GOP cuts legs out from under Consumer Protection Bureau

[Beet]

WASHINGTON -- House Republicans are ramping up efforts to hamstring the new Consumer Financial Protection Bureau. One key amendment to the GOP's 2011 budget plan seeks to strip federal salaries from President Barack Obama's so-called "czars," effectively removing them from their offices -- as well as Elizabeth Warren, the consumer watchdog tasked with setting up the CFPB -- while another would prevent the bureau from hiring any staff at all.

Rep. John Carter (R-Texas) has authored an amendment that would prevent Warren and 24 other top administration officials from drawing a salary. That would technically render them unable to continue working for the government, although Congress lacks the authority to force executive-branch officials to stop consulting unpaid advisers. A vote on Carter's amendment is expected later Thursday night.

The House GOP budget plan, known as a continuing resolution because Congress failed to pass a formal budget last year, already includes language that would cut the CFPB's current funding nearly in half, to $80 million. An amendment from Rep. Rush Holt (D-N.J.) to restore the CFPB's funding failed on Thursday night by a vote of 163 to 265.

http://www.huffingtonpost.com/2011/02/17/republican-budget-amendment-czars-warren_n_824844.html

A measly $80 million for consumer rights is too much, apparently.

[Marokai Backbeat]

Surprise, surprise.

[Zarn]

Good riddance. If a company screws up, the consumers come after them.

[Marokai Backbeat]

Good riddance. If a company screws up, the consumers come after them.

But they don't. That's a positively adorable idea in theory but it is almost never the case.

[Beet]

Good riddance. If a company screws up, the consumers come after them.

Nah, consumers can be tricked to the detriment of all, as predatory housing lending showed. Which is why we're in the financial crisis we're in now to begin with. For another example, without the FDA a lot of people would die from quack drugs.

I long for the way when Libertarianism finally goes the way of Marxism-- although given that it's not actually practiced in any civilized place, perhaps it already has and just hasn't realized it yet.

[Filuwaúrdjan]

I long for the way when Libertarianism finally goes the way of Marxism

No. We do not want those people in our humanities departments. Your idea is appalling.

[○∙◄☻¥tπ[╪AV┼cVê└]

Good riddance. If a company screws up, the consumers come after them.

Does anyone actually believe this?

[I spent the winter writing songs about getting better]

Good riddance. If a company screws up, the consumers come after them.

Gee that's odd, there are still BP gas stations around...

[Smash255]

Good riddance. If a company screws up, the consumers come after them.

Ahh yes if a company screws up Joe Blow making $40,000 a year can be able to afford the same quality lawyer that some big shot Corporation pays $40,000 to in a week.....

[King]

I'm sure they'll cut taxes for the top bracket by another $3 billion to celebrate this monumental achievement in freedom.

[Gustaf]

Good riddance. If a company screws up, the consumers come after them.

Does anyone actually believe this?

It is true in the long run. The problem is that in the long run we're all dead. Especially those tricked by ruthless corporations.

[danny]

I long for the way when Libertarianism finally goes the way of Marxism

No. We do not want those people in our humanities departments. Your idea is appalling.

Better that they be in the humanities departments than at positions of power.