Republicans Compare Consumer Protection To Stalinism

A top Senate Republican on Sunday said the new consumer agency created by last year’s Wall Street reform law to protect the public from financial fraud was “Stalinist.”

Speaking with David Gregory on NBC’s “Meet The Press,” South Carolina Senator Lindsey Graham defended the GOP’s filibuster this week of the president’s nominee to lead the new body as stemming from concern about its power and independence — exactly the things most consumer advocates think makes it a valuable new tool in an era of Wall Street speculation, predatory lending, and illegal foreclosure.

“This consumer bureau that they want to propose is under the Federal Reserve, no appropriation oversight, no board. It is something out of the Stalinist era,” he said

Of course, this bureau — the Consumer Financial Protection Bureau, or CFPB — is not being “proposed.” It’s the law of the land, has been operating since July without a director, and desperately needs one
to fulfill its legal obligations to the public, especially in their dealings with non-bank financial institutions.

Republican Minority Leader Mitch McConnell echoed Graham’s critique on “Fox News Sunday”, saying the director of the CFPB would be a “czar” and would “answer to no one.”

Video of Graham’s unique take follows:

Visit msnbc.com for breaking news, world news, and news about the economy

Start your day with National Memo Newsletter

Know first.

The opinions that matter. Delivered to your inbox every morning

Mike Johnson
Speaker Mike Johnson

House Democratic leadership announced Tuesday that they’ll allow members to block any effort from Rep. Marjorie Taylor Greene (R-GA) and her tiny team of nihilists to oust Speaker Mike Johnson, a reminder of where the power sits in the House.

Keep reading...Show less
Trump Endorses Anti-Abortion Monitoring Of Pregnancy By States

Former President Donald Trump

Killing Abortion Ban Repeal

With little more than six months until Election Day, Donald Trump is preparing for an “authoritarian” presidency, and a massive, multi-million dollar operation called Project 2025, organized by The Heritage Foundation and headed by a former top Trump White House official, is proposing what it would like to be his agenda. In its 920-page policy manual the word “abortion” appears nearly 200 times.

Keep reading...Show less
{{ post.roar_specific_data.api_data.analytics }}