On August 16, a group of 32 members of Congress—27 Republicans and 5 Democrats—sent a seemingly innocuous request to Richard Cordray, the director of the Consumer Financial Protection Bureau, regarding a new rule on international money transfers. "We urge you to delay the effective date of these rules and to undertake a comprehensive study of their impact before moving forward to avoid irreparable harm to consumers," they wrote. The regulation, set to go into effect in January, will force companies to disclose the full extent of the fees they charge when people send money overseas. While the letter raised concerns about the rule, the members of Congress didn’t ask the CFPB to scrap it; instead, they entreated Cordray to hold off on the rule until January 2015.
"I would point out that we have one president at a time and one administration at a time," President Obama said in June, responding to a critical op-ed by a Romney adviser in a German newspaper. "And I think traditionally, the notion has been that America’s political differences end at the water’s edge.” The president was merely restating one of the nation's oldest remaining traditions of bipartisan comity. The op-ed kerfuffle was, of course, absolutely nothing compared to the Romney campaign's latest break from that tradition.
Wow. That was some humdinger of a speech, huh? Clears up a lot about the upcoming election!
No, I’m not talking about Barack Obama's closing address. Sure, the conventions serve as the unofficial kickoff for the final leg of the presidential campaign. But there’s always another story: Who’ll be the nominee next time? Up-and-coming pols have always used conventions as launching pads for future runs; they hobnob in hotel corridors with the Richie Riches who can fund their early ads in Florida. They make small talk with the New Hampshire county chair in the crazy hat. And they aren't always so subtle; many of the 2016 wannabes schlepped over this week to offer presentations to the Iowa delegation.
Republicans haven't been shy about voicing their distaste for the Consumer Financial Protection Bureau. Many opposed the very creation of the new federal regulator created under the Dodd-Frank Act in 2010. Yet no element of the CFPB has quite raised their ire as much as the structure of the agency. Unlike many other federal regulators (SEC, CFTC, FDIC to name a few) CFPB rules are not dictated by a board of commissioners; instead the agency's director has sole discretion on finalizing regulations. Republicans reject this as a sign of too much power in one unelected office.