With New Power, GOP Takes On Consumer Agency ~ Wall Street Journal

[mzmolly]

House Republican lawmakers fired the opening salvo Monday in a war they plan against the Consumer Financial Protection Bureau created by this year's overhaul of financial regulations.

The lawmakers wrote that the agency warrants "rigorous" oversight by the inspectors general because it will play a significant role in credit availability for consumers and small businesses. GOP lawmakers have also sent letters to regulators on the legal bills incurred by former executives of government-controlled mortgage finance giants Fannie Mae and Freddie Mac and the economic impact of the financial-overhaul rules being written by the Securities and Exchange Commission.

The letters are the strongest signals yet of how the new House Republican majority plans to use its oversight powers to hobble elements of the Obama agenda.

While they have little hope of repealing the new consumer agency—which has broad powers to write rules for mortgages, credit cards and other financial products—Republicans can work to influence regulators to blunt the agency's power.

More at the http://online.wsj.com/article/SB10001424052748703559504575631082414598868.html?wpisrc=nl_wonk">WSJ

[JuniperLea]

1. Oh, right. NOW the GOTP is all about the "rigorous" oversight...

After ZERO oversight of Chimpy.

Let them try... all eyes are on them now.

[mzmolly]

2. Yeah. They're all about oversight, suddenly.

:crazy:

[JuniperLea]

3. I say go ahead and let them raise the accountability bar!

There's been too much talk and too little action in that regard. If the GOTPers want to shine a hot white light on oversight and accountability, so be it!

Boy, are they stupid.