Republican Senators Bob Sasse (Neb.) and Mike Lee (Utah) penned a strongly worded letter to Vice President-elect Mike Pence on Monday, urging President-elect Donald Trump to remove Director Richard Cordray as head of the Consumer Finance Protection Bureau (CFPB).
“It’s time to fire King Richard,” said Sasse, who also serves as a member of the Senate Banking Committee.
“Underneath the CFPB’s Orwellian acronym is an attack on the American idea that the people who write our laws are accountable to the American people. President-elect Trump has the authority to remove Mr. Cordray and that’s exactly what the American people deserve.”
According to CNN, the CFPB has declined to comment on the letter, but has said recently said that Cordray “has no plans to step down” and noted he was confirmed in 2013 by a bipartisan group of 66 senators.
That confirmation followed President Obama’s controversial recess appointment of Cordray in 2012.
The Daily Business News has followed the CFPB saga closely, including their involvement in the Wells Fargo case and a D.C. circuit court ruling that deemed the organization unconstitutional due to it’s lack of independent oversight.
“The Constitution was written to protect the American people from unelected and unaccountable bureaucrats,” said Senator Lee. “Considering the damage CFPB has done to credit unions and community banks, President Trump should act quickly to remove the director.”
There are also those who have worked with the organization that see it as successful.
“The CFPB ‘remarkably successful’ under Cordray,” said Patricia McCoy, a Boston College Law School professor who oversaw CFPB mortgage policy in 2011. McCoy pointed to the Wells Fargo case as evidence.
Daily Business News readers who have followed the history of the CFPB understand that the CFPB was not the lead agency in the case and during the time the events took place in 2011, the CFPB charter basically only allowed it to police the activity of big banks.
It did not catch the Wells Fargo activity at that time.
The Senators conclude the letter with an impassioned plea.
“President Trump has the power to protect the American idea from this destructive view by removing Director Cordray. Director Cordray’s removal will be the first marker in the long process of rolling-back an agency that combines the powers of the executive, legislative, and judicial branches into the hands of a few unaccountable Washington elites.”
The full letter is linked here. ##
(Editor’s Note: MHLivingNews has closely followed Director Cordray’s testimony, see the video linked here – his interesting statements on manufactured home loans..)
(Image credits are as shown above.)
Submitted by RC Williams to the Daily Business News for MHProNews.