Thursday, January 5, 2012

The Odious Attempt To Stop Cordray And The CFPB

The path Republicans are choosing to take as their response to yesterday's recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau goes through our old friend, The Odious Patrick McHenry.

Rep. Patrick McHenry (R-N.C.) wrote to Richard Cordray Wednesday to request his presence on Jan. 24 to discuss how he will "implement and enforce the unparalleled powers of your new office."

Cordray was the subject of a partisan firestorm Wednesday, after President Obama opted to circumvent Republican opposition and recess-appoint him to head the new agency, created by the Dodd-Frank financial reform law.

Exacerbating GOP ire is the fact that Republicans do not consider the Senate to technically be in recess, because several brief pro forma hearings have been held during the holiday break in an effort to block such recess appointments. Several Republican lawmakers have called Obama's move unprecedented, with some suggesting it violates the Constitution.

McHenry said in his letter that the appointment is in "apparent contravention of constitutional requirements."

However, White House attorneys have concluded that the seconds-long pro forma sessions do not actually prevent a recess, freeing the president to push through picks during congressional breaks.

The CFPB declined to comment on whether Cordray would agree to testify, but if he did, he would be squaring off against a GOP lawmaker with a history of feuding with the CFPB.

So McHenry wants a another public screaming fit involving Cordray, the CFPB, and President Obama, does he?  I'm not sure what he's trying to accomplish other than to become the very visible poster child for the GOP backing the big banks over the voters in an election year.  I hope he's ready for that.  There are a couple of Democratic challengers back home waiting for him this year.

Just playing this confrontation between McHenry and Elizabeth Warren should be enough to get the attention of all the unemployed folks back where I grew up.  Since McHenry took office, unemployment has tripled from around 5% to nearly 15% in parts of his district.



So go for it, Pat.

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