Lindsey Graham: Consumer Protection Bureau 'Is Something Out Of The Stalinist Era'

WASHINGTON -- Sen. Lindsey Graham (R-S.C.) said on Sunday that an agency established to protect consumers from financial fraud "is something out of the Stalinist era."

Graham, speaking on NBC's "Meet The Press," was asked why Senate Republicans had filibustered President Obama's nominee to head the Consumer Financial Protection Bureau, which was created as part of 2010's Wall Street reform.

Graham spoke as if the bureau had yet to be created and debate was over how to shape it, rather than discussing the nominee, Richard Cordray, the former attorney general in Ohio.

"This consumer bureau that they want to propose is under the Federal Reserve, no appropriation oversight, no board. It is something out of the Stalinist era," Graham said.

The CFPB moved through both chambers of Congress and passed the Senate in a landslide, winning 60 votes, including three Republicans.

"The reason Republicans don't want to vote for it is we want a board, not one person making all the regulatory decisions," said Graham, continuing to talk as if the bureau doesn't yet exist.

Republicans have insisted that they will oppose any nominee unless a board of bank regulators is empowered to veto decisions the consumer bureau makes. The GOP also wants Congress to be able to restrict the bureau's funding, as it regularly attempts to do with the Environmental Protection Agency, the Commodity Futures Trading Commission and other agencies whose missions are opposed by big business.

"There's no oversight under this person. He gets a check from the Federal Reserve. We want him under the Congress so we can oversee the overseer," Graham said.

On "Fox News Sunday," Senate Minority Leader Mitch McConnell (R-Ky.) explained the filibuster by saying that his party opposed a "czar" with unlimited authority.

Under the structure of the CFPB, there is, in fact, a board of regulators who can veto rules proposed by the bureau, but a two-thirds vote is needed.

Tens of millions of Russians were killed during the Stalinist era; millions more were imprisoned in gulags.

Comments

[dencuddy]

01:54 PM on 02/10/2013

Graham answers to the lobbyists signing his paycheck. He cares nothing about the United States or it's citizens.

[Puffin16]

12:03 PM on 12/14/2011

If this statement doesn't fill you with dread, then you must have ice in your veins. Or you're a Republican.

Republicans have insisted that they will oppose any nominee unless a board of BANK REGULATORS is empowered to veto decisions the consumer bureau makes.

[relentless63]

12:01 PM on 12/14/2011

Graham doesn’t care if people are ripped off by entering into credit card contracts with tiny writing that nobody understands or sign mortgages meant to entrap. As long as his lobbyists are happy, who cares about the people? Besides, Stalin is known for increasing the power and scope of the state’s secret police and intelligence agencies and would be most comfortable with the GOP National Defense Authorization Act.

[sshelly]

11:54 AM on 12/14/2011

All of their misuse use of "shock" words are wearing off! I used to wonder how the real victim's of Hitler (for example) felt about them minimalizing what happened, now I just roll my eyes!Congradulations Con's for desensatizing us to word's like Stalin,Hitler,Communist,Socialist,terrorist appeaser,Mao Mao,un-American, blah blah, on and on...what am I forgetting?

[Satchamosowner2000]

11:43 AM on 12/14/2011

In other words, "We want to continue our M.O. of having OUR foxes guarding the hen houses." This way, we can look as though we care when we really don't." That doesn't fly anymore Graham! Don't you people get it? The majority of America doesn't trust you. Your statements and actions give us no reason to trust you. Politicians like you don't care about trust or integrity.... it's all about the Benjamins.

The biggest complaint I have with today's GOP and some on the Left is how insulting they truly are to America's intellect. They must believe the only people listening to them are their benefactors. If Graham were any more transparent, he would be invisible.

[sadswede]

11:18 AM on 12/14/2011

You have to give cred to these R´s pundits, who like a parrot repeats their mantra and twist the truth. It´s the classical guilt by association rethorical stunt, where Stalin and Communism is put on an Buraeu, which is to do the opposite of the Stalinist era - to be independent of the political windbags in Washington. That´s why they are scared to death if this Bureau will be functioning to the benefit of the people and defend and protect accordning to the Constitution its citizien instead of the rich 1%. With a two third majority nessecary for overruling the Adminstrator, they are even more scared because they will lose their power to neutrulize his decisions. If the CFPD is killed, we the people have lost another big battle to the banksters, but we have not lost the war, it has just begun.

[Kalie]

11:14 AM on 12/14/2011

I think Graham has reached his expiration date. If in doubt, throw him out.

[cartograffer]

11:05 AM on 12/14/2011

By more regularly meeting his quota of calling the President a "commie/socialist, Graham might make some wingnutters take back calling him a RINO. lol

[cop2122]

10:22 AM on 12/14/2011

Is that GOP nit wit bad mouthing The POTUS in The Uniform of a Service Man??????????? This is why the GOP will lose their leaders are FOOLS!!!!!!!!!!!!!!!!!!!!!!!! WHAT A DISGRACE if his father was from Europe would he be soooo disrespectful I doubt it. If anyone needs a translation let me know!

[JACK DOYLE]

10:21 AM on 12/14/2011

Lindsay should know, he's been a Republican practicing Stalinism for years.HOORAY FOR INVADING IRAQ !

[MANOFCOMMONSENSE]

10:03 AM on 12/14/2011

WOW!! What a Republican!! lol... Talk about a hypocrite!!.......................................................................................................................................detain US citizens « Motley News
4 days ago ... John McCain and Lindsey Graham are among the senators pushing a ... "part of the battlefield," allowing the government to detain U.S. citizens ...

motleynews.net/tag/detain-us-citizens/
Indefinite Detention of American Citizens: Coming Soon to ...
4 days ago ... John McCain and Lindsey Graham are among the senators pushing a ... "part of the battlefield," allowing the government to detain U.S. citizens ...

www.rollingstone.com/politics/blogs/taibblog/indefinite-detention-of-americ...

[Margo Arrowsmith]

09:24 AM on 12/14/2011

Republicans have insisted that they will oppose any nominee unless a board of bank regulators is empowered to veto decisions the consumer bureau makes. The GOP also  We wants Congress to be able to restrict the bureau's funding, as it regularly attempts to do with the Environmental Protection Agency, the Commodity Futures Trading Commission and other agencies whose missions are opposed by big business.

Power to the Bankers!  We the Bankers Will Never Be Defeated!  


Good grief Lindsey, could you be any more transparent?

[Democrat in the South]

08:33 AM on 12/14/2011

Only someone with a Stalinist era mindset would say something like that...

[relentless63]

12:03 PM on 12/14/2011

F/F
Good one. LOL!

[Democrat in the South]

01:12 PM on 12/14/2011

;-) my pleasure.....backatcha!!!

[hculliton]

07:49 AM on 12/14/2011

If a civilian senator is to make negative comparisons of the CFPB to Stalin, he would be well advised to NOT BE PHOTOGRAPHED WEARING BATTLE DRESS!

[S Andersen]

11:42 PM on 12/13/2011

"Republicans have insisted that they will oppose any nominee unless a board of bank regulators is empowered to veto decisions the consumer bureau makes."

In other words, a board that will be composed of Goldman-Sachs executives on hiatus while they serve in government to veto anything that might reduce profits.

Republicans: Keeping the wealthy wealthy no matter what the costs.

[Margo Arrowsmith]

09:25 AM on 12/14/2011

Fanned and faved!  Well said.   Power to the Bankers!  lol

[relentless63]

12:06 PM on 12/14/2011

I'm with you. F/F and LOL!