Consumer Financial Protection Bureau is set to begin its work on July 21. Despite Democratic support for Elizabeth Warren, Team Obama is considering naming a former banker, Raj Date, to head the bureau. But Congressional Republicans won’t have it. They are preparing to offer amendments designed to trap/spay/neuter the watchdog bureau before it can perform its mission: to protect consumers.
And while it may be a core tenant of conservatism that big government translates into lax morality, the irony seems lost on them that Wall Street bankers (whose morality was questionable at best) who played dice with the economy and got bailed out by the big government they decry will get a reprieve. Security and Exchange Commission rules that were supposed to go into effect June 16 as a result of the economic crisis will not go into effect. The bank lobby continues to fight against the bureau despite the fact that it might even help Wall Street long term interests. Of course this begs two questions: why is the GOP really fighting the bureau’s creation and whose interests are Congressional Republicans really serving?
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