May 05 2011

Shelby Discusses CFPB Letter to Obama: No Accountability, No Confirmation

44 Republican U.S. Senators today sent a letter to President Obama stating that they will not confirm any nominee, regardless of party affiliation, to be the Director of the new Consumer Financial Protection Bureau (CFPB) absent structural changes that will make the Bureau accountable to the American people.  Under the Dodd-Frank financial regulation Act, the Director is given unfettered authority to regulate businesses that extend consumer credit.  Although the Director will also have hundreds of millions of dollars of public money at his or her disposal, no checks and balances are provided on how it is spent.  In light of these facts, the Senators sent today’s letter out of concern that such unchecked authority could be used for political purposes at the expense of access to credit, job creation, economic growth, and financial stability.  Senatory Shelby discusses the letter on Bloomberg TV.