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Chambliss' Statement on Obama's Recess Appointment of Richard Cordray

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"I am very concerned that, in making these recess appointments, the president has chosen to ignore the Constitution and disregard longstanding rules and precedents," said Chambliss. "I intend to work with my Senate colleagues on this matter to determine the best way to reinstitute the checks and balances set forth in the Constitution, and to ensure that the American people's elected representatives are not circumvented by the president."

In addition, on May 2, 2011, Sen. Saxby Chambliss joined with 45 Republican Senators in sending a letter to President Obama, opposing the nomination of any Director of the CFPB by any President until necessary reforms of the CFPB are made. Specific reforms suggested in the letter were: (1) the establishment of a board of directors; (2) the requirement that the CFPB submit a budget request and go through the appropriations process just like the Securities and Exchange Commission, the Commodity Futures Trading Commission and the Federal Trade Commission; and (3) the oversight of CFPB regulations by Federal bank regulators to ensure that such regulations do not needlessly cause bank failures. You can read a copy of the letter below.


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