BRIAN BEUTLER, Talking Points Memo
House Republicans are now expressing their opposition to the new Consumer Financial Protection Bureau by stomping their feet and taking all their toys home.
Rep. Jeb Hensarling (R-TX), the chairman of the House Financial Services Committee, which enjoys jurisdiction over regulatory bodies like the CFPB, says he lacks the legal authority to invite the recess-appointed director of the CFPB, Richard Cordray, to testify on behalf of the agency.
“By law, the committee can receive this testimony only from a director who is appointed in accordance with the Constitution and the Dodd-Frank Act, which created the bureau,” said Hensarling.
Cordray’s nomination has been blocked by Senate Republicans who have conditioned their support on the administration and Congress first weakening the CFPB, the creation of which, in the wake of the financial crisis, most Republicans opposed. In response, President Obama offered Cordray a recess appointment, but the legal basis for recess appointments in general has been called into question by an appeals court decision earlier this year. That is Hensarling’s hook.