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cordray. i think to block his appointment simply to express displeasure with the process or the substance of the law is the wrong way entirely. as the chairman pointed out, the federal housing finance administration was created with virtually the same authority or and on a bipartisan basis, supported by most, if not all, of my colleagues on the other side. there was no discussion of preemption of the constitution or checks and balances or anything else. it was trying to deal with a very serious problem which we are trying to deal with today, and that is protecting consumers, protecting consumers throughout this country. that is the one voice when we think about voices that is seldom heard loudly enough in washington, seldom heard, certainly, in the council of bank regulators. that is one of the great examples of what took place in the decade from 2000 to 2008 or at least those eight years in which consumers were being systematically preyed upon. there was no agency. and as attorney general, i
cordray. i think to block his appointment simply to express displeasure with the process or the substance of the law is the wrong way entirely. as the chairman pointed out, the federal housing finance administration was created with virtually the same authority or and on a bipartisan basis, supported by most, if not all, of my colleagues on the other side. there was no discussion of preemption of the constitution or checks and balances or anything else. it was trying to deal with a very serious...
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cordray. as you may know, my interest in this agency, i was one of the original sponsors, came about after 10 years of trying to get very simple legislation, credit card disclosure legislation, or get the fed actually to require that they be disclosure of what credit card interest rates are. and i just got basic, they're busy with other things. kind of thing. that's what i feel this agency is necessary. none of the other agencies put the consumer at the top of the list. it's not their mission. fed is safety and soundness. and so independent agency had a great deal of appeal to me. and that's what i was a strong advocate of it. it's an agency designed to finally put consumers first. it's under attack, even before it is fully on its feet. and i don't want to go back to the old days were to go to the fed or some other agency and said the consumer needs this reasonable protection, what i was asked what credit card. we've gone beyond that now, simple disclosure. no one knew what the interest rates
cordray. as you may know, my interest in this agency, i was one of the original sponsors, came about after 10 years of trying to get very simple legislation, credit card disclosure legislation, or get the fed actually to require that they be disclosure of what credit card interest rates are. and i just got basic, they're busy with other things. kind of thing. that's what i feel this agency is necessary. none of the other agencies put the consumer at the top of the list. it's not their mission....
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cordray. this makes absolutely no sense.s the country understand that part of the reason we got into the financial mess that we did was because regulators were not doing their jobs. people were not paying attention to what was happening in the housing market, people weren't paying attention to who was being taken advantage of. there were folks who were making a lot of money taking advantage of american consumers. this individual's job is to make sure that individual consumers are protected. everybody from seniors to young people are looking for student loans to members of our armed services who are probably more vulnerable than just about anybody when it comes to unscrupulous financial practices. there is no reason why mr. cordray should not be nominated, and should not be confirmed by the senate and should not be doing his job right away in order to carry out his mandate and his mission. so i just want to send a message to the senate. we are not giving up on this. we are going to keep on going at it. we are not going to all
cordray. this makes absolutely no sense.s the country understand that part of the reason we got into the financial mess that we did was because regulators were not doing their jobs. people were not paying attention to what was happening in the housing market, people weren't paying attention to who was being taken advantage of. there were folks who were making a lot of money taking advantage of american consumers. this individual's job is to make sure that individual consumers are protected....
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some banks toure's right now no one that's because senate republicans again filibustered richard cordray to head up the consumer financial protection bureau so what's the real reason behind the filibuster and finally over one hundred pages for rest around the nation yesterday for participating in the ninety nine percent movement i'll talk with one of those arrested patriots about the successful day of action in the nation's capital a little bit later and show. you need to know this push to overturn citizens united and kick corporations out of our elections is picking up steam last month congressman ted florida introduced a new constitutional amendment to overturn the supreme court's citizens united decision and give congress and the states the power to again regulate election spending essentially outlawing for profit corporations from buying our democracy it's called the occupied of that sort short for outlawing corporate cash undermining the public interest in our elections and democracy now that amendment has been picked up in the senate too by senator bernie sanders we have state intr
some banks toure's right now no one that's because senate republicans again filibustered richard cordray to head up the consumer financial protection bureau so what's the real reason behind the filibuster and finally over one hundred pages for rest around the nation yesterday for participating in the ninety nine percent movement i'll talk with one of those arrested patriots about the successful day of action in the nation's capital a little bit later and show. you need to know this push to...
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cordray. i've worked with rich cordray. i know him as a man, as a public official, as a potential nominee and we will be losing a uniquely qualified person for this job if we fail to do the right thing and protect consumers from the continuing abuses of this industry. thank you, mr. president, and i yield the floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call: the presiding officer: the senator from pennsylvania. mr. casey: thank you, mr. president. i would first ask that the quorum call be vitiated. the presiding officer: without objection. mr. casey: thank you, mr. president. i rise to speak about the issue of the payroll tax and the tax cut that we're trying to enact. very similar to what we did last year when democrats and republicans came together at the end of the year right before the holiday season and said we have got to take action now to make sure that we're doing everything possible to -- to jump-start the economy
cordray. i've worked with rich cordray. i know him as a man, as a public official, as a potential nominee and we will be losing a uniquely qualified person for this job if we fail to do the right thing and protect consumers from the continuing abuses of this industry. thank you, mr. president, and i yield the floor. i suggest the absence of a quorum. the presiding officer: the clerk will call the roll. quorum call: quorum call: the presiding officer: the senator from pennsylvania. mr. casey:...
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cordray.hink he does have qualifications if we can get this structure set so there would be an accountability in this agency, which is there is not. it's unprecedented the power that was put in this agency and it doesn't even go through the appropriations process. there is no oversight. they just have had v the ability to go into the federal reserve and take up to 10% of the federal reserve's revenues. well, that's stunning. we need to have an agency that is run by a head... a board that appoints the director and then that director has to respond to the board. the other thing, judy, is we are so worried about the overkill in this. we have potential regulators in the banking and lending industries now. that has been cleaned up. we have the controller. we have the fed, we have the f.d.i.c.. another layer of bureaucracy is going to cause consumers more and it's not going to be more protective. >> woodruff: senator brown, what about her first point that this is an unprecedented amount of power, th
cordray.hink he does have qualifications if we can get this structure set so there would be an accountability in this agency, which is there is not. it's unprecedented the power that was put in this agency and it doesn't even go through the appropriations process. there is no oversight. they just have had v the ability to go into the federal reserve and take up to 10% of the federal reserve's revenues. well, that's stunning. we need to have an agency that is run by a head... a board that...
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cordray's nomination to lead the agency. he got a clear majority vote, 53-45 in favor of confirming him to run the new agency. democrats get a majority vote for richard cordray. and then another big win for democrats in the senate yesterday. this on the payroll tax cut extension. that, too, was a narrow victory for democrats. 50 yeses to 48 nos. so the democrats' payroll tax cut, again, gets a majority vote. woo-hoo for them! another big win for the white house and democrats in the senate. president obama's nominee for the federal appeals court in washington, kaitlyn halligan, the senate votes for her this week, 54-45. like i said, big week of victories for democrats winning all of those majority votes in the senate. richard cordray, 53 votes in favor, 45 against. payroll tax cut extension, 50 votes in favor, 48 against. caitlin halligan, 54 in favor, 45 against. that means none of those things passed. >> the senate voted along party lines against confirming former ohio attorney general richard cordray. >> the senate voted d
cordray's nomination to lead the agency. he got a clear majority vote, 53-45 in favor of confirming him to run the new agency. democrats get a majority vote for richard cordray. and then another big win for democrats in the senate yesterday. this on the payroll tax cut extension. that, too, was a narrow victory for democrats. 50 yeses to 48 nos. so the democrats' payroll tax cut, again, gets a majority vote. woo-hoo for them! another big win for the white house and democrats in the senate....
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the consumer financial protection agency nominee is not robert cordray, it's richard cordray. apologize for that. i was thinking rob cordry, the guy from "the daily show." totally screwed that up. senator brown mentioned mitt romney was going to appear this weekend on "meet the press" but is actually going to appear on fox news sunday. mitt romney has not been on a sunday show since march, since last march, but he's finally going to be on a sunday show this weekend. >>> all right. in further news, this is jerome randolph babbit, 65 years old, after he was pulled over and arrested for drunk driving last saturday night in fairfax, virginia. according to police web was not in a crash but was driving on the wrong side of the road. this thing is on this news hour tonight because you may know him as randy babbitt of the faa. two days after the dui arrest, the same day he informed officials he was arrested. he resigned. mr. babbitt, the country's most senior air safety official served at his post since june of 2009. he leaves nearly three full years before the end of his term. we'll
the consumer financial protection agency nominee is not robert cordray, it's richard cordray. apologize for that. i was thinking rob cordry, the guy from "the daily show." totally screwed that up. senator brown mentioned mitt romney was going to appear this weekend on "meet the press" but is actually going to appear on fox news sunday. mitt romney has not been on a sunday show since march, since last march, but he's finally going to be on a sunday show this weekend....
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cordray. this makes absolutely no sense. consumers across the country understand that part of the reason we got into the financial mess that we did was because regulators were not doing their jobs. people were not paying attention to what was happening in the housing market. people weren't paying attention to who was being taken advantage of. there were folks who were making a lot of money taking advantage of american consumers. this individual's job is to make sure that individual consumers are protected, everybody from seniors, to young people who are looking for student loans, to members of our armed services who are probably more vulnerable than just about anybody when it comes to unscrupulous financial practices. there is no reason why mr. cordray should not be nominated and should not be confirmed by the senate and should not be doing his job right away in order to carry out his mandate and his mission. so i just want to send a message to the senate, we are not giving up on this. we are going to keep on going at it. we
cordray. this makes absolutely no sense. consumers across the country understand that part of the reason we got into the financial mess that we did was because regulators were not doing their jobs. people were not paying attention to what was happening in the housing market. people weren't paying attention to who was being taken advantage of. there were folks who were making a lot of money taking advantage of american consumers. this individual's job is to make sure that individual consumers...
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now that the senate has refused to move forward on cordray is nomination the president has the power to do a recess appointment. congress recesses for the end of the year when you talk about a controversial appointment to this new consumer financial protection bureau you're getting right at the pocketbooks of the public and that also ties into the payroll tax cut extension which the president has been advocating so fiercely over recent days there has been a great deal of criticism of the president when it comes to his policy regarding israel whether he's being tough enough because of iran and you heard the president's answer there and most republicans would concede most publicly and the rest of them privately that there's not much to be gained in saying the president has been weak in the world when he can say what he just said go ask osama bin laden how weak i have been in the world. yeah that's right with the exception of john king over at c.n.n. nobody even paid attention to the comment the president made they just went on about the payroll tax cut the consumer financial protection
now that the senate has refused to move forward on cordray is nomination the president has the power to do a recess appointment. congress recesses for the end of the year when you talk about a controversial appointment to this new consumer financial protection bureau you're getting right at the pocketbooks of the public and that also ties into the payroll tax cut extension which the president has been advocating so fiercely over recent days there has been a great deal of criticism of the...
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cordray. this makes absolutely no sense.sumers across-country understand that part of the reason we got into the financial mess that we did was because regulators were not doing their jobs. people were not paying attention to what was happening in the housing market, people weren't paying attention to who was being taken advantage of. there were folks making a lot of money taking advantage of american consumers. this individual's job is to make sure that individual consumers are protected. everybody from seniors to young people who are looking for student loans to members of our armed service who is are probably more vulnerable than just about anybody when it comes to unscrupulous financial practices. there is no reason why mr. cordray should not be nominated and should not be confirmed by the senate and should not be doing his job right away in order to carry out his mandate and his mission. so i just want to send a message to the senate. we are not giving up on this. we are going to keep going at it. we are not going to al
cordray. this makes absolutely no sense.sumers across-country understand that part of the reason we got into the financial mess that we did was because regulators were not doing their jobs. people were not paying attention to what was happening in the housing market, people weren't paying attention to who was being taken advantage of. there were folks making a lot of money taking advantage of american consumers. this individual's job is to make sure that individual consumers are protected....
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cordray. it is anybody with any strength at all who will try to protect consumers in this new agency. >> shift in gears, what did you think of president obama's speech at the place where teddy roosevelt gave his speech? kansas? >> i thought it was good. and i hope very much that the president will continue to speak out as a progressive. i hope he remembers who elected him. and i hope he also understands that it's not just words but it is deeds. we need this president to be strong, to be a leader, to make sure that the middle class and the working class understands that he is on their side. and that means standing up to wall street, taking on the republicans, not retreating. i think that's the right thing to do. and i think it's good politics as well. >> and of course the democrats plan to extend the payroll tax cut. failed again today. you had another vote. so will the senate, going to be working over the holidays to pass this? what do you think's going to happen? >> well, harry reid was very,
cordray. it is anybody with any strength at all who will try to protect consumers in this new agency. >> shift in gears, what did you think of president obama's speech at the place where teddy roosevelt gave his speech? kansas? >> i thought it was good. and i hope very much that the president will continue to speak out as a progressive. i hope he remembers who elected him. and i hope he also understands that it's not just words but it is deeds. we need this president to be strong,...
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cordray.is morning senate republicans blocked his nomination refusing to let the senate even go forward with an up or down vote on mr. cordray. this makes absolutely no sense. >> harris: to explain, all but one republic in the senate voted against the appointment. many of them arguing it because the agency has too much power and too little accountability. they say they won't approve anyone until the administration agrees to make changes. but they say it really has nothing to do with being against cordray. by the way, you may or may not know this, he happens to be a five time jeopardy champion. cordray took home more than 45 grand in 1987. wendell goler with more outside the white house tonight. what changes do republicans say they want. >> harris, they feel that single director is too powerful. they would like to replace him or her with a bipartisan board of directors. they want congress, not the federal reserve to control the bureau's budget. senate republic leader mitch mcconnell says he and
cordray.is morning senate republicans blocked his nomination refusing to let the senate even go forward with an up or down vote on mr. cordray. this makes absolutely no sense. >> harris: to explain, all but one republic in the senate voted against the appointment. many of them arguing it because the agency has too much power and too little accountability. they say they won't approve anyone until the administration agrees to make changes. but they say it really has nothing to do with being...
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none of us have a problem with richard cordray. at least to my knowledge. that we suggested to the president is that this so-called consumer agency has abject power over credit in this country. the abject power without any responsibility. any transparency. any accountability. and what we want to do is correct that by having a board of directors to which this person has to report. have to report to the appropriations process in congress. have to report to other processes that literally, all other agencies have to. we cannot give a total czar that even the president can't suggest things to or can't control, running this agency and determining the credit worthiness, or the credit situation for people all over the country. this is the worst dog gone piece of legislation i've seen since i've been here. it is even worse than obamacare. >> would you like to see some sort of board of directors. where does that suggestion go there? >> well, we're letting the president know, we'll be happy to vote for mr. cordray if he would come out and amend this stupid bill and al
none of us have a problem with richard cordray. at least to my knowledge. that we suggested to the president is that this so-called consumer agency has abject power over credit in this country. the abject power without any responsibility. any transparency. any accountability. and what we want to do is correct that by having a board of directors to which this person has to report. have to report to the appropriations process in congress. have to report to other processes that literally, all...
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and the man we nominated for the post, richard cordray, is a former attorney general of ohio who has the support of most attorney generals, both democrat and republican, throughout the country. nobody claims he's not qualified. but the republicans in the senate refuse to confirm him for the job. they refuse to let him do his job. why? does anybody here think that the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? of course not. >> that vote on richard cordray, on the man who would be the head of the new consumer financial protection agency, that vote is scheduled for tomorrow here in washington. republicans are expected to filibuster it. the president's top economic adviser joins us next. ask me. if you think even the best bed can only lie there... ask me what it's like... when my tempur-pedic moves... ...talk to someone who owns an adjustable version of the most highly recommended bed in america... ask me about my tempur advanced ergo. ask me about having all the right moves. these are real tempur-advanced ergo owners! find on
and the man we nominated for the post, richard cordray, is a former attorney general of ohio who has the support of most attorney generals, both democrat and republican, throughout the country. nobody claims he's not qualified. but the republicans in the senate refuse to confirm him for the job. they refuse to let him do his job. why? does anybody here think that the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? of course not. >>...
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and the man we nominated for the post, richard cordray, is a former attorney general of ohio who hasey generals, both democrat and republican, throughout the country. nobody claims he's not qualified. but the republicans in the senate refuse to confirm him for the job. they refuse to let him do his job. why? does anybody here think that the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? of course not. >> that vote on richard cordray, on the man who would be the head of the new consumer financial protection agency, that vote is scheduled for tomorrow here in washington. republicans are expected to filibuster it. the president's top economic adviser joins us next. big big? big big big big big. big big...big. ♪ big big big -big. -big! [ cheers and applause ] ♪ big big big -♪ big big -big! -big! -♪ big -big. -big big big. big big big [ whispers ] small. big big big big big big big... small! [ male announcer ] the space-saving, eco-friendly, totally unique smart. unbig. uncar. ♪ i'm an expert on softball. and tea parties. i'll have
and the man we nominated for the post, richard cordray, is a former attorney general of ohio who hasey generals, both democrat and republican, throughout the country. nobody claims he's not qualified. but the republicans in the senate refuse to confirm him for the job. they refuse to let him do his job. why? does anybody here think that the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? of course not. >> that vote on richard...
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and the man we nominated for the post, richard cordray, is a former attorney general of ohio who has the support of most attorney generals, both democrat and republican, throughout the country. nobody claims he's not qualified. but the republicans in the senate refuse to confirm him for the job. they refuse to let him do his job. why? does anybody here think that the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? of course not. >> that vote on richard cordray, on the man who would be the head of the new consumer financial protection agency, that vote is scheduled for tomorrow here in washington. republicans are expected to filibuster it. the president's top economic adviser joins us next. >>> consumers deserve to have someone whose job it is to look out for them. i intend to make sure they do. >> joining us now is gene sperling, director of the national economic council and assistant to president obama for economic policy. director sperling, thank you for being here. >> thanks for having us. >> this most recent fight over the c
and the man we nominated for the post, richard cordray, is a former attorney general of ohio who has the support of most attorney generals, both democrat and republican, throughout the country. nobody claims he's not qualified. but the republicans in the senate refuse to confirm him for the job. they refuse to let him do his job. why? does anybody here think that the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? of course not. >>...
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and the man we nominated for the post, richard cordray, is a former attorney general of ohio who hasmost attorney generals, both democrat and republican, throughout the country. nobody claims he's not qualified. but the republicans in the senate refuse to confirm him for the job. they refuse to let him do his job. why? does anybody here think that the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? of course not. >> that vote on richard cordray, on the man who would be the head of the new consumer financial protection agency, that vote is scheduled for tomorrow here in washington. republicans are expected to filibuster it. the president's top economic adviser joins us next. [ woman ] my boyfriend and i were going on vacation, so i used my citi thank you card to pick up some accessories. a new belt. some nylons. and what girl wouldn't need new shoes? we talked about getting a diamond. but with all the thank you points i've been earning... ♪ ...i flew us to the rock i really had in mind. ♪ [ male announcer ] the citi thank you car
and the man we nominated for the post, richard cordray, is a former attorney general of ohio who hasmost attorney generals, both democrat and republican, throughout the country. nobody claims he's not qualified. but the republicans in the senate refuse to confirm him for the job. they refuse to let him do his job. why? does anybody here think that the problem that led to our financial crisis was too much oversight of mortgage lenders or debt collectors? of course not. >> that vote on...
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he's determined to get rich cordray confirmed. we still have plenty of time this year for congress to act and to approve hem. says 23 days and counting. and the president said today emphatically we're not going to go home on vacation until we act on those important measures. the middle class, it's a make-or-break time for them. they can't afford to wait. congress needs to act. >> if we would lessen from 99 weeks by 40 weeks the unemployment insurance, i mean, this is absolutely saying we don't care about working-class people. if you want us to give them some money, we're going to lessen those forced onto unemployment insurance. >> that doesn't make any sense at all. as the president said in kansas a couple days ago, what we have seen over the last several years is those at the high income level are earning more money, their investments are growing exponentially, why, reverend sharpton, everybody else is being left behind. this is a country where, you know, no matter where you come from, no matter what your background, you can -- i
he's determined to get rich cordray confirmed. we still have plenty of time this year for congress to act and to approve hem. says 23 days and counting. and the president said today emphatically we're not going to go home on vacation until we act on those important measures. the middle class, it's a make-or-break time for them. they can't afford to wait. congress needs to act. >> if we would lessen from 99 weeks by 40 weeks the unemployment insurance, i mean, this is absolutely saying we...
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and cordray could be the face of that in a sense, brooke.ligns the president with, in their view, those regular americans and against the evil, dark practices of folks who started, for example, the foreclosure crisis with illegal foreclosure and mortgage kinds of efforts. so, in a sense, without seeming anti-business, it's a way for the president to align himself with the better elements of sort of the forces behind the occupy wall street movement, if you see it that way, without overtly aligning himself with occupy wall street or being on the side of consumers without overtly aligning himself with excessively liberal elements of the democratic party. so it's a way for him to be a warrior for the working people without being too excessively fringe or extremist and risk alienating independent voters. i think it's a message you'll see the president carry forward throughout the campaign, brooke. >> and it's a name of someone we wanted to get out ahead of the curve, seven different states, the president taking menl e inio the people. over the up
and cordray could be the face of that in a sense, brooke.ligns the president with, in their view, those regular americans and against the evil, dark practices of folks who started, for example, the foreclosure crisis with illegal foreclosure and mortgage kinds of efforts. so, in a sense, without seeming anti-business, it's a way for the president to align himself with the better elements of sort of the forces behind the occupy wall street movement, if you see it that way, without overtly...
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cordray in place. host: republicans objected to the idea of his betts warren. they rejected the current candidate. will they take any candidate, or is any candidate, or is any one person off the table when it comes to this bureau? guest: ever since the republicans began voicing their opposition, it's never been couched within a single individual, a single nominee. it's really been more about, we have a broader issue with the bureau as it exists right now. we think the way it's structured, it makes unaccountable, it makes it overpowerful, and we think there needs to be more checks put in place. when it comes to republican opposition, they're not talking about any particular person they don't want. they're saying we don't want a single director at all. we want to see a board put in place. we want to see budget brought under control so we can exercise greater oversight over how it functions. so really, they're having a much broader conversation than who do we think should be the director. host: is there a model within the federal government, other operations that
cordray in place. host: republicans objected to the idea of his betts warren. they rejected the current candidate. will they take any candidate, or is any candidate, or is any one person off the table when it comes to this bureau? guest: ever since the republicans began voicing their opposition, it's never been couched within a single individual, a single nominee. it's really been more about, we have a broader issue with the bureau as it exists right now. we think the way it's structured, it...
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richard cordray did not receive enough votes to move forward toward confirmation. the consumer financial protection bureau was created in the wake of the 2008 financial crisis to protect consumers from shoddy lending and mortgage practices. before the vote, democrats argued for cordray, whereas republicans said their issue is with the agency itself, not the nominee. >> is bipartisan support and is eminently qualified. he has a long history of protecting consumers. >> all today's vote is about is accountability and transparency. it's a debate about whether we think americans need more oversight over washington or less. so once again democrats are using the senate floor this week to stage a little political theatre. they're setting up a vote they know will fail so they can act shocked about it later. >> after the vote president o >> sreenivasan: after the vote, president obama told reporters there was no reason cordray shouldn't be nominated. he vowed to keep fighting for the nomination, and left open the possibility of a recess appointment. attorney general eric hol
richard cordray did not receive enough votes to move forward toward confirmation. the consumer financial protection bureau was created in the wake of the 2008 financial crisis to protect consumers from shoddy lending and mortgage practices. before the vote, democrats argued for cordray, whereas republicans said their issue is with the agency itself, not the nominee. >> is bipartisan support and is eminently qualified. he has a long history of protecting consumers. >> all today's...