Republicans Pretend They Want More Powerful Bank Oversight


Oh man, this is rich. Here is wingnut Rep. Jeb Hensarling griping about the fact that the Consumer Finance Protection Bureau didn’t find out about the Well Fargo scandal sooner:

“Why does it take the L.A. Times to break this story, when we’re paying federal investigators to investigate?” Hensarling recently told Fox Business Network.

“Where was the CFPB? Why did they come in so late to the game?” he continued. “They have immense powers and this is their job to enforce these basic consumer laws and it appears they were asleep at the switch.” Hensarling also has criticized regulators for the $185-million settlement with the bank, which allowed Wells Fargo to avoid admitting any wrongdoing.

If Hensarling had his way, the CFPB would be eliminated and Wells Fargo might well have escaped from the whole affair unscathed. Now he’s pretending that he thinks the CFPB is too weak. Sen. Sherrod Brown has it right:

“Hensarling reminds me of the kid who kills his parents and then wants to collect orphan benefits,” said Sen. Sherrod Brown (D-Ohio), one of the CFPB’s biggest backers. “He’s tried to underfund it. He’s tried to undercut. He’s done all he could to block bank regulations.”

Make up your mind, Jeb. Do you want the CFPB to more powerful or less powerful? You can only have it one way.

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