The Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government.”
~ Patrick Henry
Yes, banks are dangerous and we need to regulate them. Remember, however, that it is this government misusing the regulators as in the case of MF Global. Read here: Government sponsored theft. We must be careful of the unbridled powers we give to our government.
The Washington Post reported today that Obama will use a 32 second convening of the Senate to appoint Richard Cordray as head of his new Consumer Financial Protection Bureau (Cordray will be similar to a Czar in that he will have almost unlimited power in this financial domain).
By doing this, Obama is defying Congress and making his own rules because he has a dictatorial view of the Presidency.
Remember when he opined on how lucky the Chinese are to not have to deal with Congress? I didn’t find that funny. All Obama wants to do is mandate his left wing ideology and campaign for re-election. Having to work with the duly elected Congress is too much trouble for him.
Ignoring Congress is something Obama does without flinching and 32 seconds is enough for him.
It’s not about the appointment, it’s about what the appointment means. With the appointment comes a new government monstrosity without any congressional oversight. The new bureau can pick the pockets of the Federal Reserve for funding for anything at any time they want and Congress cannot do a thing about it.
Only Cordray and the President will make all decisions, giving Obama even more sweeping authority. There are also no fail-safes and this bureau could end up destroying financial institutions. Read more here: Who will protect us from the protection bureau.
This is a move by Obama to make certain the Dodd-Frank Financial bill becomes engrained in our government along with its thousands of regulations and government bureaucrats. I can’t wait – look at how effective the SEC, IRS, Department of Education, and Motor Vehicle are. Oh, I forgot, they’re not!