two of the panelists argued that the appointments of richard cordray was unconstitutional because the senate was in session. the other experts say the president had no choice but to act and had every legal means to do so. this is about two hours. >> thank you for attending this session on whether the president's recess appointments were constitutional. peter wallison i'm a professor here at the american enterprise institute and i'll moderate the panel. let me start off with basics. the relevant sections of the constitution are up there on the chart. but, we will be dealing today mostly with article 2, section 2, clause 3 which says the president shall have the power to fill up all va cansies, by grantsing commissions that shall expire at the end of their next session. now, there's a lot in this single sentence it seems to me that we should find helpful in understandsing the issue we are dealing with. the language said that the president has the power to fill vacancies. this is limiting language. the president does not have the power to fill those spots while the senate is in session.

read the latest postings from the political reporters and other articles from c-span sites. >>> richard cordray was named as the first director of the consumer financial protection bureau in a recess appointment this month. following the bureau's report to congress, mr. cordray testified at a senate banking committee hearing. this cfpb received more than 13,000 complaints related to mortgages and credit cards and other financial products. this is just under two hours. >>> good morning. i'll call this hearing to order. before we begin, i'd like to send my best wishes to senator mark kirk for a speedy recovery. he is a ranking member of the sub committee in appropriations which i chair. i have no doubt that with his strong will and determination he will be back at work as soon as humanly possible. our thoughts and prayers are with him and look forward to his return. today marks the first banking committee hearing of the year. i'm confident that we will have another productive year in the committee as we build on the foundation set in the first session. our committee tackled an aggressive agenda l

i wanted to get your thoughts on president obrecent recess appointments of richard cordray and the others in the midst the pro forma sessions, and they are said to be sham sessions, t were those appointments justified under the constitution and the senate rules as you see them? >> well, you will find a difference here. >> you will find a difference, but i believe that the president was entirely justified. for two reasons. one, because as trent said earlier, we are make it harder and harder and harder for nominees to go through this incredibly laborious and incredibly long time process and there is no end. it gets worse by the year. so to me alone that is the factor of where do you draw the line. secondly, constitutionally, as i understand it, there is no clear direction as to the session. these are bogus sessions, we know it. it doesiilate to a certain extent past precedent, but that is not the first time that precedent has been altered in the course of doing the right thing. ultimately, i think that we have to as trent said earlier address the whole nominating process, but short of tha

regardless of whether one agrees with the present decision to recess a point richard cordray, the fact of that matter is he is now director of the cfpb. his time for us all to put politics aside and work together to protect american consumers and have a strong and fair consumer marketplace. this hearing is adjourned. >>> coming up, a senate hearing on u.s. defense production. and two fcc commercialers talk about the national broad brand plan and the allocation of broad band spectrum. douglas elmendorf testifies about the economy and the federal budget. a cbo report released on tuesday repredicts a $1.1 trillion budget deficit this fiscal. we'll have live coverage of his temperature beginning at 10:00 a.m. eastern here on c-span3. >> we as explorers of literature, we as readers of literature have a responsibility. for those of you who are discovering the creation of literature, you have a responsibility, do you not? can you create anything you want in the world that you create in literature reflecting history or not and feel comfortable in that creation or must you presensor yourself? >

let me say thank god for recess appointments, that we were able to appoint richard cordray as the leader of the cfpb, because it is the law. dodd/frank is the law of the land. and it's necessary that we observe the law. we are a country of law and think about, you know, the function of cfpb consumers. and to have this to come to the will of a minority of senators who don't want to see this law implemented, the american people know what you're doing. and pretty much this president has pulled the wool off of what you're trying to do. we know your trying do thwart any achievement by the administration for political purposes. and so, let me, again, restate, thank god for recess appointments and, also, for the nlrb, so they can be up and running and functioning as a full -- full body to protect the workers in this country. so, mr. chairman, i have no questions. and i yield back the balance of my time. it doesn't require a response. >> mr. gilbert, if i could respond to that. >> it doesn't require a response, mr. chairman. >> weshlgs sill, sir, i'm sure witness would like an opportunity to ans

these republicans admitted that the president's nominee, richard cordray, was highly qualified for the position. as the attorney general of the state of ohio, he recovered billions of dollars for retirees, investors and business owners, and he was on the front lines protecting consumers for fraudulent foreclosures and financial predators. senator mike lee conceded that mr. cordray was well qualified for this position. and i quote, my decision to oppose his confirmation has nothing to do with his qualificatio qualifications, said senator lee. rather, i feel it is my duty to oppose his confirmation as part of my opposition to the creation of cfeb itself, end of quote. this gang of 44 republican senators opposed the creation of the consumer protection bureau. according to existing law, once a department, affirmative director is put in place, the bureau will have authority to issue regulations protecting consumers from unfair, deceptive or abusive mortgage practices by payday lenders, debt collectors, private student lenders and credit reporting agencies. these are exactly the protection r

that we are able to appoint richard cordray as the cfpb. and that's necessary, we are a country of law and think about the function of the cfpb is to protect american consumers and to have to succumb to the will of the minority of senators who don't want to see the law implemented, the american people know what you're doing and pretty much, this president had pulled the wool off of which are trying to do. we know you're trying to thwart any achievement by this achievement for political purposes. and so, let me again restate, and god for recess appointments. and also for the nlrb said they can be up and running and functioning as a full body to protect the workers in this country. so mr. chairman, i have no questions and i yield back the balance of my time and it does not require a response. >> mr. chairman, effective response. >> it doesn't require a response, mr. chairman. >> i certainly appreciate. >> thank you, mr. chairman. i appreciate the chance that we have lost any to point out that from time to time, congress will pass a lot and th

our new consumer watchdog agency is finally running at full steam -- [ applause ] -- now that richard cordray is in as the director of the consumer finance protection bure bureau, they are moving forward on important protections like this new, shorter mortgage form. simple, not complicated, informative, not confusing. terms are clear, fees are transparent. this, by the way, is what some of the folks in congress are trying to roll back and prevent from happening. i guess they like complicated things that confuse consumers and allow them to be cheated. i prefer actions that are taken to make things simpler and easier to understand for consumers so that they can get the best deal possible, especially on the biggest single investment that most people will ever make. americans making a down payment on their dreams shouldn't be terrified by pages and pages of fine print. they should be confident they are making the right decision for their future. there's more that we're announcing today. we're working to turn more foreclosed homes into rental housing, because as we know and a lot of families know,

host: richard cordray is in new york talking about this this week. guest: we thanked him for looking into the issue. we told him the costs associated with overdraft protection were high. banks use tricks and traps to generate overdraft fees from consumers. oftentimes, consumers do not even realize they have overdraft protection. they start operating as if they do. the consumer checks their account and find they owe the bank money. host: pamela banks is with us to talk about this issue. if you want to ask questions about the cfpb, you can do so many ways. you can give us a call on the lines for republicans, democrats, and independents. you can send us e-mail or a tweet. the banks put out a statement. they said, "we are not concerned about a steady based on factors. we believe is a service the customers freely elect to have." it sounds like from their perspective, the consumer is in the driver's seat. guest: consumers are in the driver's seat. consumers have to take responsibility for their own financial health. the problem is often consumers do not kn

specifically, president obama's appointment of richard cordray, to head the consumer financial protection bureau. ri him.ay >> mr. president, i rise today in defense of the constitution. i rise today to condemn the president for making appointments that are unconstitutional and illegal. members to the national labor relations board and to the consumer financial protection agency. he did so by saying we were in recess. well, this is news to us because those of us in the senate maintain that we were never in recess. this is something where the preses has upurposed a power never previously taken by a president and has decided unilaterally he gets to decide when we're in recess. these appointments are illegal and unconstitutional, and i'm surprised -- i am surprised that no member of the majority party has stood up to tell the president so. i'm not surprised that the president has engaged in unconstitutional behavior. his health care law is brazenly unconstitutional. his war with libya was unconstitutional. he got no congressional authority. so for a man who once gave lip service to the const

and richard cordray will be talk about it in a town hall meeting in a few hours. this could lead to new rules to helping banks operate. reporting live from washington, d.c., alison burns, ktvu channel 2 news. >>> 7:1. authorities in yolo county have released a chilling video of a deadly -- 2008 shooting of a sheriff avenue deputy. a warning. you may find these pictures disturbing. [ sound of gunfire ] >> this video is from a police squad car taken on a remote dirt road. it shows the gunman firing at the department. hee on san quentin's row. >>> a woman from the cleveland area is facing felony charges in a bizarre murder plot. >> reporter: the fbi says meredith lowell tries to fire a -- trying to hire a hitman. investigators say a hitman -- she was arrested yesterday. >>> alameda county supervisors say the county fays another tough budget year. supervisors met with some from various agencies in a put forum. half of the 9 sun seniors in alameda county with will no longer be able to vote to at that dash at certain centers. . >>> 7:20. divers have found four more body

the job of richard -- richard co cordray's job is so important. the american financial service, trade group for consumer lenders says we need to learn, they want to get it right. american bankers association said the agency approach to bank oversight was pretty good news. the independent community bankers called the process for refining model mortgage reforms refreshing. it was clear more to the point a substantial improvement. the cfpb had banks audited which found financial statements are fairly presented in all material respects, strong, effective internal control over financial reporting, acting controller of the currency not exactly known for his hostility to banks, has said last week some attempts to regulate the opec over the counter derivatives market might be an overreaction. all of these speak to the focus of this agency and the effect of this agency and that we're still having this debate, and let's lay out some facts before people continue here to play this inside baseball game that the country simply doesn't care about, that president

now that our new consumer watchdog agency is finally running at full steam -- now that richard cordray is in as the director of the consumer finance protection bureau -- they are moving forward on important protections like this new shorter mortgage form. simple. not complicated. informative, not confusing. terms are clear. fees are transparent. this is by the way what some of the folks in congress are trying to roll back and prevent from happening. i guess they like complicated things that confuse consumers and allow them to be cheated. i prefer actions that are taken to make things simpler, and easier to understand for consumers so that they can get the best deal possible. especially on the biggest single investment that most people will ever make. american h s making a down paym on their dreams should not be terrified by pages and pages of fine print. they should be confident that they are making the right decision for the future. now, there's more that we are announcing today. we are working to turn more foreclosed homes into rental housing, because as we know, and a lot of familie

the very next day, however, president obama installed richard cordray as head of the consumer financial protection bureau, and he also installed three members of the national labor relations board. these appointments were clearly unlawful because a sufficient recess did not exist. these appointments violated the standard that president obama himself endorsed when he served in this body, and they violated the standard that his own administration endorsed before the supreme court. senate democrats routinely attacked president george w. bush for supposedly creating what they called an imperial presidency. that criticism was bogus for a host of reasons, but i can only imagine how the majority would have howled had president bush made recess appointments the day after those pro forma sessions in 2007 and 2008. they would have denounced heupld for defying the senate -- him for defying the senate for an unprecedented power grab and for destroying the checks and balances that are so important in our form of government. they would have taken swift and firm measures in retaliation. who knows, but

[cheers and applause] now that richard cordray is in as the director of the consumer finance protection bureau. [applause] they're moving forward on important protections like this new, shorter mortgage form. simple. not complicated. informative. knot confusing. terms are clear. fees are transparent. this is, by the way, is what some of the folks in congress are trying to roll back and prevent from happening. i guess they like coply indicated things that confuse consumers and allow them to be cheated. i prefer actions that are taken to make things simpler and easier to understand for consumers so that they can get the best deal possible. [applause] especially on the biggest single investment that most people will ever make !. [cheers and applause] americans making a down payment on their dreams shouldn't be terrified by pages and pages of fine print. they should be confident they're making the right decision for their future. there's more that we're announcing today. we're working to turn more foreclosed homes into rental housing because as we know, and a lot of families know, that empt

primarily what we've been talking in recent weeks, appointments to the neighbor relations board, and richard cordraythe consumer bureau. you have vowed that you will block other appointees and nominees, and the fire president fired back saying a senator from utah has promised to obstruct every appointment i tried to make, and one senator will gum up the works. is that your plan? >> well, of course i haven't said that. the president has taken it upon himself to be my spokesman. those are words i've never uttered. i said i've been cooperative up to this point, voting for a lot of the president's nominees, with whom i disagree on a variety of policy issues, but that my almost complete cooperation up until this point, and now, and i will start resisting when it comes to reviewing those nominees. i haven't indicated in what form that resistance will take, but the president has nonetheless taken it upon himself to tell me what i meant. >> shannon: all right. the administration is relying on guidance from the department of justice, from the office of legal counsel, saying that the president can make judgme

protection bureau, an agency which is in the news and controversial because his executive director, richard cordray, who was announced and appointed by the president when the senate refused. the speeches criticize the agency which some republicans loathe and despise. butness it is in the law -- but it is in the law and those who are critical of it should meet. holly petraeus is trying to stop the abuses of for-profit schools when it comes to the g.i. bill. that is something we should old join together on, democrats and republicans alike. the men and women who serve us in the military are entitled not only to the g.i. bill but to institutions of learning that give them a chance to take their time in school and turn it into a much better life for themselves and their families. i hope that we can come together on the question of affordability and on tyke ag taking a closer t the institutions. madam president, at this time, i would like to ask three unanimous consent requests for committees to meet during today's session of the senate with the approval of the majority and minority leaders. i ask unanim

richard cordray to run the consumer finance bureau.onfirm any appointee to that bureau unless the president agreed to substantive changes in the underlying law. can you name a precedent in american history where the senate took a position that they would not confirm someone for a legally created position unless the law itself was changed. has that ever been done before? >> you know, i'm not sure that i can name a precedent where that has happened. i also cannot name a precedent where the senate has been asked to confirm someone to a position that wields this kind of power. the cfpb head has power that is unprecedented. this is someone that would act without any oversight by congress or the president. doesn't serve subject to the pleasure of the president and would have unprecedented power over our financial services industry. so this is concerning to many republicans. and it's concerning to many americans. >> so here's what you said last week. i want to play a little chunk of that. we'll talk on the other side. >> given this president'

the consumer protection chief, richard cord ray, and the -- richard cordray, and the national labor relations board. some ofous both sides of the aisle do agree that congress and not the president has the right to declare when the senate is in recess. but whatever your view of these appointments, there is no questioning that in either case, republicans forced the issue through their unprecedented refusal to vote the president's nominees up or down and allow him to proceed with the progress of our nation. as senators, we have a responsibility to advise the president as to nominations and where we agree, to consent. and where we don't, each of us is free to vote a "no." some senators have suggested they oppose all nominations in opposition to the president's recess appointments. and in my position -- in my opinion, a pledge to oppose all nominations is a pledge not to do his or her job. in my view, we ought not to make such a pledge. in my view, while so many americans are out of work and so many of us are here on the public payroll, we can, we should and we must move forward with judicial nomi

the nominations process and richard cordray's qualifications to head the cfpb. even worse and despite my repeatedly making clear i intend to hold any republican president to the same standard to protect the institutional and constitutional prerogatives of the senate, rather than the interests of any political party, given that those are at stake, the democrats, including the president himself, have accused me of playing politics. i want to be clear again, this is not the case. i'm here to defend the constitutional prerogatives of the senate and the separation of -- the separation of powers and the system of checks and balances that are at the heart of our constitutional system. the senate's advice and consent role is grounded in the constitution, the constitution system of checks and balances. in federalist number 51, james madison wrote that the great security against the garage concentration of the several powers in the same branch of government consists in giving to those who administer each branch the necessary constitutional means and personal motives to re

new consumer watchdog agency is finally running at full speed -- [cheers and applause] now that richard cordray is in as the director of the consumer finance protection bureau -- [cheers and applause] they're moving forward on important protections like this new shorter mortgage form. simple, not complicated. informative, not confusing. terms are clear. fees are transparent. this, by the way, is what some of the folks in congress are trying to roll back and prevent from happening. i guess they like complicated things that confuse consumers and allow them to be cheated. i prefer actions that are taken to make things simpler and easier to understand for consumers so that they can get the best deal possible. especially on the biggest single investment that most people will ever make. [cheers and applause] americans making a down payment on their dreams shouldn't be terrified by pages and pages of fine print. they should be confident they're making the right decision for their future. there's more that we're announcing today. we're working to turn more foreclosed homes into rental houses because as

that we are able to appoint richard cordray as the cfpb. and that's necessary, we are a country of law and think about the function of the cfpb is to protect american consumers and to have to succumb to the will of the minority of senators who don't want to see the law implemented, the american people know what you're doing and pretty much, this president had pulled the wool off of which are trying to do. we know you're trying to thwart any achievement by this achievement for political purposes. and so, let me again restate, and god for recess appointments. and also for the nlrb said they can be up and running and functioning as a full body to protect the workers in this country. so mr. chairman, i have no questions and i yield back the balance of my time and it does not require a response. >> mr. chairman, effective response. >> it doesn't require a response, mr. chairman. >> i certainly appreciate. >> thank you, mr. chairman. i appreciate the chance that we have lost any to point out that from time to time, congress will pass a lot and th

attorney general, the director of the consumer financial protection group, a record trade -- richard cordray and others to announce our latest step forward in writing the wrong of our nation's economic crisis and housing collapse. with the department of justice and the department of housing and urban development and other federal agencies, we have reached a landmark $25 billion agreement with the four largest mortgage services -- bank of america, wells fargo, citibank, and ally bank which was formally gmac. in addition to addressing many of the most egregious mortgage loan servicing abuses, it establishes significant new homeowner protections to help prevent future misconduct. in fact, it is the largest joint federal-state civil settlement in the history of this nation. while the american people can be encouraged by the settlements and the progress is achieved, i realize more work must be done. that is why we are taking steps to ensure the claims we are realizing through this settlement will not interfere with our ability to move criminal prosecutions for word. -- forward. let me be very cle

applause] now that our new consumer watchdog agency is finally running at full steam, now that richard cordray is in as the director of the consumer finance protection bureau, they are moving forward on important protections like this new, shorter mortgage form. simple, not complicated. informative, not confusing. terms are clear. these are transparent. this, by the way, is what some of the folks in congress are trying to roll back and prevent from happening. i guess they are like complicated things that confused consumers and allow them to be cheated. i prefer actions that are taken to make things simpler and easier to understand for consumers so that they can get the best deal possible, especially on the biggest single investment that most people will ever make. [applause] americans making a down payment on their dreams should not be terrified by pages and pages of fine print. they should be confident they are making the right decisions for their future. there is more that we are announcing today. we are working to turn more foreclosed homes into rental houses, because as we know, that in th

. >>> richard cordray was named as the first director of the consumer financial protection bureau in a recess appointment this month. following the bureau's report to congress, mr. cordray testified at a senate banking committee hearing. this cfpb received more than 13,000 complaints related to mortgages and credit cards and other financial products. this is just under two hours.