House GOP Votes To Take 'Consumer' Out Of Consumer Financial Protection Bureau

[Tx4obama]

House GOP Votes To Take 'Consumer' Out Of Consumer Financial Protection Bureau

WASHINGTON, Feb 27 (Reuters) - The Republican-led U.S. House of Representatives passed a bill on Thursday to overhaul the U.S. consumer financial watchdog, although the politically charged legislation stands little chance of becoming law.

The Consumer Financial Protection Bureau, or CFPB, was created as part of the 2010 Dodd-Frank law to help protect Americans from financial scams.

Republicans say the agency is unaccountable to lawmakers because its funding comes from the U.S. Federal Reserve, not congressional appropriations. Democrats, on the other hand, staunchly support the agency's independence.

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House members voted 232-182 for a bill that would replace the bureau's director with a commission and subject it to the appropriations process.

-snip-

Full article here: http://www.huffingtonpost.com/2014/02/27/house-anti-consumer-bill_n_4870113.html

[sakabatou]

1. Because we have to protect business and screw the consumers!

[DFW]

3. It's worse than that:

The Republicans want to protect (big) business FROM consumers!

[freshwest]

2. Let's see. Block it's creation. Stop Warren being appointed. Hold up nominations for a year.

Then tried to defund it. So now it's in place where they can't screw with it.

So they want to make PR. Next thing we'll hear are screams of 'End the Fed' Paulite crappola. Wait for it, they'll run on it in all the campaigns this year.

Let them have the Senate and you can kiss so many things good bye. We are in the election season now, it's not waiting until November.

[Nanjing to Seoul]

5. It's like the ACA. I wonder how many laws the Ohio Tearduct will repeal

since, remember, we should not judge them on how many laws they pass, but on how many their repeal.

[arcane1]

11. This is why I don't give a rat's ass about 2016 (yet) n/t

[Ichingcarpenter]

4. EPA will now be known as the Protection Agency

Businesses and industry who need protection from the masses will now have a government agency .

[lark]

19. They already do

Think of fracking and EPA approval of this horrible toxic process.

[Turbineguy]

6. The republicans want to go back to the 1950's

Soviet Union.

[tomm2thumbs]

7. another reason the mid-terms are so critical

the GOP continues to inspire...

[Scuba]

8. "... and subject it to the appropriations process." Yeah, and then de-fund it.

[SnowCritter]

10. That's the first thing that came to mind

[denverbill]

17. And run it with a commission which Republican will refuse to fill.

[elleng]

9. Obviously they have nothing more important to do

with their expensive time.

[Swede Atlanta]

12. It is not going anywhere for now......

Certainly not until after the midterms as it will either never be brought for a vote in the Senate or it will never pass the Senate.

After the midterms if the GOP by some measure takes control of the Senate, Obama will veto it. I doubt there are enough votes in both chambers to override a veto.

[tclambert]

13. And then they will try to change it to "Corporate Protection Bureau"

[SunSeeker]

14. Seriously? This isn't The Onion?

[blkmusclmachine]

15. GOP: The Free Market Nazis

[Wounded Bear]

16. Of course they did...

They want to name it the "Caveat Emptor" Bureau.

More of their Tough Shit...er...Love strategy.

[ctsnowman]

18. I've used them and

they are great. No wonder the gobers want them taken out. Really easy to file a complaint and they take action.

http://www.consumerfinance.gov/