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GOP Wants To Dismantle Consumer Financial Protection Bureau

GOP Wants To Dismantle Consumer Financial Protection Bureau

Last July, President Barack Obama signed the Dodd–Frank Wall Street Reform and Consumer Protection Act into law, the most sweeping overhaul of the financial regulatory system since the Great Depression.

Dodd-Frank introduces a number of reforms aimed at Wall Street. And, unsurprisingly, big banks and other financial institutions aren’t very happy about it. Wall Street unleashed an army of lobbyists onto Capitol Hill in an attempt to convince congress to dismantle Dodd-Frank as much as possible, and they’ve found a captive audience in the GOP.

This is bad news for consumers. The Dodd-Frank legislation created the Consumer Financial Protection Bureau (CFPB), the first financial regulator with the express mission of catering to consumers, not big banks and other financial institutions. When it opens in July, the CFPB will advocate on behalf of consumers against unfair and illegal practices by these financial giants. They’ll be tackling issues like confusing financial contracts, credit report errors, unfair overdraft fees, high-cost prepaid cards and costly payday loans. Consumers will finally have a powerful advocate working on their behalf – something big banks and financial institutions are considerably afraid of.

But it’s also bad news for the future stability of the global economy. If the reforms in Dodd-Frank are eroded to the extent that big banks and other financial institutions want, the economic climate that brought on the recent financial crisis could very well happen again. The findings of the Financial Crisis Inquiry Committee concluded that the crisis was an  “’avoidable’ disaster caused by widespread failures in  government regulation, corporate mismanagement and heedless risk-taking by Wall Street”.

Indeed, the repeals Wall Street want would push regulations back to where they were before the financial crisis. Watering down Dodd-Frank would be, in the words of Senate Banking Committee leader Tim Johnson (D-SD), “dangerous and irresponsible”.

If you’d like to oppose attempts to chip away at the CFPB, you can sign the petition here.

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12:08AM PDT on Jun 3, 2011

entittlement minded leeches are tax paying citizens in contract with the government they own. How twisted some of us can get. while the top heavy call us names and take our money for themselves, with the help of those who demean the leeches as entittlement grubbies. This is what is wrong with america. Criminalizing its citizens, to cheat them out of their due. but---- in the 2008 election; the repugs knew what caused the recession and played like they would make corrections so it wouldn't happen again. Well now we see how they feel about that one as they hurriedly made sure they keep checks and balances from happening as stated in this article. Question; are you going to keep voting these people in office? Until they don't control policy, we are subject to the results of their actions and we all suffer.

3:50AM PDT on May 17, 2011

President Obama and Elizabeth Warren need to get on the TV and create public service messages so all the people see the crap the GOP is doing. This is such an important issue and a lot of people may be unaware of all this.

4:40PM PDT on May 16, 2011

The Republicans want to dismantle anything that is of benefit to the middle class.

Cutting spending on so called entitlements means cutting spending on the middle class voters. Those that advocate this also advocate that the wealthy and fictional entity corporations not pay taxes. The only explanation for that is for the creation of jobs. But where?

Corporations have over-powered our government which now believes that out-sourcing and off-shoring is inevitable and necessary with expectations that the middle class should just fall on their swords.

The financial collapse borders on national security with the loss of our middle class tax base and yet this nation does nothing, not even protest against out-sourcing and off-shoring and demand it be restricted by whatever method. International businesses are doing the un-American activity of destroying U.S. salaries, U.S. businesses that hire within this country, and destroying the U.S. marketplace as an end result.

Infrastructure spending and tax breaks will not create enough jobs to keep up with out-sourcing and off-shoring.

Neither party will do anything about it and unless we begin grass roots efforts to protest out-sourcing and off-shoring of U.S. jobs we will deserve what we get.

If nothing is done, it will get a lot worse before it gets better.

9:43AM PDT on May 16, 2011

We need all the protection we can get - Fascism must be rolled back in this county!

8:19AM PDT on May 16, 2011

Big Money will pay for the Senate and House to pass whatever bills they want and they will always win out over the people. This country needs to become a Republic again.

1:04PM PDT on May 15, 2011

The only way I see to get the republicans to not vote on this is to threaten them with loss of office. They will flood the airwaves with ads from their ridiculous PACs when their re election come up but we have the web. Social Networks were meant to give power to the people. Be sure you use your social networks to vote these people out of power.

8:54PM PDT on May 14, 2011

This led to our previous crash-it is obvious. So either totally ignorant or totally corrupt.

3:04PM PDT on May 14, 2011

Of course. To hell with consumer protection when corporate billionaires fund the repugs campaigns. They vote with whomever fills their greedy, friggin pockets.

1:28PM PDT on May 14, 2011

Sounds like a standard GOP practice. When it's a choice between people and their rich cronies there is only one winner and it;s never the people

12:52PM PDT on May 14, 2011

I can only hope that Obama does the right thing for our country.

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