Shelby Responds to Obama End Run of Congress

What's Next In Payments®
2:22 PM EDT January 4th, 2012

January 4, 2012

U.S. Senator Richard Shelby (R-Ala.), ranking Republican on the Committee on Banking, Housing and Urban Affairs, today released the following statement regarding President Obama’s decision to install Richard Cordray as the head of the Bureau of Consumer Financial Protection (BCFP):

“President Obama actually created one job today. Unfortunately, this new employee is an unaccountable bureaucrat who will have immense power over the economy. President Obama’s philosophy is clear: government knows best, and the bigger, the better. In light of his record, it’s not surprising that he end ran the elected representatives of the American people to avoid accountability to them.”

Senator Shelby has led the fight for accountability at the consumer bureau. Joined by 44 of his Senate colleagues, Senator Shelby sent a letter in May to the President requesting three commonsense changes to the bureau’s structure to make it more accountable to the American people. Shelby also addressed his concerns with the bureau in a recent speech on the Senate floor.

Comments
Also by This Author
What's Hot
Company Spotlight
MasterCard Forecasts Future of Biometric Payments
News
Shopper Gets 422 Million Amex Reward Points – But Why?
News
Amex Gets Booted Out Of Costco Canada
News
SEC Investigates Western Union Over Digital Revenue Projections
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Hmmm
Alibaba IPO Is Done, So Now What?
Uncategorized
flem
Webinars
Defining the Future of Payments Security
B2B Payments
Innovating ERP With Analytics
View All Articles ››