Earlier this year, U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Senate Committee on Banking, Housing and Urban Affairs, and 43 of his Senate colleagues sent a letter to President Obama expressing their serious concerns about the Bureau of Consumer Financial Protection's lack of accountability. The letter also proposed three reasonable reforms to the Bureau's structure. To date, neither the President nor the majority has made any effort to work with Republicans to improve the accountability of the Bureau. Instead, the President nominated Richard Cordray to be the Bureau's first Director.
This week, the President let slip his true vision for the Bureau--to dictate what consumers can buy and how much they will pay. The President's comments reveal the grave economic impact that this unchecked bureaucracy could have on the American economy.
Senator Shelby made the following statement regarding the executive session of the Senate Banking Committee to consider the nomination of Richard Cordray to be Director of the Bureau of Consumer Financial Protection:
"The Bureau must be fully accountable to the American people. 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."