Republican senators vowed Thursday to block any nominee to lead the fledgling Consumer Financial Protection Bureau unless stronger limits are put on its power, in the latest blow in a long-running battle to rein in the watchdog agency before it officially launches this summer.
In a letter to President Obama, 44 lawmakers called for a board of directors to run the agency, rather than a single leader. The letter also demanded tougher oversight of the CFPB by existing banking regulators, such as the Financial Stability Oversight Council, and that the new agency be funded by congressional appropriations. Under the current structure, the CFPB’s budget is carved from the Federal Reserve.
“How the CFPB director exercises his or her authority . . . will have a profound influence on the future of our economy and job creation,” the letter said. Lead signatories were Senate Minority Leader Mitch McConnell (R-Ky.) and Sen. Richard C. Shelby (Ala.), ranking Republican on the Senate banking committee.
The proposals mirror three bills passed by the House Financial Services Committee a day earlier. Rep. Sean P. Duffy (R-Wis.), who sponsored one of the bills, said he believed that “the movement here on both sides of the aisle is to make sure we have a system that’s going to work for our consumers.”
But consumer advocacy groups lashed out at the proposals, arguing that they would give banks undue influence over the CFPB and jeopardize its independence.
“Enactment of these measures would virtually guarantee that the CFPB would be a weak and timid agency,” said Travis Plunkett, legislative director for the Consumer Federation of America.
Showing posts with label Congress. Show all posts
Showing posts with label Congress. Show all posts
Friday, May 06, 2011
I Can't Believe We're Losing To These People
Republicans still hate consumers:
Friday, January 07, 2011
There are numbers from the CBO, and then there are numbers...
Republicans have scribbled on a napkin:
Considering napkin-scribbling gang is also the same outfit whose new House rules stipulate that tax cuts won't increase the deficit, it's not hard to decide who's being more truthful here.
House Republicans countered with their own report, containing their portrayal of the financial effects of keeping the law intact. The report, filled with the incendiary language the GOP has adopted to discuss the law, is entitled: "Obama-care: A budget-busting, job-killing health care law" and features on its cover a gate padlocked with a thick chain.
Considering napkin-scribbling gang is also the same outfit whose new House rules stipulate that tax cuts won't increase the deficit, it's not hard to decide who's being more truthful here.
Friday, March 09, 2007
What We've Been Missing
The Shrill One:
For those of us living in the Garden State, the growing scandal over the firing of federal prosecutors immediately brought to mind the subpoenas that Chris Christie, the former Bush “Pioneer” who is now the U.S. attorney for New Jersey, issued two months before the 2006 election — and the way news of the subpoenas was quickly leaked to local news media.
The subpoenas were issued in connection with allegations of corruption on the part of Senator Bob Menendez, a Democrat who seemed to be facing a close race at the time. Those allegations appeared, on their face, to be convoluted and unconvincing, and Mr. Menendez claimed that both the investigation and the leaks were politically motivated.
Mr. Christie’s actions might have been all aboveboard. But given what we’ve learned about the pressure placed on federal prosecutors to pursue dubious investigations of Democrats, Mr. Menendez’s claims of persecution now seem quite plausible.
In fact, it’s becoming clear that the politicization of the Justice Department was a key component of the Bush administration’s attempt to create a permanent Republican lock on power. Bear in mind that if Mr. Menendez had lost, the G.O.P. would still control the Senate.
For now, the nation’s focus is on the eight federal prosecutors fired by Attorney General Alberto Gonzales. In January, Mr. Gonzales told the Senate Judiciary Committee, under oath, that he “would never, ever make a change in a United States attorney for political reasons.” But it’s already clear that he did indeed dismiss all eight prosecutors for political reasons — some because they wouldn’t use their offices to provide electoral help to the G.O.P., and the others probably because they refused to soft-pedal investigations of corrupt Republicans.
In the last few days we’ve also learned that Republican members of Congress called prosecutors to pressure them on politically charged cases, even though doing so seems unethical and possibly illegal.
The bigger scandal, however, almost surely involves prosecutors still in office. The Gonzales Eight were fired because they wouldn’t go along with the Bush administration’s politicization of justice. But statistical evidence suggests that many other prosecutors decided to protect their jobs or further their careers by doing what the administration wanted them to do: harass Democrats while turning a blind eye to Republican malfeasance.
Donald Shields and John Cragan, two professors of communication, have compiled a database of investigations and/or indictments of candidates and elected officials by U.S. attorneys since the Bush administration came to power. Of the 375 cases they identified, 10 involved independents, 67 involved Republicans, and 298 involved Democrats. The main source of this partisan tilt was a huge disparity in investigations of local politicians, in which Democrats were seven times as likely as Republicans to face Justice Department scrutiny.
How can this have been happening without a national uproar? The authors explain: “We believe that this tremendous disparity is politically motivated and it occurs because the local (non-statewide and non-Congressional) investigations occur under the radar of a diligent national press. Each instance is treated by a local beat reporter as an isolated case that is only of local interest.”
And let’s not forget that Karl Rove’s candidates have a history of benefiting from conveniently timed federal investigations. Last year Molly Ivins reminded her readers of a curious pattern during Mr. Rove’s time in Texas: “In election years, there always seemed to be an F.B.I. investigation of some sitting Democrat either announced or leaked to the press. After the election was over, the allegations often vanished.”
Fortunately, Mr. Rove’s smear-and-fear tactics fell short last November. I say fortunately, because without Democrats in control of Congress, able to hold hearings and issue subpoenas, the prosecutor purge would probably have become yet another suppressed Bush-era scandal — a huge abuse of power that somehow never became front-page news.
Before the midterm election, I wrote that what the election was really about could be summed up in two words: subpoena power. Well, the Democrats now have that power, and the hearings on the prosecutor purge look like the shape of things to come.
In the months ahead, we’ll hear a lot about what’s really been going on these past six years. And I predict that we’ll learn about abuses of power that would have made Richard Nixon green with envy.
Of course, all of this investigatin' is terribly, hyperpartisan:
Meantime, the House, after a fast start rushing through noncontroversial items, has slowed to a crawl, filling time with investigations.
So, Wiseman David Broder says "investigations" are about "filling time". In other words, investigations are very UnSerious.
TPM:
What USAgate tells us? Without congressional oversight, bad acts never see the light of day.
For those of us living in the Garden State, the growing scandal over the firing of federal prosecutors immediately brought to mind the subpoenas that Chris Christie, the former Bush “Pioneer” who is now the U.S. attorney for New Jersey, issued two months before the 2006 election — and the way news of the subpoenas was quickly leaked to local news media.
The subpoenas were issued in connection with allegations of corruption on the part of Senator Bob Menendez, a Democrat who seemed to be facing a close race at the time. Those allegations appeared, on their face, to be convoluted and unconvincing, and Mr. Menendez claimed that both the investigation and the leaks were politically motivated.
Mr. Christie’s actions might have been all aboveboard. But given what we’ve learned about the pressure placed on federal prosecutors to pursue dubious investigations of Democrats, Mr. Menendez’s claims of persecution now seem quite plausible.
In fact, it’s becoming clear that the politicization of the Justice Department was a key component of the Bush administration’s attempt to create a permanent Republican lock on power. Bear in mind that if Mr. Menendez had lost, the G.O.P. would still control the Senate.
For now, the nation’s focus is on the eight federal prosecutors fired by Attorney General Alberto Gonzales. In January, Mr. Gonzales told the Senate Judiciary Committee, under oath, that he “would never, ever make a change in a United States attorney for political reasons.” But it’s already clear that he did indeed dismiss all eight prosecutors for political reasons — some because they wouldn’t use their offices to provide electoral help to the G.O.P., and the others probably because they refused to soft-pedal investigations of corrupt Republicans.
In the last few days we’ve also learned that Republican members of Congress called prosecutors to pressure them on politically charged cases, even though doing so seems unethical and possibly illegal.
The bigger scandal, however, almost surely involves prosecutors still in office. The Gonzales Eight were fired because they wouldn’t go along with the Bush administration’s politicization of justice. But statistical evidence suggests that many other prosecutors decided to protect their jobs or further their careers by doing what the administration wanted them to do: harass Democrats while turning a blind eye to Republican malfeasance.
Donald Shields and John Cragan, two professors of communication, have compiled a database of investigations and/or indictments of candidates and elected officials by U.S. attorneys since the Bush administration came to power. Of the 375 cases they identified, 10 involved independents, 67 involved Republicans, and 298 involved Democrats. The main source of this partisan tilt was a huge disparity in investigations of local politicians, in which Democrats were seven times as likely as Republicans to face Justice Department scrutiny.
How can this have been happening without a national uproar? The authors explain: “We believe that this tremendous disparity is politically motivated and it occurs because the local (non-statewide and non-Congressional) investigations occur under the radar of a diligent national press. Each instance is treated by a local beat reporter as an isolated case that is only of local interest.”
And let’s not forget that Karl Rove’s candidates have a history of benefiting from conveniently timed federal investigations. Last year Molly Ivins reminded her readers of a curious pattern during Mr. Rove’s time in Texas: “In election years, there always seemed to be an F.B.I. investigation of some sitting Democrat either announced or leaked to the press. After the election was over, the allegations often vanished.”
Fortunately, Mr. Rove’s smear-and-fear tactics fell short last November. I say fortunately, because without Democrats in control of Congress, able to hold hearings and issue subpoenas, the prosecutor purge would probably have become yet another suppressed Bush-era scandal — a huge abuse of power that somehow never became front-page news.
Before the midterm election, I wrote that what the election was really about could be summed up in two words: subpoena power. Well, the Democrats now have that power, and the hearings on the prosecutor purge look like the shape of things to come.
In the months ahead, we’ll hear a lot about what’s really been going on these past six years. And I predict that we’ll learn about abuses of power that would have made Richard Nixon green with envy.
Of course, all of this investigatin' is terribly, hyperpartisan:
Meantime, the House, after a fast start rushing through noncontroversial items, has slowed to a crawl, filling time with investigations.
So, Wiseman David Broder says "investigations" are about "filling time". In other words, investigations are very UnSerious.
TPM:
What USAgate tells us? Without congressional oversight, bad acts never see the light of day.
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