GOP Pledges to Block New Agency Nominee
45 senators against consumer watchdog committee
- Duration 5:02
- Date Dec 6, 2011
45 senators against consumer watchdog committee
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Well -- is the White House vs the GOP and Wall Street and President Obama is going all out.
To push the unlikely confirmation of a man named Richard -- -- he has been nominated to head.
This big new consumer watchdog agency was created to write all the wrongs of the financial institutions.
That -- so hard back in 2008 but 45 Republican senators have already said they are pledged to block this confirmation.
So that makes a filibuster for Democrats highly unlikely.
But the whole thing it does provide the president with a way to say that the GOP is protecting Wall Street which has been a major.
Point of his reelection effort and he will go on a huge media blitz he's gonna visit seven states do lots of interviews with local reporters there to make that point.
To pressure and in doing so he will be putting pressure on several Republican senators in those states who are up for reelection senators -- co worker.
Heller and snow.
Are all sort of in the cross hairs here on this trip in terms of how this -- -- Republican senator Richard Shelby will not be voting for mr.
-- he is the ranking member on the senate banking committee.
And he joins me this morning senator good to see you as always -- commemorative.
What do you see as the thrust app for the president of this -- Well I think that for -- -- the president's trip this is -- is and -- to.
It's strictly politics.
He's running around the country.
And I believe he should be here in Washington trying to help us solve some of the problems of the day like that budget problems perhaps.
-- in -- dialogue with us on this piece of legislation that you just reference.
But -- -- somewhere else he should be here.
Tell me something why are Republicans and why is Wall Street so against this this appointment.
And this consumer watchdog agency isn't a good idea.
To have somebody looking out for consumers in making sure that banks and -- -- credit cards don't.
Don't do you know allow -- against people.
First month when -- set the record straight -- don't believe Wall Street is against this.
I was involved in this in this legislation.
When we were dealing with -- -- here.
But Wall Street never really -- hadn't had a real strong voice against the consumer agency this is a myth that the presence back.
What we're talking about -- main street this is gonna affect main street.
It's gonna affect.
A small businesses small bankers and everything else this is one of the worst pieces of legislation.
That's been passed in the last fifty years -- what's product that -- talent that what what's wrong with.
I tell you there -- many things wrong with the thousands -- paid back and tell you 31 it has no accountability today.
A monster here that is a regulator with no accountability.
Funding itself funding -- And nothing in there to deal when they.
Come forth with.
To take in consideration safety and soundness we got a lot of banks in bad shape this country.
We need jobs we don't need regulations don't stifle the creation of jobs.
What this nominations about today mr.
A -- great as far as I know is probably a nice man and so forth.
But I don't have a hand he's caught up in something bigger and -- we have offered the president.
And he hasn't gotten back with -- to try to change some this legislation.
-- -- -- That -- some obvious good but.
Three -- four pieces obvious needs to go.
-- people have a lot of doubts about whether or not any agency can sort of prevent.
You know the kind of fraud that has brought upon people when you look at Madoff and you look at the SEC.
Nobody was ever fired in the SEC for not doing their job and not following up and they visited made up three times you know not not to.
-- but you know when you look at the larger financial institution picture the government has not been overly successful at protecting people is my point.
I think you're absolutely right.
You you can regulate the economy to death.
And this is what we would do here we we would have.
-- are here was no accountability but McNamee held.
A step -- here.
Is a big regulator.
So -- Derivatives and things like that.
Lot of securities it traded derivatives.
Where where they recently in the loss of one point two.
Trinity -- billion dollars it's missing it where's the regulator here -- we want some answers to that before we go down the road.
To say we go create more regulation what we need.
Jobs in this country.
Not regulations that make no serious it will stifle.
Senator Shelby thank you very much I you're talking to us today is an important issue and the president's going to be speaking back quite a bit.
In the coming days and today in Kansas as well so but here's out of -- I thank you very much as to which --