“My colleagues and I stand by our pledge that no nominee to head the CFPB will be confirmed by the U.S. Senate — regardless of party affiliation — without basic changes to the Bureau’s structure,” said Sen. Jerry Moran (R-KS). “I will not support the consideration of any nominee to be the Consumer Financial Protection Bureau director until the structure of the bureau is reformed,” added Sen. Mike Crapo (R-ID)
But as the Public Action Campaign Fund noted today, the 10 GOP members of the Banking Committee who opposed Cordray’s nomination had about 31 million reasons — having nothing to do with the Bureau’s structure — to ensure that the first federal regulator explicitly charged with only consumer financial protection never gets off of the ground:
All 10 members have received significant campaign cash from Wall Street interests during their time in Congress…Committee Republicans have received at least $31 million from the finance, insurance, and real estate sector (FIRE) during their time in Congress, according to Public Campaign Action Fund analysis of data from the Center for Responsive Politics.
The Banking Committee’s ranking member, Sen. Richard Shelby (R-AL) said that today’s vote — which comes more than 14 months after Dodd-Frank was signed into law — “was premature.” Shelby, remember, received $5000 from Goldman Sachs literally the day after he denounced the CFPB as “dangerous.”
During his press conference today, President Obama explained that Republicans “want to roll back the whole notion of having a consumer watchdog.” “I’m going to be fighting every inch of the way here in Washington to make sure that we have a consumer watchdog,” he added. The GOP though, continues to do Wall Street’s bidding, even as the country struggles to recover from a recession caused, in large part, by Wall Street malfeasance.