Consumer Pick Vows to Streamline Regulations.

[elleng]

'The nominee to lead the new Consumer Financial Protection Bureau told a Senate committee on Tuesday that he would make it a priority “to streamline and cut back” a mountain of regulations that has grown up over the last 30 years, which he said excessively burdened some banks and discourages them from lending money to consumers.

The nominee, Richard Cordray, who is currently the bureau’s head of enforcement, also told the Senate Banking Committee that if confirmed, he would use the agency’s “bigger and more flexible toolbox” to police consumer financial laws and would make judicious use of “needlessly acrimonious” lawsuits to enforce financial regulations.

With those statements and others, Mr. Cordray sought to reassure the committee that he, and the bureau, would be accountable to Congress, despite the significant doubts expressed by Republicans and lobbying groups, including the Chamber of Commerce, that the bureau has too much unfettered power.

But committee Republicans were not buying it. They repeated their assertions, made since the Dodd-Frank financial regulation law establishing the bureau was signed last July, that it and its director would wield unchecked authority over banks and other financial institutions.'

http://www.nytimes.com/2011/09/07/business/nominee-for-consumer-chief-says-he-will-streamline-regulations.html?_r=1&hp

[ixion]

1. "cut burdensome bank regulations"

'nuff said.

[nineteen50]

2. Can anyone smell

fascism?

[Fuddnik]

3. Smell it? I think somebody stepped in it.

[yurbud]

4. let's call the whole agency off then--Jesus Christ, is Obama TRYING to lose?