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President Obama Ignores Constitutional Checks and Balances, Reduces Accountability Of CFPB


Location: Wausau, WI

U.S. Congressman Sean Duffy (WI-07) issued the following statement after President Obama's unprecedented decision to issue a questionable recess appointment to Richard Cordray as the head of the new Consumer Financial Protection Bureau (CFPB).

"I am deeply disappointed in President Obama's decision to circumvent Congress and completely disregard our government's system of checks and balances in order to appoint a director to the flawed CFPB. As originally established, the CFPB lacks the adequate oversight and transparency that must be included in all Government agencies. This is an agency created by President Obama that was given unprecedented power. I believe strongly that it must be accountable and have proper oversight. President Obama has ignored those standards by forcing this appointment now even though the Senate is not in recess.

"Earlier this year, I sponsored legislation to protect consumers and give a voice to community banks and credit unions by inserting more protections and accountability measures into the CFPB. The House passed this bill with bipartisan support and it continues to await action in the Senate.

"More than 40 Senators told President Obama that they would not move to confirm a director to the CFPB until many of the accountability measures such as those included in my legislation, have been adequately addressed. President Obama's decision to ignore these concerns has set a horrible precedent of allowing the President to side-step Congress and the American people at his own convenience."

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