Some Republicans seem genuinely to adore Consumer Financial Protection Bureau Director Richard Cordray.
“I think you have done a wonderful job so far in carrying out your duties,” said Sen. Tom Coburn (R-Okla.) during Cordray’s nomination hearing earlier this week.
But Coburn – and 42 other Senate Republicans – have threatened to filibuster Cordray’s nomination unless the consumer protection agency he directs is fundamentally weakened.
Sen. Elizabeth Warren (D-Mass.) – who originated the idea of a consumer protection agency with a mission to crack down on the banking industry cons and rip-offs – also attended the hearing.
Here’s what Sen. Warren said about the 43 Republican senators who pledged to obstruct Cordray’s nomination:
I see nothing here but a filibuster threat against Director Cordray as an attempt to weaken the consumer agency … I think the delay in getting him confirmed is bad for consumers, it’s bad for small banks, bad for credit unions, for anyone trying to offer an honest product in an honest market.
The American people deserve a Congress that worries less about helping big banks, and more about helping regular people who have been cheated on mortgages, on credit cards, on student loans and on credit reports.
Sen. Warren is right. Congress should be standing up for consumers, not protecting corporate predators.
Rick Claypool is Online Director for Public Citizen’s Congress Watch division. Follow him on Twitter at @RickClaypool.