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

Arizona Republicans Pushed Abortion Ban -- And Now They're Terrified

Kari Lake

Photo by Caitlin O'Hara/REUTERS

The Arizona Supreme Court ruling that restores an 1864 law banning abortion at any stage has Republicans scrambling to distance themselves from the archaic law. The result is some textbook examples of hypocrisy and Republicans screaming in frustration over the results of getting exactly what they insisted that they wanted.

Keep reading...Show less
Fox Buries Arizona Court Decision Ordering Near-Total Abortion Ban

Jesse Watters

Fox News’ evening “opinion” hosts completely ignored Tuesday’s ruling from the all-Republican Arizona Supreme Court reviving a 160-year-old state law that bans abortions under almost all circumstances, as the network continues its pattern of shielding viewers from stories that could damage Donald Trump’s presidential campaign.

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