Richard Cordray Hits the Ground Running

After months and months of blocking, squelching and obstructing by Congress, the Consumer Financial Protection Bureau is up and running.  The agency’s new chief — Richard Cordray, appointed by President Obama via recess appointment — is all set to start cracking down on corporate loan sharks.

Under the wording of the Dodd-Frank financial oversight law, the Consumer Financial Protection Bureau (CFPB) has already been able to regulate banks, but unable to regulate other types of lenders until the agency had a director.  And now it does.  Richard Cordray told an audience:

“We are determined to deliver positive results for American consumers.  We must establish clear standards of conduct so that all financial providers play by the rules.  The consumer bureau will make clear that there are real consequences to breaking the law.”

Ouch!  No wonder Wall Street thugs have been fighting this agency tooth and nail.

Since the CFPB is no longer limited to regulating banks only, Cordray’s first target is the shadow banking industry.  This includes those ubiquitous payday lenders — there are over 70,000 of them — mortgage servicers, and the providers of those inflated booby-trapped student loans.  Go get ‘em!

And that’s not all.  Another thing the CFPB is able to do — now that it finally has a director — is go after the corporate-owned fox-guarding-the-henhouse mandatory arbitration system.  This is how the financial industry has been keeping its customers locked out of the legal system and forced into a corporate-rigged kangaroo court which is always stacked in favor of the company.  It must be nice to be able to investigate yourself and conclude that you’ve done nothing wrong.

Hopefully that sleazy tactic will come to an end soon.

Correction: Obama WILL make Recess Appointment

My post yesterday was based on the news that President Obama would not be making any recess appointments during Congress’ year-end adjournment.  But now the story has changed:  The President IS going to use this recess period to appoint Richard Cordray to head the Consumer Financial Protection Bureau.

YES!!!!!!!

Wall Street has been desperate — frantic! — to derail the Consumer Financial Protection Bureau (CFPB).  The CFPB is designed to rein in at least some of the reckless Wall Street gambling that caused the 2008 global meltdown.  Consequently, Wall Street has instructed its Republican prostitutes in Congress to block every candidate the President nominates to head this agency.  And the Republicans have spread their legs as ordered.

Elizabeth Warren — who basically created the Consumer Financial Protection Bureau — was Obama’s first choice to head the agency.  After being repeatedly blocked by Wall Street’s hookers, Elizabeth Warren decided to run for the Senate instead.  And right now she’s favored to defeat incumbent Scott Brown (R—Massachusetts).  Talk about unintended consequences.

Republicans are expected to throw the mother of all tantrums over Obama’s recess appointment of Richard Cordray.  The country will be smothered with rightwing talking points about Obama over-reaching, overusing his executive authority, being a dictator, etc.  The facts — fact is a four-letter word if you’re a Republican — speak otherwise:

President Obama has made far fewer recess appointments than any of his recent predecessors.  G.W. Bush, Bill Clinton, G.H.W. Bush and Ronald Reagan had all made a lot more recess appointments by this point in their presidencies than Obama has.

Please keep that simple fact in mind when Rush O’Hannity and the Foxsuckers start spewing their bilge into the airwaves.

Obama’s Recess “Dilemma”

Should President Obama use this brief end-of-the-year recess period to squeeze in as many recess appointments as humanly possible?  Does the Pope shit in the woods?

This article — Obama’s Recess Dilemma — warns of the political risks involved if Obama takes advantage of this recess period.

Risks?  Oh my God, now that I think about it, Congressional Republicans might not be nice to him any more.  Bitch McConnell and Jim DeMented might come right out and say that their top priority is to make Obama a one-term president.  The U.S. Chamber of Commerce might say mean things about him and start raising money for his opponents.  The Koch Brothers might call him a “hardcore socialist.”

We certainly wouldn’t want this sort of thing to happen now, would we?

The Republicans have done everything they possibly could to derail Obama’s every move.  When there’s a roadblock — or in this case a huge mountain of shit in the middle of the road — you have to go around.  Take a detour.  Make those recess appointments!

The Consumer Financial Protection Bureau has been basically unable to function since the agency was created — much to the joy of Wall Street lobbyists and their Republican prostitutes.  First, Republicans blocked Elizabeth Warren, who basically designed this agency, from heading it.  And they’ve also blocked Richard Cordray — Obama’s second choice — from heading the agency.  The Consumer Financial Protection Bureau was designed to PREVENT another repeat of the 2008 Wall Street meltdown, and there’s been nobody in charge of this agency since its creation.  This is entirely because of Republicans’ continued obstruction.  For God’s sake, use this recess period to appoint Richard Cordray.

The National Labor Relations Board is just about to lose its ability to function; again because of Republicans blocking every appointment.  The Board has five positions, but only three of these positions are filled.  And that third position, which was filled via recess appointment last year, is about to expire.  With only two people and three vacant positions, the Board will not have quorum.  Republicans think this is great; people who work for a living might think otherwise.  Again:  Recess Appointment.

I have no idea how many dozens, scores of high-ranking federal positions remain unfilled after years of Republicans blocking, holding and filibustering every appointment Obama tries to make.

That phrase again:  recess appointment.  Do it!