Consumer Financial Protection Bureau 12/13/11

Since this is the Allen County Democratic Website, I normally write about Ohio and Allen County concerns and not about national issues. However since the nomination of Richard Cordray to lead the Consumer Financial Protection Bureau ties back to Ohio, I thought I would talk about it. As you remember Richard Cordray was first the best Treasurer Ohio has ever had and then the most effective Attorney General. Everyone agrees, even Republicans admit, he is eminently qualified for the job. What’s the trouble? The trouble is that the Republicans are afraid he would actually be effective. Financial institutions are afraid he might actually ensure that credit card agreements and mortgages are readable. That they may no longer be able to jack up your rates and take away your house without following those nitpicky things called laws. Debt collectors might no longer be able to hound you. Private student loans might no longer be able to take advantage of naïve student lenders. Why should the Republicans be concerned about that? Money, Honey. Follow the contributions to campaigns. Oh they contribute to both parties and that is part of the reason that the Dodd-Frank bill, which created the Consumer Financial Protection Bureau, was not as strong as it should have been. Nevertheless the bill was passed by a large bi-partisan majority in the Senate. Now suddenly Senator Lindsey Graham calls the Bureau Stalinist. The Republicans, ever vigilant in support of the 1% and the financial institutions, which wrecked the economy, are afraid the Bureau might actually be effective in doing its job. They regret their former bi-partisan support and are doing their best to sabotage the Bureau. Make no mistake. This fight has a direct impact on your future. Every financial transaction you make has you on one side and the finest lawyers money can buy on the financial industries side. The Consumer Financial Protection Bureau is your best chance to get protection from the wolves and the Republicans are intent on sabotaging it.