After Republicans blocked the confirmation of Richard Cordray as director of the Consumer Financial Protection Bureau, North Carolina’s Sen. Lindsey Graham is explaining that he just doesn’t want a Soviet dictator like Joseph Stalin to have so much control. Ostensibly in this comparison, Cordray is Stalin? We’re not quite sure.
On NBC’s Meet the Press, Graham says the CPFB is like “something out of a Stalinist era,” since no board is monitoring it, reports CNN.
“The reason Republicans don’t want to vote for it is we want a board, not one person, making all the regulatory decisions, and there’s no oversight under this person,” said Graham. “He gets a check from the Federal Reserve — we want it under the Congress so we can oversee the overseer.”
The CPFB was created to be an independent agency, so it wouldn’t have to ask for money from Congress every year or be involved with other banking regulators. While Democrats were the ones responsible for creating the CPFB as part of Wall Street Reform, Republicans voted for it as well.
Now, though, they think it’s too powerful. Because clearly, what we all really need is a weak agency protecting consumers (Note: if we sarcasm fonts existed, we’d use one here).