The Occupy movement is spreading all across the nation. Protesters carry on various messages ranging from "Stop the War" to "Tax the Rich".
I should quote my good friend Ann in Boston to describe what is happening in Boston.
Richard says that I'm not trying to save the world by myself any more; I was getting too excited about Occupy Boston. It happens sometimes; I have to be careful.
I told her to be careful indeed since the police can beat people.
The Senate Banking Committee approved the former Ohio attorney general Richard Cordray as the director of CFPB, Consumer Financial Protection Bureau on Thursday. The Republicans have been opposing the nomination including to the former candidate Elizabeth Warren, now a senatorial candiate in Massachusetts, stating too much oversight. I would think, however, private sectors, the big financial corporations have more power and less oversight. According to The White House Blog,
x The CFPB is not accountable to Congress or the American public.
o The CFPB is subject to oversight and constraints, including new constraints that do not apply to any other federal banking regulator.
x Subjecting the CFPB to the appropriations process will make the agency more accountable.
o All federal banking agencies are funded independently, outside of the appropriations process.
o The CFPB is the only banking regulator with a statutory cap on its primary source of independent funding.
x the government is spending too much money on Consumer Protection
o It would take nearly 15 years of operation for CFPB to spend as much money as it cost the government to resolve IndyMac – a single institution that failed during the financial crisis of 2008.
x Congress has no meaningful oversight over the CFPB.
o Congress has ample oversight through hearings, reports, and audits that are required by law.
x Regulators have no ability to prevent CFPB mandates that threaten the financial health of banks.
o Other banking regulators possess multiple checks over the CFPB.
x The CFPB’s structure provides the CFPB’s Director with unprecedented power.
o The CFPB is led by an individual, just as the OCC has been for more than 100 years.
x There are no effective checks and balances against the CFPB Director’s power.
o There are a number of checks and balances on the CFPB’s Director.