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Liberals Continue Push for Job-Killing Agency and Regulations

By: Brian Darling (Diary)  |  September 10th, 2011 at 09:00 AM  | 

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Last year, Speaker John Boehner (R-OH) sent the President a letter raising concerns about 191 pending regulations that costs American business billions of dollars a year.   The President ignored the letter, so Speaker Boehner sent him another one.  The potential cost of these Obama regulations will be devastating to an already sputtering economy and constitute a massive hidden tax on all Americans.

The only way for Senators to stop regulations in the short term is to block the work of the newly created Consumer Financial Protection Bureau (CFPB).  This bureau will be a regulation creating machine and an entity that will slow economic growth — much like Obama’s 191 pending regulations.  The only way for Senators to stop the bureau from mass producing new regulations is to refuse confirmation of the president’s nominee to head the Bureau, Richard Cordray.

The CFPB was created as a super-regulatory agency empowered to regulate every financial transaction in America. It lacks any real checks and balances and would be headed by a bureaucrat who cannot be fired even if voters fire President Obama next November. As structured, confirmation of Cordray would embed a liberal regulator to head the agency for years to come.

Senate Republicans have pledged to block any nominee to head the agency until they get structural changes that would provide oversight and accountability at the CFPB.  The bureau can’t start the work of crafting a new swath of regulations until Cordray is confirmed.  That is why Senators only remaining tool to block the bureau is for Senators to hold up this controversial nomination.

Democrats are pressing forward on a confirmation hearing on Cordray for early September. To date Senate Democrats and the President have ignored the suggested structural changes demanded by Republicans.  Cordray has been marketed as a compromise candidate after Obama’s first pick to head the CFPB, Elizabeth Warren stepped aside. The marketing of Cordray as a moderate compromise candidate is targeted to moderate Republicans who have promised to support a filibuster.  Expect supporters of Cordray to use the media as a means to bully moderate Republicans to back down from the filibuster threat.

The fact of the matter is that Cordray’s resume is no less liberal than Warren. Some worry that he may be more liberal than Warren. Cordray is a trail lawyer who allied himself with Ohio trial lawyers on issues as Attorney General of Ohio.  He has said that he views the CFPB as a means to continue his activism in going after business in Ohio.

Think young Ralph Nader and you have a good picture of Cordray.  The economy cannot afford to allow this CFPB to go forward unreformed.  Furthermore, the Senate needs to make sure that any head of this new regulatory bureau is not likely to declare was with Wall Street.  Conservatives in the Senate must remain steadfast in their fight to reign in the power of an agency that can single-handedly destroy thousands of jobs.

Conservatives need to refuse confirmation of any nominee until they get satisfaction that the CFPB is not granted unlimited power to regulate private enterprise.  Senators may also want to refuse confirmation pending the demand that all 191 new Obama regulations are addressed to the satisfaction of Speaker Boehner.

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COMMENTS

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  • johnt

    True another monstrosity will replace it, Democrats and our Destructor in Chief breed this things in a hot house somewhere, but we have to take self preservation one day at a time.

  • kestrel

    It’s just like the pre-appropriated ObamaCare funding.

    “Embed.” “…confirmation of Cordray would embed a liberal regulator to head the agency for years to come.” We have had more than enough of these government-planted administrative IEDs, of the government’s injecting cancer cells into its presumed personal laboratory rat called USA. This is how messes like the housing bubble get started, then no one takes responsibility when the metastisizing malignancy explodes into total disaster. Republicans are right to block this. I am very pleased that they have been blocking recess appointments. (I hope they are still doing so.)

  • perry4prez

    This agency is worse than Obamacare. It will create so many regulations that small banks can’t function.

    • gr29az

      nothing is worse than zerocare. our country immediatly began it’s decline the minute zero signed that bill. if we don’t repeal it soon we will never recover

  • popster

    and unbiased American that believes we need more regulation?
    The only thing more regulations will do is stifle our chances to ever recover from the path to socialism. The first things we should be considering is the chipping away of the government’s stranglehold on the American way of life.

  • ihateliberals

    I would think that instead of relying on a Democratic Senate that is full of RINO’s that de-funding the agency would be a better approach and then have it disbanded altogether. I am pretty much up on things or at least i thought i was but this has slipped by me and is the first i have heard of the CFPB. Most likely by design. Why do we continue to relinquish the power of congress to these socialist agencies. Obamacare, EPA, DHS, CFPB etc etc. No organization or agency should be allowed to create policy or laws without prior approval of the congress otherwise you take the control the people have of their government away. I know that is wht the Progressive Liberal agenda is but when are the conservatives of this country going to wake up and stop this CRAP. Another four letter word.

    • Brian Darling

      I see you post. You have the coolest name on Red State. You can’t improve on “Ihateliberals.”

      • http://impudent.edublogs.org/ kyle8

        IPonliberals.

  • gekster

    All regulations should be approved by the House of Representatives.
    It is the peoples house, and all regulations should pass the muster of the people, by 2/3 majority.
    If it is a good regulation, it will pass.
    Having a single person dictate regulations borders on, well, dictatorship.
    We are left to the whims of individuals who might have a sense of self rightousness, and think that they know better than the public at large.
    That is bad.

  • lightfootletters

    “Liberals Continue Push for Job-Killing Agency and Regulations .” – Brian Darling, Redstate. I know little about the Consumer Financial Protection Bureau. But, it sounds very authoritarian and un-necessary to me. You expected something else !?
    Liberals have warned people like you for over a 100 years that what you refer to as liberalism is authoritarism in disguise. Liberalism’s central theses has long been that a government’s claim to authority is justified only if the government can show those who live under it, that it secures their freedom, concerned to protect their life, liberty and property.
    After, over a 100 years of warnings, will it take another 100 years to realize the importance of this correction. Or, will you kill this Nation State and liberalism trying to kill an alien form of government, that you call liberalism, that only exists in today’s authoritarian socialism !?