From a news item about President Obama’s nomination to helm the Consumer Financial Protection Bureau:
Congress created the bureau a year ago this week with the enactment of the Dodd-Frank law, which overhauled financial regulations after the credit crisis. The bureau, a centerpiece of the sweeping new law, has since emerged as one of the thorniest topics in Washington and on Wall Street.
Putting a director in place is critical because the agency will not gain the full measure of its powers until the Senate confirms a nominee. The agency can supervise the compliance of banks with existing laws, but the Dodd-Frank financial legislation dictates that it cannot write new rules or supervise other financial companies without a director.
Republicans made it clear on Sunday that they were no more likely to confirm Mr. Cordray than Ms. Warren. Forty-four Republican senators have signed a letter saying they would refuse to vote on any nominee to lead the bureau, demanding instead that the agency replace a single leader with a board of directors.
One of the things my new pal Sen. Dan Patrick and I talked about on that recent Houston8 episode was the Texas Senate’s two thirds rule. He’s against it, in case you hadn’t heard, and he talked at some length about how much more the Senate was able to do in the special session when the two thirds rule was not in effect. I’m certain, therefore, that Sen. Patrick will join me in condemning this obstructive tactic by a minority of Senators in Washington, and call on them to reform their rules so the majority party can do what it was elected to do. If it’s good enough for Austin, it’s good enough for DC. Right, Dan?