with which we’re currently saddled. Now that that’s over, though, let the economically damaging big-government overreach and virtual immunity from outside oversight proceed apace!

Anyhow. President Obama was most pleased about the Senate’s ability to reach a deal and avoid the snows of nuclear winter covering this land, oh yes, most pleased indeed:

“I’m pleased that the Senate took action today to move forward on the nominees who have waited far too long for a vote,” Obama said. “Over the last two years, I’ve nominated leaders to fill important positions required to do the work of the American people, only to have those positions remain unfilled – not because the nominees were somehow unqualified, but for purely political reasons.” …

“I want to thank the Senators from both parties – including Leader Reid, Leader McConnell and Senator McCain – who have worked together to find a path forward and give these nominees the votes they deserve,” Obama continued. “In the weeks ahead, I hope the Congress will build on this spirit of cooperation to advance other urgent middle-class priorities, including the need to take action to pass commonsense immigration reform and keep interest rates on student loans low for families trying to afford a higher education.”


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You repubs, go take a shower and try to clean off the stench from your night at the crack house. Pathetic cox suckers.

Guess we know who ain’t looking out for us.

arnold ziffel on July 16, 2013 at 8:52 PM

The Senate on Tuesday confirmed a director of the Consumer Financial Protection Bureau, ending a nearly two-year standoff in Congress and putting the new agency on sounder legal footing

…the sluts folded!

KOOLAID2 on July 16, 2013 at 8:52 PM

I hate John McCain!!!!!

Will he ever go away?

Barred on July 16, 2013 at 8:53 PM

Barred on July 16, 2013 at 8:53 PM

I was thinking “loathe”.

BKeyser on July 16, 2013 at 8:55 PM

Should have gone nuclear instead!?!?

Bmore on July 16, 2013 at 8:56 PM

this one party rule is making me sick to my stomach.

renalin on July 16, 2013 at 8:58 PM

Those Republicans are tough!!

KCB on July 16, 2013 at 8:58 PM

Obama wants an administrative State that is not dependent on the legislative branch for its appropriations, but can exact money by more indirect means (with penalties for noncompliance), and a State that is also not limited by any judicial review of its actions.

Even with some judicial review, that one case crawls through the system while the rest of the citzenry obeys in fear.

If you have the power to appoint the administrators, you control the State.

Wethal on July 16, 2013 at 9:00 PM

Barred on July 16, 2013 at 8:53 PM

I was thinking “loathe”.

BKeyser on July 16, 2013 at 8:55 PM

How about both? Who says we can’t loathe AND hate him?

SoRight on July 16, 2013 at 9:01 PM

Another several billion dollar waste for an agency of government for which there is no need.

And the GOP allowed this without a fight why?

Oh, yeah, that whole “we gotta compromise” thing.

The GOP is dead. They sold their collective soul years ago…for peanuts.

They will prove it next year when they lose House seats in an election year they otherwise could easily just sweep the House…because they’ve given up on principals to be more likeable…

All of them…all of them…primary them…then vote them out.

Would serve the Nation a lot better if the next Congress were entirely freshmen.

Third party?

Fourth or fifth party?

Anyone?

coldwarrior on July 16, 2013 at 9:02 PM

The rules made by this board will also no doubt be claime to pre-empt any business-friendly state law, so a lot of state jurisdiction over business matters is lost, too.

Wethal on July 16, 2013 at 9:02 PM

I’ll go with both….

Barred on July 16, 2013 at 9:02 PM

The good news is that Obama’s administrative state has become so onerous and overbearing that if we win the WH in 2016, the president can effectively give himself a free economic stimulus by merely ordering his cabinet secretaries to call off the dogs.

crrr6 on July 16, 2013 at 9:05 PM

And the GOP allowed this without a fight why?

Oh, yeah, that whole “we gotta compromise” thing.

coldwarrior on July 16, 2013 at 9:02 PM

Also, the regulations will no doubt be drafted in back rooms with the help of lobbyists who contribute to RINO campaigns, just like the senate amnesty bill was.

The rules will appear to be “consumer friendly,” but will no doubt limit options. I doubt Cordray is boing to go full-Warren.

(Kind of like the coverage options in Obamacare. CA, for example, will have no medical saving account-type policies available in its exchange – people have to buy more coverage than they want from the carriers.

Wethal on July 16, 2013 at 9:07 PM

I must have had it wrong. I thought none of those ‘recess’ appointees were to be considered, as part of the deal.

Liam on July 16, 2013 at 9:08 PM

If it pleases Obama, you can bet that it’s very, very bad for the country.

Midas on July 16, 2013 at 9:09 PM

The good news is that Obama’s administrative state has become so onerous and overbearing that if we win the WH in 2016, the president can effectively give himself a free economic stimulus by merely ordering his cabinet secretaries to call off the dogs.

crrr6 on July 16, 2013 at 9:05 PM

Big if. (Although it is possible.) Any mention of “cut the size of government” will bring out the government employees, unionized and not, in full force for the Dems. They hear it as factory workers hear “layoffs” or “move the plant to Mexico.” The Dems know once a bureaucracy is in place, it rarely goes way, nor is its power given back to the people.

Wethal on July 16, 2013 at 9:11 PM

Today, re: the so-called nuclear option, Senate Republicans preserved the right to surrender in the future.

Ted Cruz on Facebook

KCB on July 16, 2013 at 9:12 PM

OT: When do we get our Trayvon-is-a-Gay-Basher thread?

faraway on July 16, 2013 at 9:13 PM

Another chicago law student. Awesome./

So much for “spending time with the family”.

wolly4321 on July 16, 2013 at 9:15 PM

Ben Kruidbos, Corey’s former director of information technology, was fired after testifying at a pre-trial hearing on June 6 that prosecutors failed to turn over potentially embarrassing evidence extracted from Martin’s cell phone to the defense, as required by evidence-sharing laws.

Texts must indicate he attacked.

faraway on July 16, 2013 at 9:17 PM

Maybe it is about time we ended the charade.

Maybe we need to face facts.

Starting tonight, we all should stop referring to Barack Hussein Obama as President Obama, and begin to call him by a more proper title…King Barry I.

How quickly we petered away our freedom…and for such an abysmally tawdry low price, too.

This Nation started out with a bang, built itself with an unrelenting roar…and is dying today barely able to whimper.

All hail the King.

coldwarrior on July 16, 2013 at 9:17 PM

KCB on July 16, 2013 at 9:12 PM

Lol! ; )

Bmore on July 16, 2013 at 9:21 PM

Another chicago law student. Awesome./

So much for “spending time with the family”.

wolly4321 on July 16, 2013 at 9:15 PM

We Buckeyes are still waiting to hear Tricky Dickie’s explanation of how he managed to “misplace” about $50m as Ted Baxter’s Strickland’s state treasurer.

We aren’t interested in his “findings” when he was tapped by Ted to replace Mark “The Loon” Dann as State Attorney General, and immediately “investigated” himself as treasurer, determining that he had no idea except that he “did nothing wrong”.

He’s either a liar, a fruit loop, or both. My two bits is on “both”.

clear ether

eon

eon on July 16, 2013 at 9:23 PM

Lol! ; )

Bmore on July 16, 2013 at 9:21 PM

We sure could use more like him!

KCB on July 16, 2013 at 9:25 PM

CONTROLPALOOZA!!!

If the Government can control it…….it must.

Individual liberty be gone for the “greater good”.

PappyD61 on July 16, 2013 at 9:37 PM

Mark Levin explains this in detail in his second hour. It’s worse than what has been reported.

bluefox on July 16, 2013 at 9:59 PM

Maybe it is about time we ended the charade.

Maybe we need to face facts.

Starting tonight, we all should stop referring to Barack Hussein Obama as President Obama, and begin to call him by a more proper title…King Barry I.

How quickly we petered away our freedom…and for such an abysmally tawdry low price, too.

This Nation started out with a bang, built itself with an unrelenting roar…and is dying today barely able to whimper.

All hail the King.

coldwarrior on July 16, 2013 at 9:17 PM

You misspelled Caliph.

Steve Eggleston on July 16, 2013 at 10:16 PM

Steve Eggleston on July 16, 2013 at 10:16 PM

Ooops. I am sooo embarrassed, I am.

Hussein the First, Grand Exalted Caliph of North America, it shall be, then.

coldwarrior on July 16, 2013 at 10:31 PM

Now wait for the screams of protest when the CFBP starts running wild.

GarandFan on July 16, 2013 at 10:32 PM

Now wait for the screams of protest when the CFBP starts running wild.

GarandFan on July 16, 2013 at 10:32 PM

The last I looked, the GOP was the majority party in the house, with the power to strangle the funding for monstrosities like this, and so many others.

???

I don’t know why I mentioned that – for a moment I had a thought about it, but it’s gone. Well, couldn’t have been too important anyway, I guess…

bofh on July 16, 2013 at 10:41 PM

Should have gone nuclear instead!?!?
Bmore on July 16, 2013 at 8:56 PM

In essence that is what happened anyway.
The pubes should have let Reid go nuclear.
THAT would have guaranteed us the Senate in
2014 and we could have defended a bunch
of this crap. Now the pubes look punked
and less people will be excited to support
them. Any pubes that voted for this need to
be run out of office!

redguy on July 16, 2013 at 10:47 PM

Now wait for the screams of protest when the CFBP starts running wild.

GarandFan on July 16, 2013 at 10:32 PM

Mark Levin was explaining how the CFBP is
structured and funded. It is like Stalin has taken
over the USA. It gets it’s funding from the Federal
Reserve at what level it deems necessary.
Congress cannot control it. Very unconstitutional.
As if Obama cares. Cloward/Piven baby!

redguy on July 16, 2013 at 10:50 PM

One more incremental move in their direction.
Suckers.

Mimzey on July 16, 2013 at 10:54 PM

In the last 4+ years, what, exactly, have the conservatives gotten for all this “compromise” with promises of equity down the road?

Mimzey on July 16, 2013 at 10:57 PM

I remember someone commenting in the other thread about this disaster earlier today that this wasn’t really McCain – that he was just the front man for McConnell. What I’m reading now is that McCain went right around McConnell to broker this deal.

Seriously, it’s getting to the point where I wish someone would just punch this guy’s lights out. Notice how Reid’s troops never step out of line? McCain is an absolute menace.

crrr6 on July 16, 2013 at 10:58 PM

I must have had it wrong. I thought none of those ‘recess’ appointees were to be considered, as part of the deal.

Liam on July 16, 2013 at 9:08 PM

Reid altered the deal, pray he doesn’t alter it further.

abobo on July 16, 2013 at 11:13 PM

Also, the regulations will no doubt be drafted in back rooms with the help of lobbyists who contribute to RINO campaigns, just like the senate amnesty bill was.

The rules will appear to be “consumer friendly,” but will no doubt limit options. I doubt Cordray is boing to go full-Warren.

(Kind of like the coverage options in Obamacare. CA, for example, will have no medical saving account-type policies available in its exchange – people have to buy more coverage than they want from the carriers.

Wethal on July 16, 2013 at 9:07 PM

The GOPe and the Democrats are one and the same. De facto one-party rule. And idiots like Basilisworst are stupid enough to blame conservatives for their own sins.

So nothing changes.

Myron Falwell on July 17, 2013 at 12:18 AM

This man is really, really stupid. But let me assure you that he thinks he is the smartest man on Earth.

pat on July 17, 2013 at 3:14 AM

The good news is that Obama’s administrative state has become so onerous and overbearing that if we win the WH in 2016, the president can effectively give himself a free economic stimulus by merely ordering his cabinet secretaries to call off the dogs.

crrr6 on July 16, 2013 at 9:05 PM

You’re not winning the White House in 2016

So the GOP is “we” despite them stabbing you all in the back again and again

Insanity

And you idiots say its the Paulians that are crazy

The GOP will betray you

True_King on July 17, 2013 at 6:16 AM

One more nail in the coffin.

petefrt on July 17, 2013 at 7:48 AM

Mark Levin was explaining how the CFBP is
structured and funded. It is like Stalin has taken
over the USA. It gets it’s funding from the Federal
Reserve at what level it deems necessary.
Congress cannot control it. Very unconstitutional.

redguy on July 16, 2013 at 10:50 PM

Unconstitional? How quaint. The Constitution is soooo yesterday.

*spit*

petefrt on July 17, 2013 at 7:52 AM

So, again, folks here prefer a grand, glorious, losing battle that will be sung about for decades, once evidence of it is discovered centuries after America’s fall to an actual chance at victory.

As much as the overreach would set up the case for a Republican Senate, I don’t like setting the precedent for getting rid of the filibuster, nor would any of us want to live here for the next year and a half with a filibuster-free Democrat majority in the Senate.

Sekhmet on July 17, 2013 at 8:28 AM

Message to Lindsey Graham.If you actually have the audacity to show up at any townhall meetings back home,you better be prepared to defend your cloture votes effectively insuring the confirmation of every Obama nominee you claim to oppose.You are a lying weasel.And by the way Grahamnesty, we conservatives knew Ronal Reagan-and you,missy- are no Ronald Reagan!

redware on July 17, 2013 at 8:39 AM

In essence that is what happened anyway.
The pubes should have let Reid go nuclear.
THAT would have guaranteed us the Senate in
2014 and we could have defended a bunch
of this crap. Now the pubes look punked
and less people will be excited to support
them. Any pubes that voted for this need to
be run out of office!

redguy on July 16, 2013 at 10:47 PM

All according to plan. Did you really think McConnell wanted the headaches of trying to lead?

Steve Eggleston on July 17, 2013 at 9:05 AM

So, again, folks here prefer a grand, glorious, losing battle that will be sung about for decades, once evidence of it is discovered centuries after America’s fall to an actual chance at victory.

As much as the overreach would set up the case for a Republican Senate, I don’t like setting the precedent for getting rid of the filibuster, nor would any of us want to live here for the next year and a half with a filibuster-free Democrat majority in the Senate.

Sekhmet on July 17, 2013 at 8:28 AM

Point of order; the Senate “Pubbies” got the worst of both worlds – an epic loss of the filibuster for them and its continued presence to be used against them should the GOP get the White House, all with nary a procedural shot fired.

Steve Eggleston on July 17, 2013 at 9:08 AM

I must have had it wrong. I thought none of those ‘recess’ appointees were to be considered, as part of the deal.

Liam on July 16, 2013 at 9:08 PM

It was only the NLRB ‘recess’ appointees that weren’t to be considered again.

Steve Eggleston on July 17, 2013 at 9:10 AM

Give me your lunch money or I will beat you down and steal it. Well I wouldn’t want to be seen fighting, so here it is. Spineless Republicans, once again, they have waved the white flag and declared victory. I am so ashamed of my party in Washington. Why do they keep saving the Democrats from their own folly.?

mediamime on July 17, 2013 at 9:59 AM

People, we cannot afford the Republican Establishment, i.e. McCain, Graham, Christie, Rubio, Rove, Kristol, Boehner, Cantor, Hatch, Romney et al., to continue to run it’s, hence our losing strategy. The Establishment allowed us to pay for 4 flights and they crashed us 4 times. Now they want us to purchase another ticket again? GFY McCain and the Establishment and that includes your little Buddy Jeb Bush as well.

If these folks don’t move or follow we will lose every election that comes our way moving forward. If I sense one molecular whiff of the establishment or its self professed leverage in 2014 or 16 I’m out and will never be back until a 3rd party has been created which is already in process. I’m done losing and I’m done handing the game plan off to complete unequivocal imbecile’s. Are you hearing me John McCain? I’m done with your brand of panty politics McCain where once many years ago I was a true fan, before the test of time.

Tangerinesong on July 17, 2013 at 12:35 PM