Senate Republicans remain committed to their opposition of the Consumer Financial Protection Bureau unless their proposals to change the agency’s structure and funding are implemented.
“The bureau must be fully accountable to the American people,” Sen. Richard Shelby (R-Ala.) said after the Senate Banking Committee approved the nomination of Richard Cordray to lead the agency. “The Republican proposal does not strip the bureau of any existing or new authority to protect consumers. We are simply seeking commonsense changes. Today’s vote by the Senate Banking Committee was premature. No nominee for the director of the Bureau of Consumer Financial Protection should receive consideration until the Democrats are ready to stop playing politics and work with us to make the bureau accountable. It’s their choice.”
Recent remarks made by President Obama about wanting an agency to “prevent this kind of stuff from happening,” as he referred to Bank of America’s decision to add a new debit card fee, have added to the Republicans' resolve.
Republicans fear that the CFPB authority will ultimately lead to government dictating what consumers can purchase and how much they will pay.
“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 to enhance consumer protection while ensuring accountability,” Sen. Mike Crapo (D-Idaho) said. “The bureau is a massive new, expensive government bureaucracy that is immunized against meaningful oversight and dramatically extends the federal government’s control over the economy.”