Democrats Pull Away from Republican Attack on Warren’s Agency
Just when it seemed that common sense would prevail, the tide turns yet again. This time, it is a case of some House Democrats pulling away from the recent GOP attacks on the Consumer Financial Protection Bureau’s latest proposals. The group of Democrats, including Rep. Maxine Waters and Barney Frank, recently voted against a GOP backed bill to rein in the Consumer Financial Protection Bureau (CFPB.)
Democratic Representatives, David Scott and Krysten Sinema were the only two Democrats that voted in favor of the bill. They were joined by every present Republican. One Democrat, Representative Brad Sherman from California, had been a supporter of the bill previously, but decided to cast what he called a “reluctant no” vote during official proceedings.
Democrat Denny Heck was trying to come up with an amendment that would help to drum up support of more Democrats, but was not able to do so in time. With all of these changes in mind, let’s revisit what took place not all that long ago with regards to this situation.
It was not all that long ago that there were several House Democrats who were prepared to join the GOP in their battle against the proposals of the CFPB. Of course, being as the CFPB was created as a part of Warren’s fight to help provide additional protection against predatory lending practices, it is easy to understand why some Democrats would ultimately decide to back out of offering support to the GOP on this issue.
Republicans, for their part, were hoping to hamstring the efforts of the CFPB. They planned on replacing the current director with a five member commission made up of bipartisan representatives. Lobbyists for the banking industry have been pushing for this change for quite some time now. These bankers had hoped to loosen restrictions. Under the leadership of the current CFPB Director, one Richard Cordray, the bureau has made dozens of companies return billions of dollars in profits to consumers.
Some financial experts and advocates for reform had expressed that they expected more than a few Democrats to jump on board with the GOP in their efforts to curb the CFPB. However, pressure from Rep. Maxine Walters, ultimately led to Democrats voting no. Additionally, Barney Frank was brought on board to personally take a stance against any Democrats who planned on defecting and joining with the GOP on this issue.
In an interview with one of the most popular left-leaning websites, Frank said, “I’m very disappointed that some of the Democrats are falling for this, and I have been working to try and stop them. I always preferred a single director and so did Elizabeth Warren.” Frank is rarely one to back down from a fight, even when he is in the wrong. Such was the case with his admonishment of House Democrats who looked beyond party affiliations and planned to vote their conscious on this bit of legislation. Of course, as if often the case with politics, our esteemed elected officials once again opted to cave into pressure, rather than to cross party lines; even for an issue like this one that makes so much sense.
It is doubtful that we will ever see the day when both sides see eye-to-eye on the proposed overhauls for the CFPB. In the interim, however, it is a sure thing that the GOP will continue to push to make some much needed changes to the Consumer Financial Protection Bureau. Hopefully, they can do so before too much damage is done to the short term lending industry in this country.