White House: GOP Efforts To Block Confirmation Of CFPB Director Will Hurt Consumers

Deputy Director of the National Economic Council, Brian Deese, spoke with Consumerist today during a conference call where he stressed the importance of Richard Cordray’s confirmation as director of Consumer Financial Protection Bureau, a confirmation that was blocked earlier today by Senate Republicans.

Deese said that the GOP’s actions today were unfortunate, and will ultimately be to the detriment of consumers. Because without a director to helm the bureau’s efforts, it can’t exercise its full authority, particularly in dealings with non-bank financial institutions,

“First and foremost this means that the American consumer and the American people will go for another day where they don’t have the types of protection against unfair, deceptive and non-transparent and financial practices in their financial dealings,” said Deese.

Consumerist asked what the next step would be, now that today’s filibuster has prevented the vote on Cordray’s confirmation, and whether or not President Obama can go forward and confirm the former Ohio Attorney General himself while Congress isn’t in session.

“I would just point back to what the President said — we’re going to look at all our options, we’re not going to take any options off the table,” said Deese. “Our hope is that those Republicans that stood in the way of Richard Cordray being nominated will reassess that position, and we’re not gonna let up in taking the case to the American people, that they [Republicans] are not in the right place, they are not where consumers are on this issue and frankly they’re not where the financial system is either.”

He stressed that this confirmation is not about changing a law — the existence of the CPFB was passed into law last year — rather, it’s about making good on that law. Just as banks are regulated, says Deese, non-bank financial institutions should be held accountable and supervised as well, to level the playing field.

“All of those who stood in the way, answer this — who exactly are you protecting? It’s not consumers, it’s not financial institutions.”

Previously:
Senate Blocks Vote on Confirmation Of Richard Cordray To Direct Consumer Financial Protection Bureau

Comments

Edit Your Comment

  1. pinkbunnyslippers says:

    THE WHOLE LOT OF ‘EM NEEDS TO BE TOSSED OUT OF WASHINGTON. Party affiliation notwithstanding, just clean the whole damn place out. Replace them with any character from a Judd Apatow movie, and we’ve got a better system in place than we do now. I’m so sick of stories about how THE PEOPLE WE ELECT, SUCK!!!

    Problemo solved. And you’re welcome.

    • dolemite says:

      I’m totally honest when I say: We need to toss them all out and start over. It’s hit the fan. The 2 party system isn’t working. Toss them out, start over with all new elections, with like 5 parties. Ban any corporate lobbyists from Washington. Put strict limits on corporate election contributions. Cut their pay and benefits down to the average American’s salary. Give SC judges 4 year terms, Senators 2 years and House 1 year.THEN, the only people you will get in office are people that want to see America prosper, not people looking to pad their checking accounts or maintain their power, and we can actually vote them out in a timely manner, when their asshattery gets out of line (like now), not wait 5 years later.

      • crispyduck13 says:

        Shit, I’d vote for you. It seems like common sense and good ideas are just not present with our current elected leaders.

      • Bunnies Attack! says:

        I agree with you in principle… but you only have to look as far as your condo board to find out exactly what type of people are willing to work for nothing and have “great ideas” on how to run things.

    • PunditGuy says:

      Elect better people. Seriously, you don’t to toss out my guy because you don’t like someone else’s guy. My guy is fricken Al Franken. Boo-yah!

      • dolemite says:

        Al Franken is one of the few I’d keep.

      • Loias supports harsher punishments against corporations says:

        Amen – other Congressmen should look to him as inspiration.

      • cmdr.sass says:

        The same Al Franken who twice voted to extend the Patriot Act and co-sponsored Protect IP? He’s a big part of the problem, but I guess you get the government you deserve when you don’t pay attention to what “your guy” is doing.

        • Loias supports harsher punishments against corporations says:

          No person is going to meet 100% of your expectations.

        • lucky13 says:

          I agree – I trusted Al Franken a lot more when he was on SNL asking everybody to just send him a dollar. Granted he stole that bit from Soupy Sales, but at least he kept it honest – at least he didn’t promise anything in return for the dollar.

    • lucky13 says:

      The people we elect suck because ALL the choices suck. Anybody with the honesty, integrity and intelligence to represent me in any government function is way too smart to ever run for public office.

      This comment had me ROFL: “First and foremost this means that the American consumer and the American people will go for another day where they don’t have the types of protection against unfair, deceptive and non-transparent and financial practices in their financial dealings,”

      Like the government EVER protected me from anything!

      Screw tossing them out of DC – other rats will replace them quicker than they can leave. Just nuke the place and be done with it.

      • Loias supports harsher punishments against corporations says:

        Then support term limits, because then we won’t get career politicians that suck.

        A person who has a guaranteed 8 years in office does one of two things:
        A) work his ass off because he knows this is his one and only shot at doing real good
        B) try to game the system for his own favor.

        Since B happens already, and A happens barely ever (after 30 years, you stop actiong like it’s your last years in office) then term limits can only improve the system.

      • Schmoozer says:

        They protect us from underwear bombs on every plane in America with ‘freedom pats.’ I don’t understand why you’re complaining.

    • kc2idf says:

      I would like to see more comedians running for office. Senator Franken has generally done pretty well, largely because he is able to ridicule the living shit out anything that deserves it.

      I want to see Lewis Black, Dennis Leary, Robin Williams, Jeff Dunham, Bill Cosby, Eddie Murphy, Chris Rock and Dennis Miller all run.

      Yes, I know the comedians on my list come from different political perspectives, but that’s a good thing. The common thread is that any of them, presented with the ridiculous, will do the one thing that is correct to do with the ridiculous: ridicule it. (Ever notice how ridicule and ridiculous look so much alike? Not a coincidence.)

      If nothing else, though, it would make the workings of government entertaining, to the point that people might actually pay attention to it.

  2. Loias supports harsher punishments against corporations says:

    I’d like to re-emphasize, to those who stated previously some purported misgivings about the program itself:

    This vote was supposed to be a vote on Cordray’s qualifications to run the program, and not be a sounding board for a separate issue.

    Is he qualified? Yes or No. The end.

  3. Shorebreak says:

    Since when has any politician been concerned about the American consumer? So far the objective has been to line their pockets and keep getting re-elected.

  4. sir_eccles says:

    Let’s cut to the chase here. GOP’s efforts to block everything hurt.

  5. jp7570-1 says:

    The WH comment must be from Captain Obvious. OF COURSE it will hurt consumers – that’s what the Senators who are blocking this are about. These are also the same ones that blocked Elizabeth Warren from holding this position before Cordray was nominated.

    Voters should be angered by the INACTIONS of this Congress – both House and Senate. No wonder their approval ratings are in the cellar. They do nothing, in the name of hyper-partisanship.

    Listen up, Beltway Bandits – we elected you and we can remove you.

    • Tim says:

      Actually, Beltway Bandits are anyone OTHER than elected officials and government workers. They’re the consultants, lobbyists, lawyers and others who depend on the federal government for their work, but don’t work directly in it.

      I’m a journalist covering the federal government, so by some means, I am a Beltway Bandit.

  6. John says:

    I guess its ok … she (Liz Warren) didn’t give me a terribly high grade in Contracts class anyways.

  7. bricko says:

    Deese is pretty much full of it…you don’t ever give a gov. agency unlimited budget and NO oversight. The head of the agency can not even be fired by the President and any outlandish rule it comes up with is NOT amendable or questionable and can not even be brought before a court.. The entire agency is out of control before it starts. You need to look at how its set up before we go off on those trying to bring some type of responsibility to the board.

    • eeelaine says:

      There are positive points to having an agency that is not subject to the whim of Congress or the President. Especially when their task is to protect American consumers. It amazes me that people can complain about government not being able to get something done, but be so against putting in place an organization purposefully designed to get things done.

  8. TKOtheKDR says:

    I’m for anything that prevents the extension and bloating of the governmental bureaucracy.

  9. ThunderRoad says:

    Why don’t they ACTUALLY make them filibuster. Stand up there and read the phone book for hours or whatever. Put THAT news every night.

    Of course, everyone is a crook in Washington so it’ll never happen.

    • The Twilight Clone says:

      Because they’re too fucking scared of their own shadows.

    • dolemite says:

      I haven’t paid much attention to that…so they don’t actually have to filibuster? They can just say “Hey, I’m filibustering.” and go sit down?

      • Saltpork says:

        Pretty much. It’s not that simple, but that’s the jist of it. They no longer have to go on for hour long tyraids.

        They can even do it when very few Senators are there. It’s a procedural move at this point.

  10. Darury says:

    Apparently with comments like “… without a director to helm the bureau’s efforts, it can’t exercise its full authority…” the WH doesn’t understand that’s the point. Not everyone trusts that the agency having full authority is a good idea.

    At this point, no one actually seems to KNOW what the full authority of this agency is, so let’s put someone in that doesn’t have to respond to FOIA, doesn’t have to answer to Congress and can’t be removed. Yup, that sounds like a winning plan for creating a very responsive agency.

  11. Weapon X says:

    Is Richard Cordray’s confirmation being held up the Democrat controlled senate? Hey Democrats… Grow some balls and stop bitching.

  12. dush says:

    Why are the repulicans being such idiots??