New consumer agency under fire from GOP, banks

[Judi Lynn]

Source: Associated Press

New consumer agency under fire from GOP, banks
Posted: Mar 15, 2011 4:20 PM CDT
Updated: Mar 15, 2011 4:20 PM CDT

WASHINGTON (AP) - Republicans and bankers are attacking the new federal watchdog for policing mortgages, credit cards and other financial products four months before the agency even opens its doors.

Elizabeth Warren, who championed the Consumer Financial Protection Bureau and is now in charge of setting it up, faces the hostile fire directly on Wednesday. That's when Republicans running the House Financial Services Committee will make her address their concerns that the agency will have unfettered power over financial products used by millions of people and might abuse it.

Democrats and their allies say they purposely gave the bureau clout and independence. Its creation was a marquee achievement of last year's financial markets overhaul law, which President Barack Obama and congressional Democrats enacted last summer over GOP opposition.



Read more: http://www.wlns.com/Global/story.asp?S=14257608

[Frank Cannon]

1. Then it MUST be a good idea.

That's about all you need to figure that out.

[No Elephants]

16. Perfectly possible for it to be too weak AND still have Pubs and banks hate it.

The "if Pubs hate it, it must be good" doesn't really work.

Among other things, Pubs hate--or would pretend to hate--anything Dems did.

With four lobbbyists for every legislator in D.C. alone wooing and jawboning BOTH parties, pre-1985 models no longer work.

We need to measure things by whether and how much they help us, not by the Dem v. Pub paradigm.

[TomCADem]

17. Of course, we have to keep up the attacks on the left, to weaken the agency!

Perhaps we can even get funding from the Chamber of Commerce to coordinate our attacks!

:sarcasm:

[Frank Cannon]

18. I have found that when Republicans are for something, I'm generally against it.

And vice-versa. It's worked well as a rule of thumb.

This is not because they're Republicans and I'm a Democrat. I am smart enough to know that this isn't a football game. It's because Republicans are generally enthusiastically in favor of policies that end up screwing me over.

[CaliforniaPeggy]

2. Those Republicans are used to the abuse going their way, lol!

Having to face it themselves gives them the willies!

[arcane1]

3. She will likely mop the floor with them

If banks hate it, it must be good!!

[DJ13]

4. The LAST person those conservatives (in both parties) should want to mess with

is Elizabeth Warren.

She'll smile at the question, then explain in a nice way how full of shit they are.

Should be good.

[lark]

5. Bring on the popcorn

and enjoy the shellacking.

[wilt the stilt]

6. I have been watching the recent developments

by the republicans with shock. I never thought I would see such a blatant attempt at class warfare as I am seeing today. It is truly astounding to see them attack the regular middle class person. They really hate anyone who is not upper class. Without a doubt they believe that it is their god given right to rule people. If it was up to them they would end elections. They don't really believe in right to vote.

[Iliyah]

7. What bullies

do best, just "F" with people just because.

All this F**king attacking, BUT WHERE THE HELL ARE THE JOBS????

[Kingofalldems]

8. Repubs and their little freeper allies don't like Ms. Warren

She must be alright.

[Bandit]

9. This was done by Executive Order so they can't do a thing about it other than withhold funding.

I would imagine monies from the Administration could be found someplace (Afghanistan) to keep her funded..

[Plucketeer]

10. Lizzy Warren had an axe

and gave Wall street FORTY whacks. When she saw what she had done, she gave the Rethugs FORTY-ONE!!!

[surrealAmerican]

11. If they are this afraid of her ...

... that is a very good sign indeed.

Those republicans ought to be wary. Their constituents might just wise up to the fact that "their" representatives want them to be cheated out of their money by the banks.

[TygrBright]

12. Well, well. The CFPB must be doing something right. How gratifying for them. n/t

[AlbertCat]

13. unfettered power over financial products used by millions of people and might abuse it.

HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!!!!! :rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

They are SO worried about "Unfettered control" being "Abused"!!!


:spray: :spray: :spray: :spray: :spray: :spray:

[Zorra]

14. IMO, this agency and appointing Elizabeth Warren are the best things that President Obama

has done during his tenure as Prez so far.

If the Administration compromises with the republicans and corporations on this issue I will not vote for Obama even if Sarah Palin runs against him.

Better to have a revolution than to suffer and die a slow horrible death by capitulation.

[truthisfreedom]

15. That's our ringing endorsement! Anything that drives them crazy is the right thing to do.

Guaranteed.