The Daily Beast explains the diabolical plot:
Progressives hope Obama will give Warren—whose official confirmation Senate Republicans would block—a recess appointment. But Senate and House Republicans appear to have hit on a way to stop even that. It’s complex, but it hinges on three key points. The first is that under the Constitution (Article I, Section 5), neither house of Congress can adjourn for more than three days without the other house’s consent. The second is that back in the 1990s, according to congressional rules expert Sarah Binder of the Brookings Institution, the Justice Department issued an opinion stating that presidents must wait until that fourth day to make recess appointments. Thus, the pivotal point three: The House, Binder says, can refuse to approve an adjournment resolution, meaning that the Senate could not adjourn for more than three days. Hence, Obama could make no recess appointments...
in a June 15 letter to their party leaders, 77 House Republican first-termers....wrote that they’d be willing to take turns staying in Washington to ensure that that fourth day of recess never arrives—not just this summer, but through the end of 2012. So not only will the Senate GOP majority refuse to confirm any appointments, but now they’ve figured out how to block recess appointments, too.
....So it seems difficult to imagine that the CFPB will have a director on July 21 [when the CFPB officially goes live]. And if it doesn’t? Under Dodd-Frank, it keeps its watch over the banks but loses its regulatory power over payday lenders, mortgage brokers, private check-cashers, credit-reporting agencies, debt collectors, and debt-settlement companies.
I hope this happens, but I don't expect much.
ReplyDeleteIt doesn't matter who gets appointed to this post. It exists under the auspices of the Fed. It is funded by the Fed. This means whoever runs it can do whatever it wants, outside the purview of Congress.
ReplyDeleteI feel so safe as a consumer being protected by the Fed...NOT!