Socialists Designed Obama's Credit Watchdog Agency

investors.com ^ | August 21, 2013 | PAUL SPERRY

[Tailgunner Joe]

Socialist activists and their front groups played a shockingly outsized role shaping and passing the monumental financial reform legislation that authorized the creation of President Obama's powerful consumer credit watchdog agency.

Their intimate involvement is revealed in a new book, "Financial Justice: The People's Campaign to Stop Lender Abuse," which offers a rare, if biased, behind-the-scenes look at the anti-bank movement's multimillion-dollar lobbying effort in support of the Dodd-Frank Act.

Written by two leftist consumer advocates drawing from interviews with more than 30 of the activist-lobbyists, the book is a road map to their radical activities, from ginning up hatred for "greedy and unscrupulous" bankers to pressuring members of Congress to agree to things even some Democrats didn't favor.

Their highly organized 2009-10 activities were coordinated by a well-funded coalition with a mainstream-sounding name: Americans for Financial Reform. Led by Heather Booth, a Chicago socialist and Friend of Barack, AFR worked closely with the White House and Democrats in Congress to craft the Dodd-Frank law now regulating Wall Street and virtually every consumer financial transaction in the country.

Members of her group have long agitated for affirmative-action lending and "greater public control of economic decision making." And they got both through Dodd-Frank.

Booth's heavy hand in negotiations shatters the administration's narrative that financial legislation was designed to "protect the middle class from another financial crisis."

Long before the crisis hit, Booth and other socialist community organizers from Chicago schemed with Harvard professor (now Sen.) Elizabeth Warren and other leftists from Boston to create what is now the powerful Consumer Financial Protection Bureau (CFPB). They agreed to frame the issue in terms of helping the middle class, but it was really part of a broader socialist agenda to "eliminate the unfair separate-and-unequal financial system in America."

[AlmaKing]

I’m in favor of one ban:

Leftist organizations should be prohibited from using the word ‘America’ or any derivative in their cabal names.

[funfan]

So unless you are black, brown or gay NO loan for you.

[Right Wing Assault]

Man, if we ever win a presidential election again, there is going to be SOOOO much work undoing what the vandals are doing to the structure of our system.

I hope whoever it is has a FULL list of things to undo and the staff to make it happen.

[Still Thinking]

But they won’t. They’ll be like Booosh and just install less NEW socialism than if their Democratic opponent had won.

[thouworm]

The revelations in this article are only the tip of the iceberg.

CFBP is flying below the radar screen.

It has been a beneficiary of corruption-overload---as has its new director, Cordray, who sailed through his appointment with little flack.

Some compare CFPB to the NSA as far as virtually unlimited data-collection prerogatives, but far WORSE because there exists NO Congressional oversight or power of the purse.:

“Congress has less control over this agency than the National Security Agency because authors of the bill that created the consumer bureau gave it funding not through Congress, but through the Federal Reserve,” Enzi explained.

"Moreover, as Will noted in his column, the CFPB director is appointed by the president for a five-year — but potentially indefinite — term and cannot be removed for policy reasons.

In other words, outside of a court order, there is next to nothing that can stop the CFPB from doing whatever it pleases to whomever it pleases. Chamber of Commerce spokesperson Lisa Burgess told the Daily Caller that the Chamber considers litigation “an act of last resort,” but judging from the charges leveled by Hirschmann, one suspects that last resort is fast approaching."

Source

SunkenCiv: Do you have a list on CFPB?

All: For more on CFPB see FR keyword

[LucyT]

Check out article, - then:

The revelations in this article are only the tip of the iceberg.

Consumer Financial Protection Bureau = (CFPB)

CFBP is flying below the radar screen.

It has been a beneficiary of corruption-overload---as has its new director, Cordray, who sailed through his appointment with little flack.

Some compare CFPB to the NSA as far as virtually unlimited data-collection prerogatives, - - but far WORSE because there exists NO Congressional oversight or power of the purse.:

“Congress has less control over this agency than the National Security Agency because authors of the bill that created the consumer bureau gave it funding not through Congress, but through the Federal Reserve,” Enzi explained.

"Moreover, as Will noted in his column, the CFPB director is appointed by the president for a five-year — but potentially indefinite — term and cannot be removed for policy reasons.

In other words, outside of a court order, there is next to nothing that can stop the CFPB from doing whatever it pleases to whomever it pleases. Chamber of Commerce spokesperson Lisa Burgess told the Daily Caller that the Chamber considers litigation “an act of last resort,” but judging from the charges leveled by Hirschmann, one suspects that last resort is fast approaching."

. . . . Source & More at # 6.

Thanks, thouworm.

[Right Wing Assault]

GOP: gutless old party

[maggief]

http://www.breitbart.com/Big-Government/2013/07/17/mccain-orchestrates-another-gop-surrender

McCain Orchestrates Another GOP Surrender

EXCERPT

GOP objections to many of the pending nominations were not minor. The first nomination to be approved under the McCain deal was Richard Cordray to be the first Director of the new Consumer Financial Protection Bureau. The CFPB was enacted under the Dodd-Frank legislation and holds sweeping powers over all aspects of the financial and credit sector.

When Cordray was first nominated two years ago, McCain and all but 2 GOP Senators signed a letter vowing to block any nomination unless reforms were made to the agency. A major concern was that Congress was specifically prohibited from exercising any oversight over the Agency’s budget. The promise to block that nomination wasn’t prompted by concerns about a specific nominee, but a fundamental political principle. McCain’s deal is further confirmation that principle are cheap in Washington.

[bgill]

Bottom line, the director is there as long as SCOTUS and as hard to remove. Who says anyone in this admin will be removed in ‘16.