Republicans aggressively fought the appointment of Elizabeth Warren to head the newly created Consumer Financial Protection Bureau, and came away with a big scalp: Warren herself, the architect of the new agency, stepped down as nominee and returned to Massachusetts to run for the U.S. Senate. With any luck, voters there will send her back to Washington to continue challenging those who would shield banks and big business at the expense of the American consumer.
You’d think, having ousted Warren, the Republicans would get down to the people’s business. Think again. Now, the Party of No is refusing to confirm President Obama’s new nominee, Richard Cordray, unless the agency is restructured — that is, essentially gutted of its powers to protect consumers. This has nothing to do with Cordray’s credentials — he’s the highly regarded former state attorney general of Ohio — and everything to do with the political gridlock that has enraged voters and engendered cynicism with government. And it lays waste to the lessons that were supposedly learned after the collapse of the mortgage industry and housing market in 2008, when consumer ignorance combined with banking’s predatory practices to create a disaster.
September 30, 2011
no . . . no . . . no . . . and no . . .
A piece (Republican Gridlock Holds Consumers Hostage) from The Star-Ledger Editorial Page that hits the nail squarely on the head.