The Republicans in the US Senate have declared war on the new Consumer Financial Protection Bureau, which passed into law last year, and has finally found a person to lead it, as President Obama has chosen former Ohio Attorney General Richard Cordray to head the new agency.
Cordray was chosen, instead of Harvard Professor Elizabeth Warren, who really led the effort to create the new agency, but in so doing, alienated Republicans and the banking community, neither of whom wants any regulations that help consumers, when it comes to credit cards, car loans, and home mortgages. So, Obama, in trying to be more cautious, selected Cordray, who has been active with Warren in support of the agency’s creation, but has not caused the personal animosity that Warren has apparently brought about, just by advocating for the agency.
It seems doubtful that Cordray will be able to be confirmed, as the Republicans can insist on a 60 vote majority just to vote on the nomination, and have no problem with showing themselves to be anti consumer! It is just another example of the outrage that the GOP has become, refusing to cooperate with Obama on ANYTHING, while Obama has made many concessions!
The irony of it all is that Elizabeth Warren may now go back to Massachusetts and challenge Senator Scott Brown for his Senate seat in 2012, so imagine if she does do so, and wins, she will be a colleague of these Republican colleagues who have always wished her ill, because she cares about the average American consumer!
What a sad and tragic state of affairs this country is in at this difficult moment in American history!