Franks blasts CFBP stalling

Barney FrankA powerful member on the House Financial Services Committee recently penned an op-ed in the Washington Post condemning Senate Republicans for stalling the nomination to head the new Consumer Financial Protection Bureau.  

Rep. Barney Frank (D-Mass.) hit Republicans for “blatantly distorting the Constitution, substituting a refusal to allow the constitutionally mandated nomination process for the legislative process in which they simply do not have the votes to accomplish what they want,” the Washington Post reports.

Frank supports President Obama’s choice of former Ohio attorney general Richard Cordray to lead the bureau, which Frank had helped create through his financial overhaul legislation last year.

“Cordray’s record as attorney general of Ohio puts him in a small group of people able to act effectively to deal with the mortgage crisis,” Frank wrote, according to the Washington Post. “Yet his nomination will not even be fairly considered by the full Senate.

A bureau is unable to use its full authority until it has a director. According to Frank’s op-ed, Republicans are using this rule and blocking the nomination to ensure that “financial institutions are not troubled by what they may see as an excessive concern for consumer fairness.”

The Senate Banking Committee has a confirmation hearing schedule immediately after Labor Day weekend. Cordray is expected to face intense interrogations from Republican members on the committee.

Earlier this summer, 44 Republican Senators sent a letter to the president saying they would refuse to vote on any nominee to lead the bureau, insisting instead that the agency replace a single leader with a board of directors.

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