Consumer protection agency is a monster

  • Article by: George Will , Washington Post
  • Updated: November 18, 2012 - 5:30 PM

It's been given the power to flail in any direction it desires.

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Mippy1Nov. 18, 12 6:43 PM

Lots of lies and distortions from Mr. Will in this column. He cries about "illegal" recess appointments, but forgets to point out that the Senate was forced by the GOP House to remain in pro forma session during the recess in question. The Senate made it quite clear that no business of any kind would be conducted and the House refusal to recess was the only reason for it. The SENATE has the right to inform and consent to nominees, Mr. Will. Not the House. The only Senators that objected to Obama's appointments were the GOP filibuster club. What a curious form of government Mr. Will approves of; where the House can exercise the power of the Senate.

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opalesqueNov. 18, 12 6:49 PM

This is another group of lobbyists that should have their funding cut!

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pumiceNov. 18, 12 7:05 PM

From the commentary: "Vitiating the Senate's power to advise and consent to presidential appointments is congruent with the CFPB's general lawlessness." Not at all, Mr. Will. No damage was done to the Senate's advise and consent power. If any vitiating was done, it was by Republicans in the Senate who used the threat of filibuster to obstruct legislation which had sufficient votes to pass if an up-or-down vote had been allowed, to thwart the will of Congress by keeping the President from making appointments to which the Senate would have consented if an up-or-down vote had been allowed, and to hamper the justice system by refusing to ratify appointments to the federal judiciary.

Richard Cordray was not President Obama's first choice to head the consumer protection agency. His first choice was Elizabeth Warren who had designed the agency. Senate Republicans threatened to filibuster her appointment. President Obama caved and nominated Richard Cordray. It wasn't Warren to whom the Republicans objected, however, it was the agency. To keep the CFPB from functioning--from protecting consumers from abuses in mortgage lending, credit card and banking practices--Republican Senators filibustered Cordray's appointment. That's vitiating!

Take note, Mr. Will, of Elizabeth Warren's promise to reform the filibuster by requiring Senators to take the floor and conduct a filibuster--to own up to their objections and explain their objections to their colleagues and to the American people.

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pumiceNov. 18, 12 7:34 PM

Re: "This is another group of lobbyists that should have their funding cut!" To whom do you refer, opalesque? Employees at the Consumer Financial Protection Bureau are not lobbyists. The agency is not a lobby. Cutting its funding would make it as understaffed and ineffectual as Gramm-Leach-Bliley made Glass-Steagall.

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hawkeye56379Nov. 18, 12 7:59 PM

Will says that the CFPB nullifies Congress "power of the purse" because it is not funded by tax dollars. Well, ALL of the banking regulators are funded by assessments on the financial services industry rather than tax dollars to try to insulate them from political influence. I wonder why George didn't mention that what he tried to portray as an exception is, in fact, the rule.

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LakeliverNov. 18, 12 8:39 PM

God knows consumers can stand all of the protection they can get these days. Will evidently doesn't read many newspapers or surf the net where we are "blessed" with countless stories of scams. Yes, the dismantling of Glass-Steagall opened the door to the sordid and formerly criminal "deals" that caused the housing collapse and millions of Americans to lose their retirement funds and life's savings, just five years ago. How much freedom to fleece us would George Will recommend?

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LakeliverNov. 18, 12 8:42 PM

God knows consumers can stand all of the protection they can get these days. Will evidently doesn't read many newspapers or surf the net where we are "blessed" with countless stories of scams. Yes, the dismantling of Glass-Steagall opened the door to the sordid and formerly criminal "deals" that caused the housing collapse and millions of Americans to lose their retirement funds and life's savings, just five years ago. How much freedom to fleece us would George Will recommend?

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erikj3Nov. 18, 12 9:07 PM

Why is protecting consumers from rapacious corporations a bad thing?

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davehougNov. 18, 12 9:15 PM

Is it possible for a person to KNOW how to follow the law??? If the letter is met, but some regulator determines a nameless consumer did not understand the contract, how is THAT being a nation of laws rather than men?????

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elmore1Nov. 18, 12 9:28 PM

This is the kind of thing that drives taxpayers crazy! All we hear is raise taxes when there are many opportunities to CUT govt spending on pork like this. Yes, we need sme level of consumer protection but put some people in charge who can manage it and show measurable results. A one page funding request for that kind of money? You have got to be kidding that this would get approved.

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