CFPB is “Stalinist,” Says Top GOP Senator

By  |  September 17, 2012
 | 

December 12, 2011

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    On “Meet the Press” this past weekend, Sen. Lindsey Graham (R-SC) defended Republicans’ decision to block the nomination of President Obama’s choice to lead Consumer Financial Protection Bureau, former Ohio AG Richard Cordray.

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    “It is something out of the Stalinist Era,” he said, according to Politico. “The reason Republicans don’t want to vote for it is we want a board, not one person making all the regulatory decisions, and there’s no oversight under this person; he gets a check from the Federal Reserve. We want him under the Congress so we can oversee the overseer.”

    Graham appeared on the show alongside Sen. Dick Durbin (D-IL), author of the amendment that spurred debit interchange reform. (Related: Durbin Statement on the Filibuster of Cordray’s Nomination to Head the CFPB)

    GOP lawmakers want to see the CFPB led by a bipartisan panel as opposed to a sole director. Listen to reaction by both Durbin and Graham beginning at 8:30 in the video below:

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