Mark America

Obama and Cordray

The Daily Caller is reporting that Obama is ratcheting up the pressure on the matter of the “recess appointments” that were not during a recess.  Now he’s asserting that his appointee to head the Consumer Financial Protection Bureau, Richard Cordray, will have full powers of his office despite the fact that the plain language of the law says otherwise.  The 2010 law that established the Consumer Financial Protection Bureau includes a section that says many of the bureau’s new powers are to be held by the secretary of the Treasury “until the Director of the Bureau is confirmed by the Senate.”  Until then, those powers are supposed to be retained by the Secretary of the Treasury.  Those extra powers include the authority to write regulations for non-bankfirms, such as payday lenders.

Said Obama during his Friday visit to the CFPB:

“Now that Richard [Cordray] is your director, you can finally exercise the full power that this agency has been given to protect consumers under the law.”

The law requires that Obama’s nominee first be confirmed by the Senate to have all of these powers.  Since no such confirmation has occurred, it’s clear that Obama is again flouting the law.  This is an outrage, and every concerned citizen should be incensed, and they may be, but it seems few are concerned, because the mainstream media is not covering this story.  Most Americans remain ignorant of this controversy.  This is one instance in which conservatives and Tea Party folk should be getting the word out.  It’s time to yell at your members of the House and the Senate, but perhaps more importantly, it’s time to tell your friends and family.  This President is taking dictatorial powers, and our Congress sits on its hands as the United States is reduced to the status of a banana republic.  The reason for Congressional inaction is simple: Your fellow Americans aren’t demanding it, I suspect mainly because they don’t know about it.  That should be something you can change.