The attempt by the GOP to derail the Consumer Financial Protection Bureau weeks before it opens its doors is quite remarkable. If the GOP proposals are translated into plain English, you can get the real picture of what they want.
The Republicans in the Senate have thrown down the gauntlet: 44 Republican senators have signed a letter saying they won't confirm anyone to be the director of the new Consumer Financial Protection Bureau unless the new agency is made toothless.
A proper Senate confirmation hearing for Elizabeth Warren would allow her to explain in clear terms how "too big to fail" banks are are now involved in a hugely dangerous government subsidy scheme that presents a serious, nontransparent threat to consumers.
Congress has created the CFPB with so much oversight that calls for "improving" the CFPB are unfair to all of us who use financial services. These bills are transparent attempts to hobble the agency before it has even opened its doors.
The one result that running a regulatory agency by committee can guarantee is that it will be slower and less efficient. CFPB is supposed to be a cop on the beat, and there's a reason beat cops don't work by committee.
What opponents of the CFPB really fear is that we now have a regulator that will put consumer interests first and hold Wall Street accountable. Wall Street plain and simple doesn't want a consumer cop on the beat. But consumers do.