There They Go Again…


Republicans Try To Protect Bankers

breaking_news_3-150x150When Republicans can’t win a national election, they go the judicial route where voters cannot tamper with results. Their latest trick is to get a federal circuit court to rule that presidential “recess appointments” are unconstitutional. The Republicans picked a circuit court with all three judges appointed by George Bush.

Clinton made 139 such appointments, George Bush made 171 and Obama has made 32. Why did Republicans wait so long to object to “recess appointments”?  Simple: they thought Romney would be the president, the senate would be Republican and in 2013 they could resume the deregulation waltz.

But by most accounts Obama won the election with a mandate to work on behalf of most Americans. For Republicans, that leaves fewer ways to deregulate. And that worries bankers. And when bankers worry, Republicans have to think of something. And that took them to a friendly circuit court to get what Republicans could never get legislatively or electorally: How to destabilize the government and derail stuff like the Consumer Finance Protection Bureau.

Why is this of interest to consumers? If the ruling stands, one casualty will be the recess appointment of Richard Cordray to head the Consumer Financial Protection Bureau. When Elizabeth Warren was creating the CFPB in 2009-11, bankers were apoplectic about how she would require simple American English in mortgage contracts. Cordray was following the Warren principles. The bankers begged for protection from consumers.

 

Friends, countrypeople and fellow consumers, don’t just sit there! Write your senator and congressional representative. Let them know you object to this recess appointment trick.

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For more, see “Court Rejects Obama Move To Fill Posts” by Charlie Savage and Steven Greenhouse, The New York Times, 26 Jan 2013, pages A1 and A10.

 

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