He’s baaaaack: Obama recess-appoints Dodd-Frank czar
Well, he made good on one promise for once.
President Obama has defied the Senate’s rejection of Dodd-Frank czar Richard Cordray and recess-appointed — just as he threatened last month and just as Soros operatives pushed him to do for months. The White House trumpeted the strong-arm move this morning.
The President nominated Mr. Cordray last summer. Unfortunately, Republicans in the Senate blocked his confirmation. They refused to let the Senate go forward with an up or down vote. It’s not because Republicans think Cordray isn’t qualified for the job, they simply believe that the American public doesn’t need a watchdog at all. Well, we disagree.
And we can’t wait for Republicans in the Senate to act. Now, you might hear some folks across the aisle criticize this “recess appointment.” It’s probably the same folks who don’t think we need a tough consumer watchdog in the first place. Those critics might tell you that Wall Street should write their own rules. Or you might hear them say the American people are better off when everyone is left to fend for themselves. Again, we disagree with those critics.
Refresh your memories on Cordray and the expansive new regulatory powers he will now wield here.
Senate Republicans have vowed to block Cordray or any other candidate for the job until key reforms are made to the sweeping law and its half-billion-dollar enforcement arm, the Consumer Financial Protection Bureau. The common-sense changes include subjecting the CFPB to the congressional appropriations process instead of the Federal Reserve; restoring independent judicial review; ensuring that it takes into account the impact of new rules on the safety and soundness of
financial institutions; and creating a bipartisan oversight board instead of a single director to run the agency.Obama himself supported such a panel — before he opposed and demagogued it. As it stands, the bureau remains under the Treasury Department. The minute a director is sworn in, the agency will transfer to the fed for administrative purposes, but will effectively have free rein. The Fed’s authority over it is illusory. And it would be impossible for the Dodd-Frank czar to be removed by a change of administration because his term is five years and his tenure protected.
While crusading as a consumer watchdog who’ll take on Wall Street, Cordray (whom voters booted from the Ohio Attorney General’s Office last fall) is tight with securities class-action lawyers. As Daniel Fisher at Forbes Magazine reported, Cordray has a record of “taking money from lawyers who profit from private litigation that often follows closely on the heels of government investigations.” In other words: Exactly the kind of cozy, crony relationships that created our financial crisis in the first place.
As for Cordray’s ability to police shady behavior by others, his own record as Ohio Attorney General raises more doubts than it allays. When local papers spotlighted shady campaign account-shifting involving nearly $800,000, even a liberal Ohio Citizen Action leader responded: “I’m sure he’s following the letter of the law. It’s certainly not following the spirit of the law.”
Flashback — Obama 2005: Recess appointees are “damaged goods;” Obama 2010: Recess appointments are “critical” need
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Took your head out of your backside and come up for air, did you? While your out, mught be a good time to clean the purge valve on your snorkel.
I told my congresscritter to go to hell after being one of the 8 voting for cap and trade. There are no R’s in my state, only moderate dems who run as R’s. I have no representation at any level of gov.
I guess Phil should have taken that as a compliment. Excellent post as to the novel. Very well written.
Phil is free to believe whatever he chooses to believe. I, however, choose to see things as they are – not as I wish they were.
guess I needed a /sarc tag.
I see, oh wise One. Now you have all the right answers. And now Marco Rubio is getting criticized. I am really sick of all this bickering and criticism of the GOOD GUYS! Will they make some mistakes? YES!! But Marco is new, and he might make a bad call ocassionally. But he is a far far better person than ANYONE in Obama’s WH!! Enough with the snarky remarks against the best we have!! Makes me sick.
For some of you here, NO ONE will EVER be good enough to be POTUS. I have really had it with you! This snarkyness will get us exactly NO WHERE.
And so… things will remain as they are.
Since I had never heard of Quo Warranto before, I decided to find the definition for it on the internet. Most of what I read pertained to a level below the federal level. I am curious about the following:
1) what is the federal governing statute for this?
2) Who initiates this at the federal level? The AG? Senators?
3) What are the possible findings that could be brought?
4) Who enforces the findings of the Quo Warranto if the subject is found to be ineligible for the office or have abused their constitutional authority?
Sounds like a Constitutional crisis. I say bring it! Let’s get it all out in the open!
The US Chamber of Commerce is thinking of suing if the Gutless Obsequious Pussies stay true to form and do nothing.
Somebody has to DO SOMETHING! Barry Soetoro has changed his name once again to Dick Tater.
It wasn’t snarky, it was a criticism.
WE SHOULD NOT HAVE DONE ANYTHING IN LIBYA; IT WAS NOT IN OUR INTEREST!
Rubio seems to have the same problem understanding that as every other politician. He wanted us to go in sooner to reduce the loss of Libyan life.
That makes him no better than Gingrich in my book.
OF COURSE the vast majority of politicians aren’t going to be conservative “enough” (or at all). That’s the problem, the whole place is corrupt. Unlike the revisionist histories that make racists, smokers, Nixon voters and other unPC people a tiny minority with some intangibly great power over the populace, in reality the bad guys are legion in bad times.
Is Rubio better than, say, Reed? Of course. And FDR was better than Stalin…
obummer is deceitful because he knows he is not popular. to fear his behavior when he becomes a lame duck is not without merit.
So is some corporation going to step and refuse to take any direction from the Consumer Financial Protection Bureau, based on the fact that their director was unconstitutionally appointed?
Higrahm, unfortunately the only candidate qualified given your standards was crucified a little over 2,000 years ago.
Besides he was not a natural born citizen.