July 21, 2011
Today, on the anniversary of the Dodd-Frank financial reform bill and the day the new Consumer Financial Protection Bureau is scheduled to open, lawmakers in the GOP-controlled House are scheduled to vote on a bill that would alter the leadership and regulatory authority of the new agency.
“Republicans, who almost unanimously opposed the Dodd-Frank Act last year, have pushed to restrict the agency’s authority,” reports Bloomberg. “Republican lawmakers have argued for replacing the director position with a five-member board and lowering the threshold for bank regulators to veto the bureau’s rules.
Elizabeth Warren, who had been leading efforts to organize the CFPB, urged House Democrats on Tuesday to oppose changes to the agency before it has even had a chance to officially get to work.
“We fought to get here and we’re going to have to fight to stay here, but it’s a fight worth having,” Warren told Democrats today before a meeting on the Dodd-Frank legislation. “It’s ironic that tomorrow there is another fight to try and kill this agency, another fight to try and cut the legs out from underneath it.” said Warren.
Warren during the meeting in House Minority Leader Nancy Pelosi’s office was also accompanied by Minority Whip Steny Hoyer (D-MD) and Dodd-Frank co-author Barney Frank (D-MA), as well as several other Democrat leaders.
President Obama on Monday announced that he had chosen Richard Cordray, current enforcement chief for the Consumer Financial Protection Bureau, as his nominee to permanently lead the agency
Sen. Richard Shelby (R-AL), the leading Republican on the Banking Committee, stated Tuesday that Cordray’s nomination will likely not pass until “there are some fundamental changes in its structure.”
Approaching the One Year Anniversary of the Landmark Wall Street Reform and Consumer Protection Act
Warren’s First Post-CFPB Priority (Hint: It Involves Legoland)
VIDEO: President Obama Announces Nomination of Cordray for CFPB Director
White House Blog: A Big Week for the New Consumer Agency
CFPB and Military’s Top Uniformed Lawyers Release Joint Statement of Principles
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