July 11, 2011
Perhaps not surprisingly, leading GOP lawmaker Rep. Shelley Moore Capito (R-WV) did not dole out high marks for the Dodd-Frank financial overhaul bill as its one-year anniversary nears.
“D-,” said the Chairman of the Subcommittee on Financial Institutions and Consumer Credit in an interview with CNBC. “There is no doubt that our nation’s financial regulatory structure needed to be updated and revamped. That said, simply creating another bureaucracy and putting more laws on the books will not in itself guarantee consumer protection.”
Rep. Capito went on to censure Elizabeth Warren and the Consumer Financial Protection Bureau for failing to repeal excessive regulations in what she feels has been a timely manner.
“All regulators should be using this time to assess the regulations within their agencies to ensure we are not just simply adding another layer of regulations,” she continued. “I would have preferred to streamline agency power and put in place a more nimble regulatory structure instead of passing a bill with thousands of new rules and regulations.”
Calling the continued absence of a permanent CFPB director “astounding,” Rep. Capito did not offer a recommendation for the position and instead reaffirmed her belief the agency should be run by a five-member panel. She has introduced a bill to restrict the CFPB’s regulatory powers if a full-time director is not in place by the time the agency opens next week.
“I think there will be support for a bill to delay the transfer of certain powers if there is no director in place,” she told CNBC. “It’s commonsense. You wouldn’t set up a new company without the proper leadership on board, would you? It baffles me that my bill, and other bills to improve the CFPB, have received so much harsh criticism. I think it’s dangerous to characterize any suggestion to makes changes to the CFPB as ‘anti-consumer.’ No law is perfect, including Dodd-Frank.”
She went on to state that she hopes President Obama will name “a Senate confirmable candidate as soon as possible so this issue becomes moot.” Click here to read the full interview.
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