Consumers lose

The following editorial appeared in the Seattle Times:

 

What is it Republicans in the U.S. Senate have against American consumers knocked flat by abusive mortgage companies, credit reporting agencies, payday lenders and debt collectors?

Once again the GOP lined up behind their Wall Street patrons and the enemies of ordinary citizens trying to recover from the flimflams that helped bring on the Great Recession.

They refused to end debate on confirmation of Richard Cordray to lead the Consumer Financial Protection Bureau, oh by the way, created by Congress.

The bureau, a product of the none-too-muscular Dodd-Frank reform law, is an attempt to restore a measure of oversight to banks and financial services after it had been stripped away. The July 2010 legislation was a direct result of the economy’s implosion in 2008.

Cordray, a former Ohio attorney general, has a solid reputation. No one disputes his credentials or capacities. What the GOP objects to is anyone with the authority to blow the whistle on scandalous interest rates and fees, and clear-as-mud mortgage and credit language.

The Republican cover story is that the agency is too powerful and independent. Yes, and their point would be?

Senators want to limit the bureau’s budget and undo its authority. Never mind that the legislation already allows the heads of other major federal agencies — the Financial Stability Oversight Council — to overturn regulations with a two-thirds vote.

These same senators pledged last spring to stymie confirmation until the bureau was neutered. It was the same mindless pursuit of gridlock that comes with signing a promise not to allow any new taxes.

President Barack Obama could appoint Cordray while Congress is on holiday recess. The GOP is just as likely to defend its campaign-cash-providing patrons with a parliamentary maneuver that never formally adjourns the Senate.

“We’re not giving up on this,” Obama said last week. He should quit groping for a make-nice compromise and hold the Senate’s self-serving obstinacy up to public scrutiny.

Consumers will literally pay a price for the GOP’s lucrative stubbornness.

CONTACT US

  • Switchboard: 907-586-3740
  • Circulation and Delivery: 907-586-3740
  • Newsroom Fax: 907-586-9097
  • Business Fax: 907-586-9097
  • Accounts Receivable: 907-523-2230
  • View the Staff Directory
  • or Send feedback

ADVERTISING

SUBSCRIBER SERVICES

SOCIAL NETWORKING

 

More

Thu, 09/21/2017 - 18:31

Helping victims redefine their worth: Taking a stand against human trafficking

Sex trafficking is a rapidly growing, very lucrative crime in our state. In fact, most trafficking victims were first exploited as children. A recent Loyola... Read more

Thu, 09/21/2017 - 18:30

Local elections matter

Amid all the turmoil surrounding national issues and candidates jockeying for statewide office, it’s sometimes difficult to take time to study and participate in our... Read more

Thu, 09/21/2017 - 18:29

Alaska’s economy depends on ocean science and technology

When considering the importance of our national maritime economy, it’s hard to miss the connections between Alaska and the ocean. Alaska has the longest coastline... Read more

On seniors, ‘political spin’ designed to distort facts

The Sept. 13 Letter to the Editor by Dean Guanelli and the Sept. 15 My Turn by Assembly member Debbie White on the senior tax-exempt... Read more